Are you looking for ways to sell your existing house in Canberra?
There are multiple ways of doing so, each having its own merits and demerits. Besides, depending upon the specific area, the rate you can expect from different selling methods can also vary.
So, you cannot just rely on selling your house through the traditional agency hiring method. You must be aware of all the options to make a rational choice.
We’ll give you an overview of the available methods to sell your house in Canberra.
1: Selling by Auction
Like the other auctions we are aware of, a property selling auction is held at a specific place, a specific time with a large number of buyers available. The buyers are informed about the auction in the marketing efforts conducted a few weeks before the process.
Adopting auction as the property selling method is advantageous as it groups all the buyers creating a competitive environment in which sellers can expect a better rate. Besides, an auction inculcates a sense of urgency. The buyers understand that, in an auction, they have to act promptly, or they might miss the deal.
Another beneficial aspect for sellers in the auction is that you can expect a higher price for the property if the buyers have shown interest in it during the campaign. Besides, you have to set a reserve price (the minimum you want to sell your property for), but there is no maximum, so you can always expect to get more from your initial expectations.
As a seller, one of the disadvantages you may face here is that there is no cooling-off period. If you have put your home up for sale and it passes the reserve stage, it will be sold to the highest bidder. So, it is essential to set the right minimum price for your property.
2: Selling by Private treaty
The second method you can adopt for selling your house is Private Treaty. In this method, your agency negotiates the price with the property’s buyers. It is an ongoing process where both the parties can mutually decide upon the selling price till an agreement is reached.
As a seller, you have the right to set an asking price for your property, but this isn’t the final or minimum what you’ll get. A series of negotiation rounds will continue, and a seller is often expected to lower their initial price.
In this form of sales, the buyer gets a cooling-off period in which they can get out of the sales deal. Even the seller has more control over the process within this type of property sales option.
You can scrutinize the prospective offers from the buyers; you can extend the listing time of the property to get a better deal, and you can adjust the price of your property during the process without any complications.
3: Selling by Tender (Expression of Interest)
Another option you have to sell your house in Canberra is Tender. It is the process in which you market your property for 4-6 weeks to let the buyers look through it and decide its price and other details.
Keeping a specific date and time as the deadline, you accept the offers from the buyers for the property. In these offers, the potential buyers share the maximum price they are willing to pay for a property with a 10% profit.
As a seller, you can review all the offers and decide on the best one. You don’t necessarily have to accept any offer if you don’t like it. Usually, opting for this method reflects your confidence in the value of your property and its demand.
With an ending date, you can create an urgency for the buyers, just like the auction. However, you don’t have to reveal your price and can wait for the offers from the potential buyers.
The methods mentioned above are the ones you can choose from to sell your house in Canberra. Depending upon the benefits these methods come with, you can select the one you think will provide a good value for your property.
However to be realistic, you must consult your real estate agent while setting up your price expectations. Different locations in Canberra can have different rates. Being in the field, your real estate agent can share accurate data to facilitate you in the process.