Deciding to sell your home is one of life's major decisions.
It's a process that requires careful planning to achieve a premium result.
Most vendors have a whole basket of questions, so we have complied a list of the most common questions for your information.
If there is question that your looking to have answered, not listed below please email us and we would be happy to try and assist. WollongongProperties@outlook.com
1. Do I really need an agent to sell my home?
Firstly there’s a reason almost 90% of sellers use an agent to sell their property.
Selling a property takes time, knowledge of the area, market trends, rules/ regulations and most importantly negotiating skills. Agents have access to information not available to the general public. The intense research conducted means you get all the facts to make the best decisions and have the best opportunity to sell for top dollar.
Secondly buyers who are purchasing a home sold by the owner may believe they should be able save money on the home by not having an agent involved- Most actually expect this and will make an offer accordingly.
You might be happy with a certain price by selling it yourself when actually, by selling with a experienced agent with strong negotiating skills, you may get an extra 5%, which would out way any agent fees and put more money in your pocket. So in fact an agent with strong negotiating skills could cost you less or nothing at all.
So just think… while eliminating the agent’s commission, you are also eliminating access to all that important information, professional experience and those very important negotiating skills, which means you may also eliminate that top dollar price.
2. When is the best time to sell?
This is a commonly asked question and cannot be answered with a simple or general answer. Every real estate market is different, therefore, the best time to sell a home will be different from suburb to suburb.
In most cases, the spring months are the best time to be selling a home. The garden is greener the weather is warm not too hot- it is defiantly the most popular time of the year for selling real estate.
Recent articles have also suggested that Autumn is also proving to be a good time to sell. The weather is generally still great and more importantly there is less market competition between sellers compared to the Spring season.
3. How long will it take to sell my home?
Currently on average in the Illawarra, houses spend around 50 days* on the market before they sell, although the time varies based on area, property type, demand and price. So if you price your home competitively and have a strong marketing campaign to get it in front of as many buyer’s eyes as possible you have a strong chance at a quicker selling time.
4. How much is my house worth?
Another question with a not so straight froward answer. While the average median house value for the Illawarra is currently approx. $646K*, the exact price of your home will depend on various factors for example: house size, house features, land size etc.
Homeowners sometimes have a skewered perspective, they tend to mentally enhance their home’s positive features and airbrush out the flaws. Unfortunately for these homeowners those flaws are all too apparent to the sharp eyes of potential buyers.
Homeowners also tend to compare their homes to the most expensive sale in the suburb rather than comparing it to homes that are of similar house and land size and that have similar features.
A home priced correctly through proper analysis, can create multiple bids which could mean your home will sell in a shorter time frame and for the best price, whereas a home that is over priced is most likely to linger on the market and can effect the ultimate sale price in a negative way.
5. How do you determine how much my house is worth?
We determine the value of a home through a CMA- Comparative Market Analysis. A CMA isn’t a crystal ball that determines what a home will sell for, however when done correctly it will greatly narrow the sale price range. The CMA is an in- depth evaluation of your property in the current market and takes into consideration the following:
Recently sold comparable homes in the past 6-12 months
Properties currently for sale in your area
Location of your property- the neighbourhood, it’s distance to amenities etc
Your property’s features- home size, appearance, land size, # bedrooms, # bathrooms, special property features, any upgrades made etc.
Current market conditions- including interest rates, state economy, real estate market etc
Other relevant information- like any restrictions on the land or other land uses etc
By gathering all these facts and after a in-person inspection of the property we are able to then give you a estimated sale price range. This is why we always suggest to get an appraisal price from an agent rather than online, as the computer generated figures don’t take ALL the above into account, when determining your sale price range.
6. Is marketing my property that important?
It’s simple…. The more exposure the property gets, the more people that see the property, the faster the offers come through! It is very important to market your home through a professional and strategic marketing campaign, as it creates an urgency and strong interest in the property, which will then attain the highest price
At Wollongong Properties we are firm believers that a strong campaign will produce a strong result. It can mean the difference between a fast sale producing a top sale price and a long sale producing an average price.
