I WANT TO SELL MY HOUSE. WHAT DO I NEED TO KNOW?

We answer frequently asked questions about selling your property

By Amanda Nicholls

05-11-2018

If you are thinking of selling your property, it can often be quite a daunting process for first time home sellers. How do you know which agent to choose? What is my property worth? When is the right time to put my home on the market?

Stanton & Taylor First National has been selling property in Penrith and surrounding areas since 1960 and has a wealth of local real estate knowledge. We answer all of your tricky questions about selling your property and choosing the right agent for you. 

I'M THINKING OF SELLING MY PROPERTY, WHERE DO I START?

If you are getting ready to sell, the first thing to do would be to tend to any maintenance that needs taking care of around your property. If it needs any repairs or renovations done, take care of those so your property is in the state that you wish to sell it in. 

When you are ready to go on the market, call a couple of agents and invite them to come and do a market appraisal. Each agency and even individual agents have different ideas on the best way to sell and market your property. You should feel comfortable with your agent and their ability to sell property in your area. 

HOW MUCH WILL IT COST TO SELL MY PROPERTY?

Different agents will operate with different commission stucutures. Some agencies the cost of selling your property may also factor in the cost of advertising it on major real estate portals such as REA and Domain. Your agent should be quite transparent and offer you options for the cost of selling your property. 

Things to budget for include digital and print advertising and marketing, signboards, professional photography, videography and agent's commission. You will also need to pay a conveyancer or solicitor to look after the contracts and legal work involved with your property transactions (both buying and selling). 

I KNOW THE PRICE I WANT TO ACHIEVE, HOW DO AGENT'S DECIDE HOW MUCH MY PROPERTY IS WORTH?

It can be tempting to compare your property to the neighbour down the road and what they achieved, but you are better to get a realistic price appraisal based on the current market and truly comparable properties from your chosen agent. Agent's will guide you as to what the most realistic price range for your property is, but the market determines what your property is really worth. 

Your property is worth what buyers are willing to offer for it. This may mean that you need to have a price readjustment part way through your campaign, or if your agent is a good one, they will sell your property quickly because they have priced it correctly. Agents have access to recent sales histories in your area and can compare your property with others that are similar sized and presented. If you find that the price you want to achieve is nowhere near what an agent thinks your property is currently worth, it may be an option to ask the agent what they would recommend to increase the value of your property. It could be renovations could help you to achieve your asking price, or perhaps waiting for the market to change is a better strategy.