Buyers for a property can be found all year round however it's not often that a purchaser for your home is out there, just waiting for you to put your home on the market. Timing, presentation and advertising are all required to bring buyers and sellers together for the best result. Spring is often considered to be the best time to sell. The perception is it is a time of optimism and with the weather clearing, more potential buyers will be out and about. It is also a time when more sellers will put their homes on the market so there will be more competition. Winter usually presents fewer buyers, but the buyers are usually more focussed on purchasing and traditionally there will be fewer homes on the market to choose from. Prior to placing your home on the market, allow an additional two weeks to prepare both the property and the marketing material. The reality is the best time to put your house on the market is when you are ready to sell, a genuine buyer will not be deterred by external factors such as the weather.

There are different reasons for choosing a method of sale, and your agent will discuss this with you. Below is an explanation of each method and some of the advantages.

Private Treaty

This is a very popular way to sell and involves selling through the setting of an asking price. The property is sold through negotiation around that asking price. Vendors must establish an asking price that will be competitive within the existing market – and also with those other properties that are already for sale. It is important to get this asking price right. A price too low will cost the vendor dollars, while a price well above market value makes other properties attractive and will cost you potential buyers and your time. 

Auction

Sale by Auction involves a public sale where the property is sold to the highest bidder, after the vendor’s reserve price has been reached or exceeded. There is no cooling off period with auctions and contracts are exchanged immediately following the sale. This contract is unconditional and the successful buyer will be required to pay an immediate deposit, usually 10 per cent. If the property does not meet the reserve it is passed in. Sale by Auction means that prospective purchasers will bid against one another at a date and time suitable to you.

Elders Toongabbie will discuss the best method to sell your property, based on a range of factors including the current market conditions, the appraisal value and type of property.