Overview of the Property Selling Process in Canberra.

Deciding to sell your home can be a challenging experience, from determining the value of your property to negotiating with buyers and closing the sale, there are many factors to consider.

But, with some preparation, the right mindset, and the right agent, you can navigate the property market successfully and sell your home for the best price.

In this article, we’ll provide some helpful tips to help you sell your property in Canberra (and surrounds) smoothly and efficiently.We’ll cover all the essential steps you need to take in order to maximise your profits and successfully sell your property

Deciding to Sell

When considering selling, it’s best practice to set a real estate goal and familiarise yourself with recent property sales in your area.

Comparing your property to similar properties in the area will give you an idea of the market value of your property and help you set a competitive (and realistic) asking price.

To maximise the value of your home, before you list your property for sale, we highly encourage you to ensure it’s in peak condition.

We recommend conducting an in-depth inspection of your home and creating a list of any necessary repairs or renovations to take care of, no matter how big or small, in order to increase your chances of a successful sale.

Below are some additional things you can do:

• Determine Your Motivation for Selling
• Request a Professional Appraisal
• Make Necessary Repairs and Improvements
• Stage Your Property for Inspections
• Consider Hiring a Professional Stager
• Gather Necessary Documents

Determining Your Home’s Value in Canberra

Get a Professional Valuation

A Market Appraisal, also known as a property valuation or real estate appraisal, is the estimated value of a piece of real estate, at a specific point in time.

Market appraisals are typically conducted by professional appraisers, who use their expertise and knowledge of the local market to determine the value of a property.

There are several factors that can influence the value of a property, including its location, size, age, condition, and features.

Professional appraisers will consider these factors and compare the property to similar properties, that have recently sold, in the area to determine its value.

Market appraisals are often conducted for a variety of purposes, including when a property is being bought or sold, when a mortgage is being taken out or when a property is being refinanced.

They can also be useful for estate planning purposes and when determining the value of a property for insurance purposes.

FAQ: How Does a Sales Agent Appraise the Value of My Property?
FAQ: What Does an Appraiser Look for in My Property? 

What are the Key Components of a Market Appraisal?

The Estimated Fair Market Value

In a property appraisal, the value of a home is determined by a professional appraiser after carefully evaluating the home’s features and examining recent sales in the surrounding market. The estimated fair market value of a house takes into account various factors, including its size and location.

For instance, a four-bedroom house in Kingston may have a higher asking price than a similar property in Braddon or Belconnen. Additionally, a three-bedroom, two-bathroom house located in Charnwood, Higgins, Calwell or Banks may be more affordable than a similar property located in Canberra’s CBD.

The Actual Market Value

A professional appraiser provides a detailed explanation of the methodology used to determine the final value of the property. This may include market data analysis, the sales comparison strategy and the cost and income approaches, which consider comparable sales and potential rental income in the area.

When calculating fair market value for a residential property, you need to consider three things:

1. The current market value of your home
2. The location / type of neighbourhood and the condition of your property
3. Any improvements that have been made on your home

Property Overview

Property appraisal is a serious business. It involves evaluating a property’s condition, location, square footage, recommended occupancy, floor plan, living area, number of bedrooms, number of bathrooms, design and quality of construction, heating and cooling systems, landscaping, type of ownership and so forth.

If you’re considering selling your house for more than the original purchase price (or if you’re wondering how much someone else should pay), consider hiring a professional appraiser, who can help you determine what’s going on with your home, and how much it’s worth.

A professional appraiser will include several of, if not all, the details mentioned above when creating their appraisal report for your property.

Your Local Property Market’s Trend

It’s important to stay up to date on local and national market trends in order to provide an accurate home valuation. Data from open homes, auctions, and sales of similar homes in the area is used to determine current market values and further information is gathered on comparable properties, public records and local market analysis.

Staying up to date on the current market trends and happenings will help you understand how your property fits within the broader market.

Other Considerations

Any easements or encroachments on your property could affect the market value of your property and should be included in your report, if they are relevant. If there are easements on your property that restrict potential buyers’ access to their intended use, this should be reflected in your appraisal.

