The Australian property market is on the rise again, which means now is the right time to consider listing your home.
Whether you’re downsizing or moving into a new property, knowing how to successfully sell your home can be overwhelming. The main factors to take into account when selling your home include; the current status of the property market, the value of your property, and which selling method to use Auction, Private Treaty or EOI?
How should you price your house to achieve a successful sale?
There are three main ways to sell a house in Australia; auction, private treaty, and expression of interest (EOI). Depending on your needs as a vendor will help to figure out the best approach in selling your home, the location of the property, the timeframe in which you want your property to sell, the current market, and many factors you will need to take into account with the help of your real estate agent.
The 3 different ways to sell your property
Auction - Public bidding for a property, which is sold to the highest bidder if the price has reached or exceeded the property's reserve as set by the vendor. It's a public trading event that is subject to strict rules and typically carried out by a real estate agent, who acts as an auctioneer.
Expression of Interest - Sale by EOI sees vendors invite buyers to submit an offer to purchase their property, by a specified time and date. Each potential purchaser puts forward their best and final offer in writing. Generally, a property will be on the market for four to six weeks, to enable the vendor to market the property and ensure ample time is given for buyers to look through the home, finalize their finance and decide on a price.
Private Treaty or Sale by Negotiation - Private treaty or private sale sees a property listed for sale through a licensed real estate agent, with an asking price attached. The property is marketed, and potential buyers make offers to the agent, who presents them to the seller, who then decides whether to accept or not. Typically, negotiations go back and forth until an agreement about price and terms is reached. Multiple offers are often managed by the agent, with all discussions done in private.
