Things to know when selling a home

x_157_81455_0_14101009_300Once you’ve already gone through the complex process of buying a home, you probably feel like you’re an expert in the property market. However, selling a home can be a task that’s just as complicated and filled with variables. Here are a few basics about the property-selling process you might’ve wondered about, but were too afraid to ask.

When is it time to sell my house?

Deciding when to sell is ultimately a personal choice dependent on your unique circumstances. However, there are a number of common reasons why people choose to sell a property. To name a few:

  • they have a growing family and need to upscale
  • conversely, they’re empty nesters who need to downsize
  • career or lifestyle
  • move to a more convenient location
  • take advantage of the equity on their home
  • the market looks particularly advantageous to them.

Where can I find out the value of my house?

You can get advice on how your property is worth from a real estate agent. They’ll look at your home, consider the direction of the market and weigh up some other factors to come to an approximate value.

How do I know it’s a seller’s market?

Research the market to see if it’s right for selling. Look at house prices, whether they’re growing and by how much. Check out the inventory of houses in your particular area, and if competition for property is fierce.

You should also look at buyer activity – is there a high auction clearance rate, and what is lending activity like? The more home loans are being granted, the bigger the likelihood that there are plenty of hungry buyers out there.

Who should I see if I want to sell my home?

Speaking to a real estate agent will likely be the wisest move. They have experience, as well as knowledge of the local market and wider industry, which they can use to help you sell your home.

What else can a real estate agent bring to the table?

A real estate agent can make your life a lot simpler when selling a home. They can match your property with potential buyers, as well as screen and negotiate with them, and they can help effectively market the home.

How can I sell my home?

The two most common ways of selling your home are by private sale or by auction. In private sale, you’ll list an asking price for the home or put out requests for offers, and will then negotiate with the buyer directly. This way is more appealing to buyers, but may take longer.

Auctions, however, are the most popular method of selling a home.

What happens at an auction?

First of all you will set a reserve price, which is the minimum amount that bidding has to hit. Then, the potential buyers will come together and try and outbid each other for the home. If your reserve price isn’t met, you’ll typically negotiate with the highest bidder.

Be aware, however, that there are specific legal requirements when it comes auctions, so you’ll want to have a professional take care of it.

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