The following features will affect a home’s value:

• The floor plan (including size)
• The location and neighbourhood (including local crime statistics)
• Any structural damage (such as water damage or foundation issues) and our personal favourite, THE STORY.

FAQ: How Can I Prepare My Property for Sale?
FAQ: When is the Right Time to Sell in Canberra?
FAQ: How Often Will I Hear From My Agent?
FAQ: Can You Keep My Listing Private?

Selecting the Right Sale Method for Your Property

There are many important decisions you’ll need to make, from choosing the right sales method to setting a price that works best for you.You can start by asking yourself: “How do I want to sell my property?”

When selling your property, you have the option to choose between a private treaty or an auction as your sales method.

Consider asking an experienced real estate agent to assist you with determining the most suitable sales method. Agents will base the sales method of your property on the type of property you are selling, the current market conditions and the recent sales in the area.

Understanding different sale methods (auction, private treaty, etc.) in the ACT context.

Private Treaty

Selling your property via private treaty has its pros and cons.

Pros: your property can be advertised on the market for a longer period of time, allowing you more time to consider offers.

Cons: you face the risk that your property may not sell if the asking price is too high (or you may miss out on maximising the price, if it is advertised too low).

Auction

Selling your property via auction creates competition between buyers and provides the opportunity to drive the sale price up. However, it can be a risky option as you will not know of interested buyers, or what they think your property is worth, until the day of the auction.

It’s important to make sure your price guide (and ultimately your reserve price, pre-auction) is in line with the prices of similar properties in your area, so you don’t deter potential buyers. Keep in mind that while you may have an ideal price in mind, it’s important to be realistic in order to attract interested buyers.

Property prices in different suburbs of Canberra can vary significantly from month to month, based on the rise and fall of property prices seen all over Australia.

Preparing Your Property for Sale

Determining the best month to sell can vary, and the results might be surprising to you. We recommend researching your area to see what the best time to list your home might be.

Spring Listing

Spring is often considered a great time to sell a property, as the weather is pleasant, and more people are out and about. However, it’s important to keep in mind that just because it’s a popular time to sell, it doesn’t necessarily mean that your home will be an instant hit in the market.

In the spring, there are often more properties on the market, which means that there may be more competition, thus more options for potential buyers. However, if your home is well-presented and priced appropriately, you could still experience a quick sale, with competitive offers.

Summer Listing

Summertime in Canberra typically isn’t the most ideal time to sell, due to the extreme heat and the upcoming holiday season. These factors may contribute to buyers being harder to come by and properties taking longer to sell. However, the silver-lining is the lower rate of competition during this time which may lead to higher values for your home.

Autumn Listing

Autumn is a great time to sell as people return after the summer break and start thinking about their New Year plans, which may include buying a new home. This is typically when we see a spike in prospective buyers in the market. 

In addition to having more prospective buyers, the fall season has some unique advantages for selling a home. The foliage of the surrounding trees can add some extra visual appeal, and the lower angle of the sun can help brighten up properties with natural light.

Just be sure to keep an eye on falling leaves and ensure you keep your home looking its best for open homes and private inspections.

Winter Listing

While the cold season is great for a lot of family activities, these don’t necessarily include attending open homes. Due to the decrease in prospective buyer activity, the cold season isn’t the most ideal to sell your property. 

However, it is still possible to achieve a successful sale during the winter, your property may just spend a little bit longer on the market, when compared to the autumn and spring seasons.

Home Improvements and Staging for Canberra’s Market

In order to maximise the value of your property, you’re going to have to put in time, money, and effort to get the best results and increase the overall profit when selling your property.

Here’s what can you do set up yourself and your property for the market:

Upkeep 

To prepare a house for prospective buyers, it is important to make it as attractive as possible. This includes decluttering, cleaning, and making any necessary repairs or improvements. 

Don’t forget about the garden! The exterior of your property, as well as the landscaping plays just as an important part as the interior.

Declutter

Prospective buyers often want to thoroughly inspect every aspect of a house before making a decision on whether it is suitable for them. By decluttering your home, you can showcase its essential features and avoid overwhelming prospective buyers with excess items.

Instead of trying to conceal clutter in cabinets and closets, you may want to consider renting a storage unit to keep your personal belongings out of sight during the selling process. This will help prospective buyers perceive the available storage space in a more positive light, as it will appear more spacious and organised.

