Smart Seller Guide — How to Sell Your Home for the Best Possible Price

Your home is likely to be your most valuable and important asset. So, when it comes to selling, it is important that you have the right people behind you providing the right strategies on pricing and marketing.

An experienced real estate agent will deliver detailed insights into your suburb to attract not just a buyer, but the best possible result.

While listing your home for sale may seem complex, working with a trusted and knowledgeable professional can simplify the process. From preparing your property for the market to negotiating the final deal, your local LJ Hooker agent will be there, navigating every step towards a successful outcome.

Is now a good time to sell my home?

Knowing the right time to sell your house isn’t always straightforward. Market conditions, buyer demand, and seasonal trends can all influence the outcome of your sale, making time an important consideration.

Spring is known for being the busiest time for real estate sales with strong buyer interest but winter can also have its advantages with fewer competing properties.

You may have heard of the term ‘seller’s market’, which often refers to when there is a shortage of listings and high demand. Typically, homes do not stay on the market long during these conditions. The opposite is a ‘buyer’s market’ with an influx of listings and fewer buyers. With less competition for properties, days on market tend to increase.

The property market is also heavily impacted by economic conditions, so it is important to understand what is the broader financial climate before making any decisions. Find out what else to consider here.

How much is my property worth?

It is difficult to plan your next move without knowing how much someone might pay for your home.

Online estimates provided by popular property portals can give you a quick guide.

However, working out a price guide is not a straightforward process and relies on what is happening in the local and broader economy. For this reason, the best first step in selling your home is to organise a property appraisal with an experienced real estate professional.

It is a great way to meet with agents working in your suburb. Ideally, you want to find someone with great local knowledge and who makes you feel confident in handing over the management for the sale of your home.

Your local LJ Hooker agent will consider market conditions, location and buyer demand to determine an achievable price. Importantly, they will look at recent comparable sales, that is, properties like your own in terms of size, condition, bedrooms and lifestyle features. Wanting to know more about this obligation-free service, click here.

Remember, the market is constantly changing, so keep an eye on what is happening in your area, including how long properties are taking to sell, auction clearance rates and attendances at open inspections. There are numerous factors that determine a property’s worth, you can research more here.

What is the best way to sell my home?

There are many ways to sell a home, after all not all or properties and markets are the same. Determining the best one for your home can depend on location, reason for selling and market conditions. You can explore the different strategies here.

You will be familiar with the three most popular options - auction, private treaty or Expression of Interest campaign (EOI). Let’s take a quick overview:

Auction – This popular selling method creates competition by giving buyers a deadline to act. It is a useful strategy for a quick and unconditional sale. Most campaigns last three to four weeks. It is also the most transparent method of sale, as other buyers can see if there are any other interested parties.

Private treaty – A price guide may or may not be advertised, depending on State-based legislation or selling strategy. Campaigns can be short or long depending on demand. It can give buyers time to organise finance. Once an offer is accepted, the sale is subject to a formal contract. Most states have a cooling-off period varying from two to five days, except for Tasmania and Western Australia.

EOI – This method of sale provides all the benefits of a private treaty sale with the urgency of an auction campaign. Each interested party puts forward their best and final offer in writing by a set deadline. If an acceptable offer is not received, the property can be listed for sale by private treaty or auction.

How much does it cost to sell a house?

Understanding the expenses that come with selling your home will ensure you won’t be blindsided by any surprises.

In addition to an agent commission, a conveyancer or solicitor will need to be engaged to transfer the cost of the property from the seller to the buyer and look after any other legal issues. Don’t forget to factor in costs such as property styling, storage, maintenance, and removalists.

If you are on a tight budget, speak to your agent about ways to minimise marketing expenses or utilise your own furniture rather than hiring pieces.

Recruit friends and family to help you move furniture, or ask if you can store items in their garage. Be ruthless with what you take to your next property, which can also help to cut down on expenses. You’ll find some other cost saving tips here.

Here are some costs to consider:

Agent commission - 2 per cent to 3 per cent
Conveyancing fees - $800 to $2,000
Mortgage discharge fees are around - $150 to $1000
Marketing -$3,750 to $10,000, depending on the campaign
Local removalist - $300 to $4500
Interstate removalist - $2000 to $15000
Property styling - $2000 to $8000
Source: Canstar/Lendi

How do I prepare my home for sale?

First impressions count when selling your home, so now is the time to tackle all the jobs that you have been putting off.

You don’t have to spend a fortune to prepare your home for sale, but it is important to show that it is well-maintained. Some cost-effective tips for improving the presentation of your property include tidying up the garden, pruning trees, adding a new letterbox, and high-pressure cleaning the driveway.

