The First-Time Home Sellers Ultimate Guide 
Part I

Selling a home for the first time can be quite overwhelming when not familiar with the real estate world and its jargon.
You might wonder what an agency agreement is, how much your property is worth, when the best time to sell is, how to get the best price, etc.

To help you along the process and make sure that you achieve the best outcome, we answered all the questions first-time home sellers might have:

When is the best time to sell my property?

Property sells all year round, and there is no “best time to sell”. The right time depends on many factors, including the property itself, the surroundings and neighbourhood you live in, economic factors, market conditions and your personal situation.

Many people opt to sell their place in the warmer months, when the garden is blooming and when everything looks great. However, there are also advantages to selling your property during quieter periods, such as in winter. With fewer options on the market, which means less competition, you often attract more interested buyers which can result in a quicker sale.

However, each local market is different, and it is essential to find out what is happening on yours. Talk to your local Ray White agent and ask for a local market report and their insights into what you should do and when you should sell your property.

What are the steps to selling a property?

If you are a first-time home seller, you might not know the path to a successful sale.

1. Declutter and prepare your home
2. Get a market update
3. Choose an agent
4. Pick a sale method
5. Set a selling price 
6. Review and sign the agency agreement
7. Market your property
8. Contract of sale prepared
9. Sale negotiated, or property goes to auction
10. Contracts are signed
11. Property settles

What is happening in the real estate market now?

Each market across Australia varies as do individual suburbs and even streets. Some areas are in a buyer’s market cycle while others are in a seller’s market. Therefore, you need to research your local real estate market.

Your local Ray White real estate agent is the best person to talk to about the local market. They can provide you with a local market report, an overview of what is selling and has sold in the area and insights on how the national economic trends are impacting a specific market. As they live and breathe real estate in your neighbourhood, they are a great resource of local real estate information.

What is a sales agency agreement?

A sales agency agreement is a legally binding contract that includes all the necessary details for the salesperson to sell your property.

A sales agency agreement includes:

• the property details;
• the full name of the vendor and real estate agent;
• the agent’s registration number;
• the agent’s genuine estimate of the selling price of the property;
• the selling price being sought;
• the method of sale;
• the duration of the agreement;
• the rights of the vendor to terminate the agreement;
• The commission to be paid to the agent if /when the property sells;
• the inclusions and exclusions of the sale;

the signatures of both the real estate agent and the vendor.

Now we’ve covered the best time to sell, what the initial steps involved in selling and how to find out about the current property market, join us next week for Part II of The First-Time Home Sellers Ultimate Guide. We will be discussing all the financial details of selling a home, from appraisal to valuation to knowing the value of your home.