Clean

After decluttering your home, it’s important to give it a thorough clean to make it shine for prospective buyers. Built-up dirt and grime can be distracting and make your house less appealing. To brighten things up, scrub down walls, baseboards, windows, and fixtures, and consider steam cleaning carpets to freshen them up and remove any potential odours.

If you’re having trouble getting your home looking its best, a fresh coat of paint can often work wonders. By taking the time to thoroughly clean and freshen up your home, you can increase its appeal and make it more attractive to potential buyers.

Go the  Extra Mile

We understand not everyone has the time to dedicate to repairs and maintenance, however, the more you can do to improve the appearance of your home, the more likely you are to get a good price for it in a timely manner.

So, if you are unable to complete this work yourself, we highly recommend seeking quotes for trades. Trust us, it’s going to be well worth it.

• If something is broken – repair it! This could include cupboard doors, handles, windows, shutters, lights, etc.
• Re-do aged or dull paintwork around your property
• Replace old light bulbs or feel free to add more!
• Fix your flooring

Consider the potential changes you would make if you were moving in with fresh eyes. These changes could make a huge difference in the overall profit, as prospective buyers who see a “fixer upper” will not spend big if they intend to have money left over to pay for renovations.
Also

Read: 5 Mistakes to Avoid when Selling your Home

How Much Will it Cost To Sell My Home?

When you’re preparing to sell your home, it’s important to be aware of the various expenses that will arise during the process. Setting up a budget in advance can help you manage these costs effectively.

• Real estate agent fees: Typically around 2% of the sale price, though this rate can vary based on location and the agent you choose.
• Legal Fees (Conveyancer/Solicitor):  Expect to spend between $700 and $2,500 for legal assistance during the sale.
• Marketing: These can include costs for professional photography, advertising, and signage, usually not exceeding 1% of your home’s sale price. See how we do it! 
• Auction fees: about $1,000 will go to the auctioneer.
• Home staging: Updating or renting furniture for staging purposes can range from $2,000 to $4,000.
• Moving Expenses: Relocating will likely cost you between $500 and $2,000.
• Additional Fees: Be prepared for government-related charges such as mortgage discharge fees (varies by lender), Capital Gains Tax, stamp duty, and other bank-related expenses.

Open Inspections and Property Auctions

Preparing your home for viewings is a crucial step in the sales process. These viewings, commonly known as open houses, are typically scheduled well in advance to ensure your home is showcased at its best. Open houses are often organised on Saturdays or weekday evenings, providing greater convenience for potential buyers.

During these viewings, prospective purchasers may present offers to your real estate agent, either on-site or following their visit. If you opt for an auction sale, this event is generally arranged approximately one month after your property has been listed on the market. This approach offers a distinct timeline and can potentially attract competitive bidding among interested parties.

Finalising the Property Sale

Selling your property is a significant milestone, but the journey doesn’t end with accepting an offer. There are critical steps to complete before the sale is finalised and you transition to your new home. Understanding these stages is crucial for a smooth handover.

Understanding what a ‘Contract Exchange’ is

The journey towards finalising your property sale begins with the exchange of contracts. This moment occurs when you and the buyer sign the agreement formalising the sale.

The exchange of contracts marks the property’s official removal from the market. It also involves the buyer paying a deposit, typically around 10% of the property’s sale price, though this amount can sometimes be negotiated.

In auction sales, this process is more immediate, with the deposit often required on the day of the auction.

Finalising the Sale: The Settlement Period

The settlement period is the final phase in the property transaction process. It’s a critical time where the legal and financial aspects of the property transfer are finalised. During this period, typically lasting about six weeks, conveyancers or solicitors representing both parties ensure that all agreed conditions are met.

They verify property boundaries, inclusions, and legal compliance. For the seller, this period often involves preparing to vacate the property. The culmination of this phase is settlement day, where financial transactions are completed, legal ownership is transferred, and the buyer receives the keys.

As the process concludes, the real estate agent will present an invoice for their services. It’s important for sellers to review these charges to ensure they align with the initially agreed terms.

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Selling your property is a significant undertaking, which involves careful decision making and meticulous planning. Choosing the right real estate agent to assist you in this process can make all the difference in ensuring a smooth and successful sale.