A dark, cluttered home with bulky furniture can be a big turn-off for buyers. Pack away personal items, clean carpets, add a fresh coat of paint and maximise natural light with clean windows and sheer curtains.

It may feel overwhelming, but a realistic deadline and some simple strategies can help you declutter. Find out more here.

Before making major changes, speak with your local LJ Hooker real estate agent about what will add value and avoid overcapitalising. For example, a new kitchen may not be worthwhile if it is likely that the home will be knocked down and rebuilt.

Your agent may also suggest a professional staging company to show off your home in the best possible light. If you are on a limited budget, your own furniture can be used to style key areas such as the living room, kitchen and master bedroom.

What affects how quickly my home will sell?

The price needs to be right and reflect what buyers are willing to pay. This is impacted by the economy, demand, interest rates and level of competition.

Remember, your agent is fielding calls, sending contracts and following up with attendees from open inspection, so it is important to listen to the buyer feedback and make any adjustments necessary.

Bad presentation, poor photography and an insufficient investment in marketing and advertising can also result in a longer campaign. Fortunately, you can rethink your selling campaign by hiring a stylist, updating images and utilising social media to reach more potential buyers.

Seasonality also matters in some markets. For instance, if you live on the coast, it may be best to wait to sell when the weather warms up, and there may be more visitors in town.

What is the selling process step by step?

The reality is that there are many steps to selling a home. To reduce stress, take time to understand the process. This will also assist in creating a timeline, so you don’t face any setbacks along the way, and ensure that you are well prepared.

Here is a simple outline of what to expect when listing your home on the market.

Organise a property appraisal
Contact local real estate agents who can provide you with an estimate on what your home will fetch and any necessary repairs. It will also provide you with a range of price expectations to compare.
Find an agent
The best agent isn’t always the one who promises the highest price and the lowest commission. It is about finding someone who is an excellent communicator, highly organised, knows your market, has a proven track record of success and strong negotiation skills. LJ Hooker agents are part of a national network and have been selling homes in Australia for almost 100 years.
Choose your method of sale
Each selling method has its pros and cons. So talk to your agent about whether a private treaty, auction or Expression of Interest campaign will work in your suburb.
Set a selling guide
Research recent comparable sales in your area and, importantly, discuss with your agent. Work out an achievable price that will assist in making your next move and reaching your goals.
Review and sign the agency agreement
This agreement between the real estate agent and the vendor usually lasts for 90 days.
Set a budget
Don’t forget to include legal expenses, marketing, agent’s commission and removalist fees when calculating your figures.
Prepare your home
The best place to start is with decluttering, removing excess furniture and tidying the outdoor space.
Professional styling
Research shows that staged homes tend to spend less time on the market. It may be that your interior just needs a few tweaks, partial staging, or the full works.
Marketing your property
Your agent will arrange for professional photos, possible drone shots, a floor plan to be drawn up and copywriting.
Open inspection scheduled
These generally last for 30 minutes. Vendors don’t need to stay at home during these inspections. Instead, your agent will record the details of attendees and provide comments and feedback.

Tools and features

There are now more online tools and resources than ever before to make the selling process easier. This includes online appraisal calculators, suburb market reports, mortgage calculators and digital marketing insights.

While new technology doesn’t replace the knowledge provided by an experienced real estate agent, it can provide a valuable starting point to better understand market conditions and lead to a successful sale.

FAQs

How can I sell my home fast?

Prepare your home properly by improving street appeal, decluttering and utilising staging. You want buyers to feel an emotional attachment to the property.

What repairs and improvements should I make to sell my house?

The question of whether you should renovate before selling depends on many factors. If it is likely to add to the value of your property immediately, it could be worthwhile considering. This may be updating the kitchen or bathroom. Remember to chat with your local LJ Hooker agent to make sure you don’t over-capitalise.

What do I need to disclose to potential buyers?

Any significant details about a property that could influence a buyer’s decision need to be disclosed, such as asbestos, pest infestation and water damage. Buyers need to know if the property is in a bushfire or flood zone. They must also be notified if a serious crime has occurred at the property or if there is illegal building work.

What is the best time to sell my home?

Property sells all year round, and there is no ‘best time to sell’. The right time depends on many factors, including the property itself, the surroundings and neighbourhood you live in, economic factors, market conditions and your personal situation.

How do I find the best real estate agent?

Attending an open inspection is a good way to not just see competing properties but also see local real estate agents in action. A property appraisal is a more formal introduction, but it will also let you interact with real estate professionals working in your area.

What is a sales agency agreement?

A sales agency agreement is a legally binding contract for the salesperson to sell your property. It should include all necessary details such as address, full name of the vendor and sales agent, agent’s registration number and estimated selling price.

DISCLAIMER - The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.

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