Is the Time Right For Sale By Owner in Australia?

While selling real estate, a seller should study the market trends which will give him insights on the best time and best price to sell his property for! If you have a property in Australia and are wondering if the time is right for sale by owner, the answer is that it couldn't be better! According to the Guardian property prices all over Australia have surged by 1.7% in November recording the highest monthly increase in property prices since 2003!

According to Tim Lawless, the Head of Core Logic, there were various reasons for this revival of property prices after it reached a rock bottom in June 2019. These were three rate cuts by Reserve Bank, loosening of lending standards by the regulator and the win by Coalition in the Federal elections in May which ended the apprehensions about the tax policy.

Another aspect to be noted that favours the sellers is the fact that very few properties are advertised for sale. Therefore, there is less competition in the market and high demand for properties.

So, what could be a better time than now to sell your property without an agent?

Since the real estate trends in the Australian market are favourable for the sellers, they can benefit from the conditions and attempt for sale by owner instead of engaging a real estate agent.

Why is for sale by owner beneficial to the seller?

• The most obvious advantage of selling a property without an agent is that you do not have to pay a commission to an agent which means substantial savings. This is because real estate agents charge a % of the total amount of the proceeds as a fee which is quite a large sum.

• When you sell your home without an agent, you are in complete control of the sales process. You can take all the decisions regarding the sales on your own.

• Selling a property without an agent implies that you will have to price it yourself. Since the market conditions are favourable, you can experiment with the prices and try quoting a higher price and maybe you might be able to sell it at a higher price than the market price.

• As per stats, for sale by owner houses sell much faster than those sold by agents. This is because agents give divided attention to the sale of your property and miss out opportunities for selling it. On the other hand, when you sell it on your own, you will be able to give your focused attention to the sale and sell it faster.

• A real estate agent markets the property based on the information that you have provided him about the property. There are chances that he may miss out on some important details about the property while trying to sell it. However, when you sell your property on your own, you will be able to market it effectively. This is because you know your property the best and you will be able to highlight all the special features of your property to the potential buyers.

• You can invest the money that you save by not engaging an agent for enhancing the worth of your property. For instance, you can hire a professional home-staging company to stage your home. This will not only increase the worth of your property but also enable you to sell it faster.

Although for sale by owner offers so many benefits to the seller, many sellers are unsure of selling their homes on their own and rely on real estate agents.

Here are a few guidelines for selling your home without an agent:

1. Make your Home Market Ready

To get your home ready for the market, you will need to de-clutter your home, clean it thoroughly, mow the lawns, etc. Also, make sure to remove any articles that are personal in nature. 

Ensure that all the repair work is completed and everything is working and in order.

1. Take High-quality Photos

Take photos of your home with a good quality camera.

1. Price Your Property

Price your property based on the real estate trends in the market. You can estimate the worth of your property based on the prices of similar properties in the locality.

1. List your Property

The next step would be to list your property on a for sale by owner website. Choose a website that has a high-visibility and is genuine.

Listing entails uploading a description of the property that gives its details, photographs that give a clear idea of the property and a virtual tour of the property.

1. Connect with Buyers

Interested buyers will connect with you directly. You can take them for viewing the property and finalise the deal.

1. Close the Deal

You can negotiate the property price with the buyer and close the deal.

Wrapping Up

For sale by owner was difficult a few years ago when there were limited means for property owners to contact buyers. But the internet has changed everything. Now property owners can easily sell their properties without agents using for sale by owner websites.