When selecting a real estate agent, it’s important to consider multiple factors, including the sales agent’s approach to selling a property as well as their sales history. It’s vital to ensure you are selecting an agent who you feel comfortable with and can trust to sell your property with your best interest at heart.

Below are some ideal questions to ask when selecting a real estate agent:

1. “What is your list-to-sell ratio?”

Asking about an agent’s sell-to-list ratio is important because it gives you an idea of their ability to effectively negotiate and get you the best value for your property.

A sell-to-list ratio measures the difference between the final sale price and the original asking price of a property, and a high ratio indicates that an agent can successfully negotiate a higher selling price for their client.

A high sell-to-list ratio also demonstrates the agent’s knowledge of the local real estate market, as well as their ability to effectively market and advertise the property to attract prospective buyers.

Additionally, a high sell-to-list ratio can often result in a faster sale, as prospective buyers are more likely to be interested in properties that are priced competitively.

2. “How much money are you investing in personal development each year and what training are you doing?”

An agents answer to this question will provide you an idea of their commitment to staying current with industry trends and best practices.

In a constantly changing and competitive real estate market, it’s essential for real estate agents to continuously invest in their professional development to stay ahead of the competition and provide the best possible service to their clients.

An agent who invests in their personal development and training is likely to have a broader range of skills, knowledge, and expertise, which can result in a more successful sale. They are also better equipped to handle challenges and provide their clients with valuable advice and guidance throughout the sale process.

3. “What are your average days on the market?”

Asking for an agent’s average days on market will give you an idea of how quickly they can sell a property. The number of days a property is listed on the market can impact its value, so it’s important to work with an agent who has a good track record of selling homes efficiently.

However, it is important to note that the average days on market can fluctuate in a more competitive market. In this case, an agents average days on market should be compared to competitive agencies and their listings in the area.

4. “How often will I receive a progress report for my property, and can you show me an example of the type of report I will receive?”

It’s important to be kept up-to-date throughout a sales campaign, so you understand what is happening with your property and how it is being marketed to prospective buyers.

A progress report provides a clear and concise update on the status of your property, including marketing efforts, prospective buyer interest and feedback and potential offers.

A progress report gives you the opportunity to stay informed and involved in the sales process and make informed decisions about your property.

Having regular progress reports also helps build trust and confidence in your real estate agent, as they demonstrate the agent’s transparency and commitment to providing the best possible outcome for you.

5. “Will you be doing all the open homes and speaking to all the buyers yourself?”

As a homeowner, you want to ensure you have the best representation for your property during open homes and private inspections.

Asking about open home responsibilities is important to understand the level of involvement the sales agent will have during the open home and how they plan to interact with potential buyers.

If a sales agent intends to share the open home responsibility with a fellow colleague, it is important to receive clarification of this intent to ensure you receive clear communication from reliable sources.

6. “Why should we choose you as our agent?”

This is probably the most important question to ask, as this gives the sales agent the opportunity to share their story and their sales strategies and explain why they believe they are the best person to help you achieve your real estate goals.

This question allows a sales agent to highlight their suburb expertise, experience, and their approach to the market, which should ultimately help you determine if they are the ideal agent to help you sell your property.

The team at Jonny Warren Properties understand the importance of having a wide range of knowledge of the real estate market in Canberra and surrounding suburbs, and of forming strong, honest, professional relationships with each client.

Taking great pride in learning the story of each client and aligning the company values with each client’s specific needs, the team at Jonny Warren Properties are dedicated to helping you achieve your real estate goals.

If you want to get the best possible price, when selling your home in Canberra or surrounding suburbs, contact us today!

Jonny Warren is ACT’s reigning Property Marketer of the Year, setting four suburb records in the 2021-22 financial year.

Contact Jonny today by filling in this form, calling on 0431 797 891 or emailing jonny@jonnywarren.com.au.

and remember, every home tells a story!

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Deciding to sell your home can be a challenging experience, from determining the value of your property to negotiating with buyers and closing the sale, there are many factors to consider.

But, with some preparation, the right mindset, and the right agent, you can navigate the property market successfully and sell your home for the best price.

