When people come to sell their house, a lot of questions usually arise.
First of all the reasons to sell a house are quite important. Most people want to move mainly because they’re looking to relocate to another area, find a house that’s newer, may want to buy an older home that they like renovating or simply the house they’ve got is just unsuitable for them at the moment.
When selling a house it’s very important to understand that it’s a two way activity. It’s you the seller, have things to do and also who you employ to sell your house has their role in the business as well.
If you decide to sell, the most important question is almost always what price are you going to ask in the market for your property?
The most common way of finding this out really is to get two or three agents to come and have a look at your property, and come back to you with a market opinion of what they think your house will sell for.
They base this information on what has sold in the area recently of a similar type and style of home, and a similar price.
Also what is currently on the market, because you need to understand when you sell your house, you’re really looking at being in a competitive situation. That is a supply and demand situation can affect the price and the quickness in which you sell the house.
In selecting your agent, it’s very important that you work with the person that you feel most comfortable with.
For instance, every agent will have a different approach to selling your property and they may even come back with different prices, so it’s worth meeting a few to decide who you feel comfortable with before you make a decision on who to sell with.
As I mentioned earlier, the agent will come to you with a price for the property based on what’s on the market and what has recently sold, but they’ll also give you a précis of what they are going to do in the marketing side of your property.
This is very important because the internet is the main way that people look to see what’s on the market.
That follows that what your house has to propose or present to the public really is the fact that it has to look good. The presentation has to be extremely good because professional photos are going to be taken which display your property to the public.
In selling property it’s a two way activity, between you (the home owner) and your real estate agent.
On your side, your key task and responsibility is getting your house ready to sell.
Presentation is vital!
It’s important that you take those simple steps to make sure your house looks the best it can when it comes to photography and for your home opens, when it is on the market.
Your agent will be able to give you some help with regard to this, but the important thing is that you have to look around your house, complete all those things that need to be done, that you may have neglected or put off for some time.
For instance, a burner on the stove might not be working, so it’s important to get it fixed, as well as any other items in house that need attention.
Everything in your home need to be in good condition so that it doesn’t trip up any sale that you may have or an offer made on the property.
In addition to your house looking good and being presented well, as an owner there’s other responsibilities with regard to making sure that anything in the house that is there needs approval.
For instance, if you’ve put a pergola up while you’ve been in the property, that has to have a local government authority’s approval for that.
As another example, if you have a swimming pool or a spa, they need to be in a position where the spa and the pool meet the safety requirements of your local government.
There’s also electrical requirements to ensure safety is paramount in the property.
Local authorities and utilities most likely require you to have, for instance, residual currency devices (RCD) that will cut off the power should anyone tamper with any of the electrical power points or light fittings.
Hard-wired smoke detectors are now mandatory in most areas, so it’s very important you take attention to these before the house goes on the market.
As you see, selling your house isn’t just putting a price on it and hoping someone’s going to come through and make you an offer.
There’s two areas that need to be paid attention to: there’s your presentation of the property, making sure that the approvals and everything is in order, and also that you’ve selected the right agent that can sell the house for you.
With regards to marketing, it’s very important that you understand that the house will be on display and that most people buy a house by coming and having a look. It’s very rare that someone will buy a house without actually coming to see it.
There has been an attempt over the years to sell just by videos (i.e. no home inspection, just watching the video/s made to display the home), but that really hasn’t worked at all.
Buying and selling houses is a very emotional experience to most people, so it’s important that when they come to your house it looks the best it can be. You – as the owner – have to be prepared for inspections, either by appointment or more commonly at home opens where people will come through and a number of people looking at the property at one time.
As this process goes along, it could take longer than you may want. This can happen and it depends on the market at the time. As I previously mentioned, supply and demand is the main effect on real estate.
If your property’s not selling, it may be that the fact that there is a lot of houses like yours on the market at a very similar price.
It may be that the price on your property is a bit (or a lot) more than what the market’s prepared to pay, so it’s vital that you get your agent to give regular feedback of the information of just what’s going on, particularly relating to the market in general, but more importantly what people are saying about your house.
If the market is consistently telling you (your agent) that your home is overpriced, you might need to adjust your expectations as to what offer you might be able to achieve.
Overpricing of their home is usually the #1 reason why people can’t sell their home quickly and for the price that they want.
The other factor that can affect the price people might be willing to pay for your home is if there’s a shortage of property on the market.
It’s important to understand that you’re going to be in a different market at a different time of the year or different economic circumstances, so it’s important that you are prepared to be flexible on price.
When it comes to price, one of the other things you have to have done as a seller is talk to your bank or your lender if you have a mortgage on the property. If you’re planning a move you have to base on how your position will be once you sell the house and have the price that you’re looking for because you need to understand that when you’re selling your house, there is some costs involved in employing the agent to do the work for you but when you buy, there’s also stamp duty. It’s very important that you understand the financial aspect of your house when you sell it, just what you will need to move on to do your next move.