Getting your house ready for sale? Our detailed guide breaks down the whole process into eight basic steps. Learn how to select a great seller, price your house, negotiate with sellers, breeze by closing, and more!
1. Find a suitable real estate agent
It's just not easy to sell a home. It is a high-stakes, complex transaction, and requires considerable time and expertise to achieve a good result. If you are looking for the best price for selling your home — and minimizing stress along the way — you need to find a top-rated real estate agent in your area. Another option is to sell your property privately on realestate.com.au
The best listing agents know exactly what and how to reach local buyers. They will provide expert advice, guidance, and support every step of the way, from the initial listing through to closure.
2. Decide if it’s the right time to sell
The timing of the market is a key factor in how much you are going to get for your property. If it comes to selling your house, some times of the year are better than others. Spring is an excellent time to list your house, as this is the period most competitive for buyers. Any local housing market, however, is different.
If you're looking for the fastest possible deal, your best choice to list in June. Homes reported this month are spending 12 days on the market — significantly less than the industry average of 23 days.
3. Pricing your house correctly
You will then need to get a Comparative Market Analysis (CMA) after you've been connected to an experienced real estate agent. That is the method of determining how much the current marketplace is likely to sell your home for.
The CMA mechanism bases its conclusions on similar property sold in your local area recently. It also examines other key metrics such as demand and supply and levels of inventory.
4. Prepare, sell, and showcase your home
You should spend some time thinking about how you can make your home more attractive to potential buyers before listing your property on the market. This will increase your chances of getting an offer that is aligned with your selling price target.
Not only should you ensure that your home is professionally cleaned before viewing begins, but it's also worth evaluating whether any repairs or renovations are needed. If it's an improved bathroom or repairing a leaking tap, make sure you take into account the possible ROI that the repairs are likely to yield.
An experienced real estate agent should be able to tell you whether they think it is worth the repairs or renovations. You do of course also have the option to sell without agents.
You should also consider doing a professional photograph of your house. This shouldn't cost you a lot, and will make your home stand out when you list your property for online sale.
5. Consider offers you have received
When you have listed your house, you will need to plan for the offers. This usually takes the form of a purchase agreement, which specifies the price offered, and how long the offer is valid for before expiry.
There is no assurance that you will obtain a bid equal to the price of your listing and you can need to get your real estate agent to negotiate with the buyer.
6. Conducting property inspections
When you have received an offer you would like to consider for your house, then the next move would be to see the buyer conduct an appraisal. It is where the house is checked by an impartial appraiser to make sure the price the buyer offered is worth it. You're also recommended to get an assessment as the seller.
It's quite possible the buyer should schedule a home inspection. Sometimes confused with an assessment, it is here that the quality of the property is evaluated. You should also arrange a home inspection as the seller, as it will prepare you for any potential repairs that may need to be made before the sale.
7. Paperwork, and disclosures required
It is a "buyer protection" territory, which legally ensures that the territory does not allow sellers to reveal to buyers anything about the property. You do need to follow federal lead-based paint notification rules, however.
In addition, there are plenty of other legal documents that you will need to read, understand, and sign before the deal is closed. Let your lawyer or solicitor walk you through all the paperwork to make sure you've got everything you need.
8. Closure method
The deal needs to be closed before the keys are handed over. This is a process that depends on where you are based, too. In certain cases, both you and the buyer will be present at the closing table, as will your respective agents and legal representatives.
This will consist of signing documents, distributing HUD-1s, and making validation that all purchaser fees have been paid. You as the seller are likely to have to pay any unpaid fees that are added to the house, such as prorated taxes and utilities.