Selling Property: What Are My Options?
Whether you’re dejected about having to downsize, or you’re excited about moving into a new, larger house, selling your current home can be a pretty stressful experience. If you’ve never had to deal with such a big task, then it can quickly turn into a total nightmare! One of the first decisions you’ll have to make is the actual method you’re going to use to sell. Here are the main options, and what you should know about them.
First of all, auctioning. If your biggest concern is the price you’re going to get for the property, then this may be the most attractive option for you. The biggest challenge is usually finding an auctioneer who’s interested in the property you have to offer. Once that’s done, your home will be set a minimum “reserve price”, ensuring that you don’t have to just go with whatever price you’re given. On the day of the auction, prospective buyers will bid for the property, and it will go to the highest bidder. If a vicious bidding war breaks out, then you’re sure to get a great price! The buyer is then obliged to exchange contracts on the day, and usually to complete the purchase within a month.
Next, selling through an estate agent. This is the most conventional and common option for a reason: it works! If you organise it all through an online service, you can sell your house remarkably quickly, and be on your way to your new home. The only issue here is the pricing. The real estate sector is very competitive, and agencies can only keep afloat by buying low and selling high. This means that you’ll have to do a little work to make sure you’re getting a fair price. Do some research into local property prices, and get quotes from at least three agents to make sure you’re not being taken for a ride. Still, if you’re not all that worried about the price, estate agents are probably the most straightforward way to sell a property.
Finally, like pretty much anything these days, you can sell your home online. More and more property searches these days are starting online, so where better to dangle your house in front of prospective buyers? Provided it’s marketed well, selling online could be another good way to get a good price and shift your house quickly. After filling in some details on the property site, the agent will send over someone from their team to carry out a free property appraisal. This is followed by a lot of discussions about the state of the local property market, and the attractive features of your house. I’m basically euphemising haggling here. At the end of these discussions, you and the agent agree on a listing price, and it goes on the market. Like traditional agencies, not all of these sites were created equal, so do your homework.
There you have the three main methods for selling a property. Dig deeper into these three options, and find out which one is best for you.