If you’re looking to sell your house in the not so distant future, it’s important to understand the key points of differences between your options of doing so.
Regardless of whether you’re looking to offload an investment property, downsize into a smaller abode or transition into your dream home, the aim of the game for just about every seller is to get a quick house sale at the best possible price.
However, doing so requires a careful choice between one of the many sale methods available to Australian homeowners. Are you brave enough to tackle the risks of an auction, or would you prefer the conservative approach done via a private sale? In addition, there are also options linked to expression of interest tactics or even to try and sell your house without the assistance of the professionals – but what’s the best option?
How To Decide On A Method To Sell Your House
People sell their homes for all types of reasons: some might have a growing family, while others might be looking to downsize. These backstories all have an integral role to play when it comes to choosing a way to sell your house, as your timeframe, budget and even personal preferences can influence what is deemed to be the best choice. If you’re considering your options, the following methods are the most common ways to sell property in Australia.
Private Sale – As a private sale occurs through a negotiation process, it enables you to keep the specific details of the sale out of the public eye as buyers don’t know how many other people are interested in the same property. With less urgency to sell on the owner’s behalf, this method provides an opportunity for sellers to be flexible with what they will and won’t negotiate on, such as price, time frames and even inclusions.
Auction – With increased competition, going to auction with a set time limit increased pressure amongst potential buyers to commit thanks to “fear of missing out” syndrome. Ideally, this means the selling price often exceeds the expected value of the property. In addition, an auction provides sellers with protection in the form of a reserve price, meaning that your property will not sell unless bidding reaches a pre-agreed level.
EOI Or Fixed Date – If you’re looking for the best of both worlds linked to a private sale and an auction, then a fixed date sale or expression of interest can be a great way to sell your house. In simple terms, it’s essentially a private auction, a combination of both the private sale and auction methods. A home is usually marketed for a number of weeks and advertised with a deadline. Buyers can submit offers at any time, which the vendor can choose to accept or not.
While there’s no “one size fits all” solution when it comes to figuring out the best way to sell your house, it all boils down to your personal circumstances. The commission paid to a real estate agent is often the largest outlay when it comes to selling property, so it’s important to pick the right one from the get go.
Partnering with a reputable real estate agent can help you fine tune the process of selling your home, as a good operator will advise you based on the type of property you’re selling, its location, the health of your local real estate market, how much you’re hoping to receive and how quickly you want to sell.
Should you be looking to sell your home or purchase a new one, enlisting the services of a free property advisor like ESPA can often be a game changer. As an example, your advisor would likely research the property, local agents, check the zoning, evaluate market conditions, and communicate clearly with you regarding all of your options – but where do you find one?
Take The Stress Out Of Selling Property
As a completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.