In this article, we’ll provide some helpful tips to help you sell your property in Canberra (and surrounds) smoothly and efficiently. From preparing your home for sale, to working with a real estate agent, we’ll cover all the essential steps you need to take in order to maximise your profits and successfully sell your property.

1. Prepare Yourself and Your Property

When considering selling, it’s best practice to set a real estate goal and familiarize yourself with recent property sales in your area.

Comparing your property to similar properties in the area will give you an idea of the market value of your property and help you set a competitive (and realistic) asking price.

To maximise the value of your home, before you list your property for sale, we highly encourage you to ensure it’s in peak condition.

We recommend conducting an in-depth inspection of your home and creating a list of any necessary repairs or renovations to take care of, no matter how big or small, in order to increase your chances of a successful sale.

Below are some additional things you can do:

Determine Your Motivation for Selling

Knowing why you’re selling your property can help you set realistic expectations and make informed decisions throughout the process. Are you looking to upgrade, downsize, or relocate? Are you looking to make a quick sale or after the highest profit?

Understanding your motivations can also help you determine the right timing and pricing for your property.

Request a Professional Appraisal

A professional appraisal can help you determine the market value of your property and give you a good idea of what you can expect to sell it for. This can also help you set a competitive asking price and avoid overpricing or underpricing your property.

Make Necessary Repairs and Improvements

Before you put your property on the market, it’s a good idea to make any necessary repairs or improvements. This can include tasks such as fixing leaking faucets, replacing broken windows, painting the walls, or replacing the flooring. These small investments can go a long way in helping you sell your property for the best price, maximising your overall profits.

Stage Your Property for Inspections

Staging your property can make a big difference in how it’s perceived by potential buyers. This can include things like cleaning and decluttering, removing personal items, rearranging furniture to showcase its best features, and adding decorative touches like fresh flowers or scented candles.

This preparation will help prospective buyers connect with the house on a more personal level, as it helps them imagine themselves moving straight in.

Consider Hiring a Professional Stager

If you’re not sure how to stage your property, or you don’t have the time to do it yourself, you may want to consider hiring a professional stager.

Professional stylists are trained in how to present a property in the best possible light, highlighting the amenity a house has to offer, as well as any unique features, to help maximize its appeal to potential buyers.

Gather Necessary Documents

There are a number of documents you’ll need to have on hand when selling your property in Canberra (and surrounds). These can include a title deed, a building and pest report, council rates and proof of ownership. Ensure sure you have these documents organized and ready to provide to your sales agent, to pass along to prospective buyers.

2. Choose Your Sales Method BEFORE You Set Your Price

There are many important decisions you’ll need to make, from choosing the right sales method to setting a price that works best for you.

You can start by asking yourself: “How do I want to sell my property?”

When selling your property, you have the option to choose between private treaty or an auction as your sales method.

While we believe in your capabilities, to think for your property’s sake, this is one of the times where you wouldn’t want to go solo. Consider asking an experienced real estate agent to assist you with determining the most suitable sales method. Agents will base the sales method of your property on the type of property you are selling, the current market conditions and the recent sales in the area.

But why pay for something that you can essentially do for free?

Think of it this way… you don’t pay a plumber for banging pipes, you pay them because they know where to bang to fix the issue. A real estate agent can give you sound advice, on the value of your property, based on their experience and in-depth knowledge of comparable properties and recent sales. They will also assist you in setting an appropriate asking price (for a private sale) or guide price (for an auction) and inform you of which option is best suited for your property.

Let’s talk about the difference:

Private Treaty

Selling your property via private treaty has its pros and cons.

Pros: your property can be advertised on the market for a longer period of time, allowing you more time to consider offers.

Cons: you face the risk that your property may not sell if the asking price is too high (or you may miss out on maximizing the price, if it is advertised too low).

Auction

Selling your property via auction creates competition between buyers and provides the opportunity to drive the sale price up. However, it can be a risky option as you will not know of interested buyers, or what they think your property is worth, until the day of the auction.

It’s important to make sure your price guide (and ultimately your reserve price, pre-auction) is in line with the prices of similar properties in your area, so you don’t deter potential buyers. Keep in mind that while you may have an ideal price in mind, it’s important to be realistic in order to attract interested buyers.