7. Should I test the market by advertising my property at a higher price than I am expecting?
This is not recommended for several reasons the main two being… Buyers are very well educated, they know what the home is potentially worth. As mentioned a well priced home will sell quickly and will sell for close to the listing price if not higher. Secondly you will receive the most interest from potential buyers with the first 2- 4 weeks so within a 30day period from listing. Potential buyers may not consider your property if they believe it to be over priced or not value for money. By the time you then decide to lower your selling price to the expected market price, genuine buyers could be sceptical about your stale property.
8. Is staging my home really important?
It has been said that a staged home can sell faster and for more than an un-staged home. The reason this may be so, is because a clean and well presented home, gives buyers a “stage” onto which they can play out their home-owning fantasies. Neutral paint colours and minimal furnishings is also a great idea, it allows room for their imagination, whereas a messy, cluttered house can make imagining a little harder!
Give would- be homeowners a blank canvass that they can mentally fill with their own ideas.
9. How much needs to be done to my house before putting it on the market?
The expression “You never get a second chance to make a great first impression” comes to mind.
When selling your home you must be sure to present your home in the best possible light. Making sure clutter is at a minimum, any projects that have not been finished should be completed, freshly painted rooms and installing new carpet or professionally cleaning the current ones, can make a positive impact. Ensuring odours are non- existent is also very important. (We have a very helpful To- Do Checklist we can email you).
If you aware of any major defects with the home like a leaky roof, structural problems or even a pest problem, disclose it to your agent and where possible fix the issue as it will have an impact of the sale price. There is no hiding once the building and pest report comes through!
10. Should I be present during open house inspections?
This is a big NO NO! There is no situation where this is a good idea! Having the owner in the house makes buyers uncomfortable. They feel as though they can’t make comments or ask questions might offend the owners. In some circumstances owners have been known to argue if a potential buyer makes a comment that could be a little negative and this could turn off buyers and lose you offers.
11. What is the agent’s commission?
Or more commonly… “what do you do to earn that commission?” Here are some facts to keep in mind… Unlike lawyers who get paid by the hour or doctors who are paid by the appointment, listing agents don’t get paid unless they make a sale. For every hour an agent spends with a client, he or she will typically spend nine hours on average working on that client’s behalf doing everything from networking to finding potential buyers to filling out paperwork.
The biggest mistake home sellers make is basing their choice on an agent solely on the fact they offer the lowest commission price.
Would you work for a reduced hourly rate? Would you be inclined to work as hard if you did work for a reduced hourly rate?
As a wise man once said… “You should be hiring an agent for their negotiation skills, not their discounting mentality.”
Base your discussion on the agents merit, work ethics, their ideas for your property, their energy and your comfort level with them. These are the foundations of a strong working relationship.
Why Sell With Wollongong Properties?
* Experienced and professional sales team, who understand the local property market.
* Exceptional negotiators, which means we will always achieve the best price possible.
* Professional support team, keeping you updated on the progress of your sale.
* Fantastic in-house marketing providing smart, successful and cost effective campaign strategies.
* Locally owned and operated independent agency, which means a more personalised experience for you!
Call us today on 4244 8344 for a obligation free property report.
Wollongong Properties has a combined industry experience of over 20 years.
Our agents have earn't themselves a reputation for achieving exceptional results for their clients.
Their high level of customer service and extensive real estate and local knowledge means they are able to provide their clients with a wealth of knowledge to help them make the right decisions.
We work side by side with our clients, keeping them updated on the progress of the sale, from start to finish.
This is a very important part of our agent to client relationship and one the keys to our success.
We offer our clients professional, strategic marketing plans designed to achieve optimum exposure.
Our agents are highly trained in negotiating, they are always striving to get their clients top prices, to enable them to reach their desired goals.
If you have been thinking of selling your home the first step is to have your property appraised by a professional real estate agent.
Wollongong Properties offers this service free of charge with no further obligation to sell with us.
This service is also available to anyone just looking to know the current value of their home.
APPOINTMENTS GENERALLY TAKE 30MINS.