Selling your home is a significant life event, but with the right preparation and professional support, it can be a smooth and rewarding experience. Every sale campaign and home is unique, and timelines can vary based on market conditions, buyer interest, and the specifics of your property.
Working with a knowledgeable real estate agent will ensure you navigate each step with confidence and achieve the best possible outcome.
Here's a straightforward step-by-step guide tailored for Australian homeowners, explaining what to expect at each stage of the home-selling journey.
1. Deciding to sell your home and choosing an agent: 1-2 weeks
This first step is about making the decision to put your home on the market. Take some time to understand your reasons for selling and determine your goals. Do you want to downsize, upgrade, or move to a new area?
A crucial part of this initial stage is selecting the right real estate agent. Look for someone with local expertise, with-in depth knowledge and experience in the area. A good agent will provide a market appraisal to help set a realistic price for your property and guide you through the entire selling process.
2. Preparing your home for sale: 2-4 weeks
Pre-sale preparation: Once you’ve chosen an agent, it’s time to get your home ready for the market. This includes decluttering, cleaning, and perhaps undertaking minor repairs or improvements to make your property more appealing. Explore our guide to preparing your home for sale here.
Staging your home can also make a significant difference, as it helps potential buyers envision themselves living there. Our experienced sales agents share their expert tips for home styling here.
Professional photography and marketing: With your home looking its best, your agent will arrange for professional photography. High-quality photos and videos are essential for creating an appealing online listing and marketing materials. Your agent will then develop a marketing plan to attract potential buyers through various channels, including online listings, social media, and print advertising.
3. Listing your property and conducting open homes: 3-6 weeks
Property goes live: Once the photos and marketing materials are ready, your home will be listed on major real estate platforms such as Domain and realestate.com.au. This step marks the official start of your property being on the market – hooray!
Open homes and inspections: Over the next few weeks, your agent will schedule open homes and private inspections. This is the time when prospective buyers come to view your property. It's crucial to keep your home tidy and welcoming during this period. Your agent will handle all inquiries and provide you with feedback from potential buyers.
4. Receiving offers and negotiating: 1-3 weeks
Receiving offers: If your property is priced correctly and presented well, you may receive offers from interested buyers. Your agent will present all offers to you and provide guidance on how to proceed. Offers can vary in terms of price, settlement period, and conditions, so it’s important to consider each aspect carefully.
Negotiating: Negotiation is often a back-and-forth process. Your agent will handle this on your behalf, working to get the best possible price and terms that meet your needs. Once an offer is accepted, the buyer will pay a deposit, usually 10% of the purchase price.
5. Contract exchange and cooling-off period: 5-10 days
Contract exchange: After an offer is accepted, contracts are exchanged between the buyer and seller. In most Australian states, this marks the point when the sale becomes legally binding, although there is often a cooling-off period during which the buyer can withdraw their offer (usually five business days). Check the fair-trading legislation for your state to find more details on the specific cooling off periods.
Selling at auction: If you decide to go down this route, it’s essential to understand that the sale is final on auction day. When the hammer falls and the highest bid is accepted, the buyer is legally committed to purchasing the property. This means there is no cooling-off period, unlike private treaty sales.
The buyer must pay a deposit, usually 10%, immediately after the auction, and both parties are bound to the contract terms agreed upon before the auction. This makes auction sales a quicker process, but it also requires sellers and buyers to be fully prepared and informed about their legal obligations prior to the auction date. For sellers, it's important to work closely with your real estate agent and solicitor to ensure all legal documents and disclosures are in order, as this will protect your interests and help facilitate a smooth transaction.
Cooling-off period: During this time, the buyer may conduct a final building and pest inspection. If the buyer decides not to proceed, they may lose their deposit, depending on the state’s regulations and the contract terms.
6. Settlement preparation: 4-8 weeks
Preparing for settlement: After the cooling-off period, both parties prepare for settlement. The buyer’s lender will arrange for a final valuation of the property, and you’ll need to ensure that all your obligations, such as repairs and agreed-upon inclusions, are fulfilled.
Final Inspection: The buyer is entitled to a final inspection of the property, usually in the week leading up to settlement, to ensure it is in the same condition as when they agreed to purchase it.
7. Settlement day: 1 day
This is the day when the sale is officially finalised. Your solicitor or conveyancer will handle the legal aspects of transferring the property title to the buyer. The buyer pays the remaining balance of the purchase price, and you hand over the keys. Congratulations – you’ve successfully sold your home!
8. Post-sale tasks: 1-2 weeks
After settlement, there are a few final tasks to complete. These may include notifying utility companies of the change in ownership, redirecting mail, and taking care of any last-minute move-out arrangements.
Take a moment to celebrate your sale and the start of your next chapter!
Right across Australia, The Agency has a team of outstanding Property Partners. For an updated sales appraisal, get in touch with one of our local experts today and experience The Agency difference.