Quick Snapshot of the Spring Property Market 2013

spring beach pic

As we head into Spring of 2013 the property market is heating up even faster than the weather. Buyers are out in force and due to the competition they are being forced to pay big money. Over the last couple of weekends our open homes have actually shut streets down with the amount of traffic they have attracted. All over the Northern Beaches of Sydney buyers are being forced to battle it out to secure a property. In the last four weeks alone we have exchanged 12 properties well over the price guide…and we are not slowing down any time soon! It is great selling conditions for home owners. So whilst for many, selling a home can seem complex and overwhelming…it really is time to stop thinking about a sale and start taking action. It is impossible to know how long this bubble of activity will last. But what we can see is that right now, there are some great opportunities to be made for anyone selling their home.

To assist, here is a quick breakdown of what you need to do to take advantage of this hot market. Following this and monitoring where you are up to will help comfort you along the way and keep you on track for a great result!

Step 1: Before you list your property for sale you will need to:

• Choose a real estate agent.

• Sign an agency agreement with your selected agent.

• Organise a contract for sale through your solicitor/conveyancer.

Step 2: One you have listed your home for sale you will need to:

• Get a copy of your contract of sale from your solicitor. Ensure your agent also receives a copy of the contract as they are legally required to have this document prior to releasing the address to any buyers.

• Liaise with your agent about your marketing campaign. You will need to approve all the photos, copy, floorplan and advertising materials.

• Arrange a building and pest inspection and resolve any issues your home has.

• Prepare your property for buyer inspections and open houses. Your agent should be able to assist you with this. You may even need professional styling or hire/purchase items to make it look great.

• Listen to feedback and be regularly available to discuss the campaign and sales progress with your agent. Lack of communication can be very dangerous so stay in good contact.

• Liaise with your agent about the offers and negotiations. A good agent will be able to negotiate a price your are happy with.

Step 3: Accepting the offer

• One you are satisfied with an offer and the terms your agent has negotiated, you will need to be in a position to sign a contract.  Most deals today are done with a cooling off period of 5 business days, with a small non refundable deposit being put down by the buyer.

• Contracts exchanged with cooling-off period (5 business days)

• Cooling-off period ends, buyer pays the outstanding balance of a 5% or 10% deposit, which means you are SOLD!

Step 4: Settlement of your home

• The settlement period begins. The standard period is 42 days or 6 weeks. This can be negotiated to suit both parties however so may vary.

• Pack and organise your move to your new home.

• Ensure you have vacated the property and handed over the keys by the time the property settles.

• Move in to your new home and kick up your heels. You are all done!

 

For more detailed advice on the property market or selling your home, call us today for a free consultation on 0424 006 855 or email bernadettecullen@mcgrath.com.au

About Bernadette Cullen

Bernadette Cullen is the Campaign Specialist at Northern Beaches Property Specialists. With extensive experience in design, real estate marketing and client service, Bernadette brings to the team outstanding communication and excellent people skills. A seasoned property expert that loves her chosen profession and believes there is no better place than the Northern Beaches to live, work and raise her young family.

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