Steps in selling a house in Toowoomba and Highfields
The process of selling a house can seem intimidating. Unless you are a professional real estate investor, you will only have to undertake this task a few times during your life. From determining the listing price to hiring the right agent to advertise the home correctly, a lot has to go directly before you successfully sell the property.
The best approach is to break the house selling process down into small steps. You can then focus on succeeding in each of these smaller tasks rather than getting stressed by thinking about the entire process.
Here are the steps necessary to sell a house successfully.
Understand the current trends in the real estate market
The first step in the house selling process is to understand how many homes are being bought and sold in your area. Different factors can affect the health of the property market.
For example, spring and autumn tend to be the busiest times for buying and selling homes, though demand can also depend on the supply and demand cycle and loan interest rates. In general, you will get the best price during times of low supply and high demand.
In addition to finding analysis online or in newspapers, you can look at the sales price of homes in your area that have similar features and dimensions.
Hire a professional real estate agent
A skilled real estate agent can make the process of selling a house much easier. You should select an agent who has knowledge of the local market and understands the selling process.
You will need to negotiate the fee, which is typically a percentage of the final sales price. If you make the right choice, the benefits of hiring a real estate agent outweigh the fees.
Determine the selling price
An agent can also assist with one of the most important aspects of the house selling process: setting the listing price. You can get an idea yourself by looking at the recent sales prices of comparable homes in your area. Meanwhile, an agent may have more insights into the value of certain features in your home that could increase the price.
It is important to take your time and get the pricing correct when selling a home. The last thing you want to do when selling a property is underprice the house. Savvy buyers and the agents representing them are always on the lookout for good deals and will move to buy underpriced homes quickly, causing you to leave money on the table.
Choose the right method of sale
The two most common methods of property selling are a private treaty and an auction.
- A private treaty sale allows you to list the home for a set price and engage in a marketing campaign to get as close as possible to that amount. The advantage of a private treaty sale is that you can take your time to show the house and find the most interested buyers. On the other hand, there is a danger of mispricing. If you do not list the home for enough, you will lose potential profits, but if you list it for too much, it won’t sell.
- An auction sale allows interested buyers to bid on the home, with the property immediately sold to the highest legitimate bidder. The advantage is that you sell the home quickly, and if there are multiple parties competing, the price could be higher than expected. However, there are no guarantees, so you could end up with a sales price that is lower than expected.
Sale by tender is another possibility, where buyers submit offers and the seller chooses the best one. However, this is rare for residential homes.
Prepare your property for sale
You should make sure your home is clean and well-staged so that it appears attractive to prospective buyers. Features and structural quality are important, and you will want to make repairs to ensure that there are no glaring problems that could scare away buyers.
However, well-manicured lawn and garden areas, fresh coats of paint on walls, and a clean interior can also help you get the full asking price for your home.
Prepare the necessary documents for sale
Selling a home is a legal process, so you need to be certain that your documents are in order. In some states, you need a vendor’s statement, which explains the current mortgages and any zoning and easement requirements.
You will also need a contract of sale, which has the title and supporting documents, and a planning certificate from the local council. Typically, a lawyer or conveyancer needs to prepare the documents to ensure they contain all necessary components.
Conduct a sales campaign for your house
When selling a home, the real estate agents will engage in marketing activities to get more customers interested in the property. You can create attractive pictures of your home, make online listings at realestate.com.au and other sites, and even place physical adverts around the neighbourhood.
The agent will also conduct tours and hold open house events when potential buyers can come to look at the home.
Offers received or the property goes to auction
Interested buyers will submit offers, and you will be able to choose the highest offer or negotiate with buyers to get a price that works for both parties. If you opt for an auction, it will take place after the bidders have had a chance to see the property. The winner of the auction will then move to the final stages of the sale.
Sign and exchange the Contract of Sale
The final part of the home selling process is the contract exchange. The buyer and seller will sign and exchange contracts, and the buyer will show their commitment to buying the house by making a deposit.
Property is settled and ownership is exchanged
The final settlement happens six weeks after the contract of house sale signing. Between contract and settlement, lawyers, agents, and other legal professionals handle all the documentation and any legal obligations laid out in the contract. Then, the buyer makes the final payment. After the payment, the sale process is complete and the house officially changes hands, with the buyer becoming the legal owner.
A real estate agent can guide you through the process of selling a home
A real estate agent can guide you through the house selling process and ensure you handle the sales-related steps necessary to give you the best chance of reaching the ideal sales price. Contact the professional real estate agents at Tomoro to get skilled representation when selling your home.
