If you’re thinking, “I’m ready to sell my house”—this means you’ve already taken the first step in the process. There are a few more along the way, from choosing the right real estate agent to prepping your home as well as organising the documentation, but we’ve put together a guide so you know what to expect.
Gaining an understanding of these figures is an important factor when you are exploring your options to finance the next purchase including a bridging loan.
The selling experience can be an emotional one, regardless of how much time you have. Remember that finding the right experts with the right advice can smooth everything out.
Every home and every seller is different, so find what works for you and the “sell my house quick” experience will be a smooth one.
Intrigued About Funding? – While you’re diving into real estate details, don’t miss out on understanding Who Pays for the Renovations on Selling Houses Australia.
Related articles:
- How Much Does it Cost to Sell a Home?
- How to Sell My House: A Complete Guide
- 4 Tips For a Successful Open House
- Best Month to Sell Property in Sydney
What are all the steps in the selling process?
The home-selling experience depends on time and circumstances. Additionally, the costs of selling a house in QLD will be different in NSW, VIC and all other states. So, let’s break down the main stages:
Before Making a Decision: If you’re thinking about selling your property soon, it’s crucial to know the pitfalls of different seasons. Discover The Worst Time of Year to Sell a House before you take the plunge.
1. Do your research
Once you’ve made the decision to sell, the next step is to begin researching on your own. Look at properties that are on sale in your area, as well as properties that have been sold recently to get an idea of what figures to expect.
Auction results are also a great place to find out how homes are selling in your neighbourhood.
2. Get a valuation
Here’s where you start hiring the experts. To get a proper estimate on your home, get in touch with a property valuation company. A team or representative will come in and survey your home looking at the size, condition and amenities like a backyard or swimming pool.
On average, valuations cost around $300-$600.
Dive Deeper: While you’re gathering insights on real estate, don’t miss our detailed article on the Best Time of Year to Sell Your House. It complements the information here perfectly!
3. Find yourself a real estate agent
Your real estate agent will be more than just someone to help you sell your home. They should be someone you can trust as well as a reliable, insightful source of information. So it’s important to find someone who you work well with.
They will represent your home throughout the selling process, from handling the marketing, to helping out with the open house as well as the settlement. They might help you decide whether to sell it at auction or a fixed date sale.
Real estate agents are savvy on market trends and can manage your expectations when it comes to the sale. They’ll know how to best present your home so that it’s as attractive as possible to potential buyers.
This might mean renovations to increase your home’s value, to smaller changes like tidying up and tending to the garden.
Suggested Reading: Check out our article on You’re Selling Your House: Is the REA Telling the Truth as well as Crucial Questions to Ask Your Real Estate Agent When Selling.
4. “Sell my house” by “marketing my home”
A solid real estate agent will handle most of the marketing, from arranging a photoshoot of your home, to doing online and print advertising, making sure your home is on real estate search platforms like Soho. It will also be accompanied by a captivating description of your home.
Suggested reading: Wondering in what type of market could a buyer’s strategy be to ask the seller to pay closing costs? Explore Soho’s guide.
5. The open house and auction
Once everything is in place, you can start having buyers over for the open house. The dates of the open house will usually be scheduled in advance, so you can have the house in perfect condition for it. Most of the time, they’ll be set on Saturdays or weeknights for more accessibility.
Interested buyers might submit offers to your agent at the open house or after having seen the property. On the other hand, if you’re holding an auction, it will usually be held one month after it’s been on the market.
6. The settlement
Once you’ve accepted an offer, it’s time to settle, which is more an administrative process. You speak with the buyer about terms and the final settlement date. For the most part, it’ll be about six weeks before the official handover.
There will be a pre-settlement inspection as well, where the buyer is allowed into your home to see if there is anything not seen at the open house that needs to be raised. If the buyer spots an issue, like a repair needed, you might need to have it fixed or negotiate how to proceed.
How do I get the best price when I sell my house?
A lot depends on how you present your home. If it looks fresh, clean and well maintained, the value goes up. That’s why it’s vital to showcase it well at the open house.
Other factors that may affect the price of your home are:
- The market – if the housing market is booming, chances are you can price your home at a higher point. Your real estate agent is your key to knowing trends and predicting the best time to sell.
- The season – there are times of the year where real estate gets busy, notably the mid-seasons like spring and autumn. In the more weather-extreme periods, property takes a bit of a break. Having said that, there might be more competition which means driving down the price can get it off the market sooner.
- The state of your home – it can be a smart move to make improvements to your home before the sale. By taking care of things yourself, you can drive up the value. From outdoor improvements to indoor ones, like getting a new kitchen backsplash, small alterations can make big differences.
Dive Deeper: While this article offers a solid foundation, get a more comprehensive understanding on How to Sell Houses with our detailed guide.
How much will it cost to sell my home?
How much it costs to sell your home will depend on your home and how much you want to spend. From the valuation, to the real estate agent’s fees and the marketing costs, the numbers can add up. It might be wise to create a budget for yourself before you start the process. You can use the following list of average costs. For a more detailed breakdown, check out our article on the costs of selling your home.
- Real estate agent fees: they usually take a commission of about 2% but this varies between agents and cities.
- Conveyancer or solicitor fees: $700-$2,500
- Marketing: this can include professional photography of your home, advertising, and signage. It shouldn’t cost more than 1% of the sale price.
- Auction fees: about $1,000 will go to the auctioneer.
- Home staging: if your furniture needs to be changed, it can cost between $2000-$4000.
Other costs that come with selling a home are the move, where you’ll spend from $500-$2000. Then you have government fees when selling a house like mortgage discharge fees, depending on your lender, as well as Capital Gains Tax on selling your home, stamp duty, and bank charges.
(Do read our guide on how to avoid capital gains tax for more info.)
If your home needs repairs or renovations, you should factor those in too. Go through everything with your agent so no stone is left unturned.
Dive Deeper:
While you’re gaining insights into property transactions, don’t overlook our comprehensive guide on the cost of selling a house in Victoria. It provides an extended view that complements this piece perfectly.
Wondering in what type of market could a buyer’s strategy be to ask the seller to pay closing costs? Explore Soho’s guide.
Wanna stay ahead of the curve?
Sell my house… renovating… We got expert tips on it all. Get registered on Soho. Not only are we finding you your dream home, but we’re also helping you save for it and decorate it! So don’t forget to swipe on your property matches so we can get you there faster.
