There are many reasons to sell your house, but there are a few factors you should consider before you list.
What are the current market conditions?
Find out where the market is sitting in the current property cycle in order to predict your likely sales outcome. COVID is already shaking up the property industry, but the current result is a suspension in sales rather than a drop in prices- and this is great news for anyone looking to sell in the next few months.
What's happening with house prices in your suburb?
If you look at what is currently on sale in your suburb or area, you can start to see where your own property is sitting in the current market. Another factor to consider is how long those properties have been listed. If properties are selling quickly then it's a great time to sell, whereas properties that have been on the market for a while could be overpriced.
Do you need a suburb report to help you with your decisions? Request one here and we'll create one and email it to you.
When is the best time of year to sell your property?
The time of year to sell a property can often be overlooked. Amazingly, the simple choice of what season to sell in can make thousands of dollars of difference to your final sales price.
Unless you're selling for specific reasons, it's worth considering the natural qualities of your home when selling. Does your home have trees with leaves that turn orange in autumn, or is it surrounded by a cheerful spring garden? Then maybe these seasons might work best.
Perhaps you have terrific insulation or cozy features such as a fireplace? Then maybe a winter sale would work. Or is your home filled with summer light? Then summer might be best. If you have the luxury of choosing when to sell, it can really work in your favour.
What is your property currently worth?
GET A PRECISE VALUATION FROM AN AGENT
Many properties look the same from the outside, but can vary wildly once you see the interior fitout. Not only can a good agent give you the clearest estimate for your home's worth in the current market; they can also make suggestions on small adaptations you could make to increase its value.
Local agents will review both existing market conditions and the specifics of your home in their final assessment.
Specifically, they'll look at:
- Local market data
- The wider trends
- Properties currently on the market
- Properties that sold in the last 90 days
- The average time for properties on the market
- How close your property is to schools, parks and public transport
- How easy it is to access
- If there are any local zoning restrictions
- It's exact location
- The design and quality of your building
- The appearance of the facade
- The size of the block and its internal dimensions
- How many bedrooms, bathrooms and car spaces you have
- The quality of interior fittings and fixtures
- The overall structural integrity
- What makes your property unique and desirable
- Any areas for improvement that could boost your sale price
We can then provide you with a comprehensive local market report, along with the estimated value of your property.
Would you like to get a free appraisal?
Create a budget
Something that can help in your decision-making process is understanding your current financial position, and then budgeting for the future.
What is your current home worth? What will you need to buy your next home? Or are you taking the next step as an investor? Do you want to buy before selling? Make sure that you've got all these kinds of costs factored into account.
Don't forget that you'll need to break down the costs involved with selling a house as well as buying a new one. By creating a detailed budget ahead of time, you can plan for a successful result.
Here are the costs to look for:
- Conveyancing / legal fees
- Agent commission
- Photography, copywriting and property videos
- Marketing costs
- Renovations and cosmetic repairs
- Styling to sell
- Auction fee if appropriate
- Home loan exit fees
- Moving costs
Have an exit strategy
Before you close the deal and sell your house, create an exit strategy. Where are you going next? Do you know how long it'll be until you take possession of your new home, or will you rent in the meantime?
Make sure that you have an exit strategy that suits your own needs. For some, maximising value is the most important factor whereas for others, having the security of a home to go to is the most important element. Whatever it is, having an exit strategy is important because the mental certainty that it provides will make the process of selling your home for the best possible price so much easier.