What Is Your Property Worth?
The property market of South East Queensland is constantly in flux and the first step to selling your house is finding out the value of your property. Queensland’s annual median house price has increased 19.4 per cent from $402,000 in June 2013, to $480,000 to June 2018.
South East Queensland generally led the median price increase, with the Gold Coast and Sunshine Coast markets out in front (4 to 7 per cent increase). While they are steady and stable median price increases, it’s still important to know the value of your property before it goes on the market to avoid any surprises. The first step to selling your house is to download a free property report.
When The Best Time Of The Year To Sell?
Despite the constant fluctuations of Brisbane’s property market, there is no seasonal or annual trend that sees property sales listing perform particularly better or worse.
In-fact, contrary to popular belief, holiday periods like Christmas are as good as any, as there are often still buyers on the market but fewer properties for sale. High demand and less competition often also means that buyers are willing to pay more of a premium to settle before the holiday season is over.
Things To Do Before Selling Your Home
Apart from finding out the value of your property, there are a number of things to get done before looking for a real estate agent.
Find all the paperwork
Anything you can think of that a new buyer might need. This includes operating manuals for appliances and their warranty documents. Utility bills to demonstrate the seasonal costs of living in the property can be used as a selling point by a good agent.
Get maintenance estimates and quotes
If you've got some things on your home that might be in need of repairs, now or later, having written quotes on the repair work is a great thing to have with you in negotiation to prevent buyers from haggling down the price.
Fix the mailbox
The mailbox is the first impression. If you have a dinged up mailbox it puts prospective buyers on edge straight away!
You've probably dreamt of it for years, now's the perfect time. You've got a ton of stuff you're going to want to get rid of, it’s a perfect way to declutter. It’ll help with the presentation of your home to sellers, and also moving out.
Detail the yard
Weed the garden, prune the shrubs, mow the lawn, whippersnip, do it all.
Remove evidence of pets
If people know you had pets living inside, you're simply going to have a tougher time selling.
Helpful Hints To Successfully Sell Your House
To most of us, home is the biggest asset we have so when it comes to selling it makes sense to do everything in your power to maximise the sale price.
Here’s five helpful hints to ensure you get the most out of the sale.
- Your Real Estate Agent. Choose 3 or 4 agents who have a good track record in your suburb, make a short list of agents from quality Brisbane agencies and get to know them. Find the agent you feel most comfortable working with and feel you can genuinely trust them.
- Street Appeal. Make sure your home is pleasing to the eye from the street – both day and night. A coat of paint, external lights all working, blinds and curtains aesthetically appealing and if there are leaves in gutters or guttering needs replaced, consider having it done too.
- The Yard. Trim the garden, put in place fresh mulch, cut back trees and remove dead palm fronds, mow and edge the lawn and water the garden to ensure your garden looks green and happy.
- Declutter, Declutter, Declutter. The general rule for a homes internal presentation is "less is more". Declutter and make rooms look spacious, have cupboards and pantry tidy.
- Clean up. Hire a storage space to put the excess items a family has in the house. Gym sets, push bikes, the spare bed, the old desk, Suitcases that are under beds. They can all go into hiding while the house is on the market.
How To Choose A Real Estate Agent
The real estate agent you employ will ultimately be responsible for the marketing of your home, market insights, price recommendation and the negotiation process with potential buyers.
Rapport, negotiation skills, track record and strong branding are all key factors, but what about their fees?
Any agent can sell a house, but a skilled agent will sell it at a higher price and help guarantee your financial future. You need to choose the agent who will leave the most money in your pocket at the end of the day. This performance factor is not always in direct correlation with the fees they charge.
What Are Sunset Clauses?
A sunset clause can be used in the sale of an established property to protect the seller and allow a buyer to submit an offer subject to the sale of their property. This means that the seller can accept a subject to sale offer without the worry that comes with not knowing how long it will take for the subject property to sell.
Applying a sunset clause will allow the seller to continue to market the property and accept offers at their discretion. If another offer is submitted, the seller can give three days’ notice to the original buyer to allow them to either match the offer or pull out.
A certain time period is usually specified in this case and if the property is not sold by this time, it can be renegotiated or the contract will become null and void.
How To Style Your Property To Sell
Here are some top tips for engaging prospective buyers:
De-Clutter. Removing your personal clutter will help prospective buyers clearly see the property, its best features and also helps make your home seem as spacious as possible. It also provides them with a blank canvas to envision it as their own.
Give your home some TLC. Cleaning the property thoroughly will make sure your property is looking its absolute best. It’s also a good idea to take care of any necessary maintenance jobs.
Consider giving your home a facelift. When you’re selling, it’s important to consider you target audience and what they might be looking for in a property. If you’re selling the property as “a renovator’s dream,” you might no need to do much, but if you want to secure the maximum price for you home, you may want to consider renovating it yourself.
Style your home for maximum appeal. Start by checking the latest décor and home magazines for inspiration to make your home modern and trendy.
What Is Conveyancing?
Conveyancing is the process where the legal title of a property is transferred from one person to another. A conveyance is the written document (i.e. a deed or a lease or a contract) that serves as proof that the property is transferred from seller to buyer.
The contract includes the purchase price and date of actual transfer (as agreed upon by both parties) as well as their obligations and responsibilities which if either party cannot fulfill, gives the other the right to take the defaulting party to court so that they can ensure the contract is fulfilled or otherwise claim damages.
What Is Vacant Possession?
REIQ’s Contract of Sale (Residential House and Land/Lots in a Community Titles Scheme) states the seller is required to give the buyer vacant possession of the land or property when the property is free from any physical impediment preventing the buyer from enjoyment.
A property is given “vacant possession” if it’s empty of chattels (moveable objects such as microwave, fridge, garden ordainments etc.) and of people/tenants, meaning no-one else has the right or ability to occupy or possess the property.
A simple concept, but sellers must carefully consider the state of the property being sold and whether they can or can’t give vacant possession at settlement.