Property prices in different suburbs of Canberra can vary significantly from month to month, based on the rise and fall of property prices seen all over Australia.

To illustrate this point, see the following graphs below which show the changes in property prices over the past years. As you can see, there are significant rises and falls in property prices during this time period.

Source: Domain.com.au: House Price Report 2023

Over the First Quarter of 2023, the housing market in Canberra slowed significantly and house prices are now falling at their fastest rate on record. The housing market in Canberra had a brief period of stability, but things took a turn for the worse in the March quarter as house prices started to fall even faster

The current rate of decline, which is 2.5% per quarter, is quite significant compared to the usual average of 1.5%.

To ensure you’re setting a realistic asking price, a great place to start is by looking at recent property reports which show the prices that comparable properties in your area have sold for in the past.

We also recommend asking your local real estate agents to complete a property appraisal of your property to receive a more accurate value of your home. Requesting property appraisals from multiple agents can also help ensure that your expectations are realistic in the current market.

3. Timing is Everything: Find the Right Season to Sell Your Home

Technically speaking there is no ‘perfect time’ to list your home because of the many factors that play into it. However, if you’re able to hold out for a bit, it’s possible that you might be able to achieve a stronger sale by waiting for the right season.

Determining the best month to sell can vary, and the results might be surprising to you. We recommend researching your area to see what the best time to list your home might be.

Spring Listing

Spring is often considered a great time to sell a property, as the weather is pleasant, and more people are out and about. However, it’s important to keep in mind that just because it’s a popular time to sell, it doesn’t necessarily mean that your home will be an instant hit in the market.

In the spring, there are often more properties on the market, which means that there may be more competition, thus more options for potential buyers. However, if your home is well-presented and priced appropriately, you could still experience a quick sale, with competitive offers.

Summer Listing

Summertime in Canberra typically isn’t the most ideal time to sell, due to the extreme heat and the upcoming holiday season. These factors may contribute to buyers being harder to come by and properties taking longer to sell. However, the silver-lining is the lower rate of competition during this time which may lead to higher values for your home.

Autumn Listing

Autumn is a great time to sell as people return after the summer break and start thinking about their New Year plans, which may include buying a new home. This is typically when we see a spike in prospective buyers in the market.

In addition to having more prospective buyers, the fall season has some unique advantages for selling a home. The foliage of the surrounding trees can add some extra visual appeal, and the lower angle of the sun can help brighten up properties with natural light.

Just be sure to keep an eye on falling leaves and ensure you keep your home looking its best for open homes and private inspections.

Winter Listing

While the cold season is great for a lot of family activities, these don’t necessarily include attending open homes. Due to the decrease in prospective buyer activity, the cold season isn’t the most ideal to sell your property.

However, it is still possible to achieve a successful sale during the winter, your property may just spend a little bit longer on the market, when compared to the autumn and spring seasons.

4. Fix, Clean, and Improve

In order to maximise the value of your property, you’re going to have to put in time, money, and effort to get the best results and increase the overall profit when selling your property.

Here’s what can you do set up yourself and your property for the market:

Upkeep 

To prepare a house for prospective buyers, it is important to make it as attractive as possible. This includes decluttering, cleaning, and making any necessary repairs or improvements.

Don’t forget about the garden! The exterior of your property, as well as the landscaping plays just as an important part as the interior.

Declutter

Prospective buyers often want to thoroughly inspect every aspect of a house before making a decision on whether it is suitable for them. By decluttering your home, you can showcase its essential features and avoid overwhelming prospective buyers with excess items.

Instead of trying to conceal clutter in cabinets and closets, you may want to consider renting a storage unit to keep your personal belongings out of sight during the selling process. This will help prospective buyers perceive the available storage space in a more positive light, as it will appear more spacious and organized.

Clean

After decluttering your home, it’s important to give it a thorough clean to make it shine for prospective buyers. Built-up dirt and grime can be distracting and make your house less appealing. To brighten things up, scrub down walls, baseboards, windows, and fixtures, and consider steam cleaning carpets to freshen them up and remove any potential odours.

If you’re having trouble getting your home looking its best, a fresh coat of paint can often work wonders. By taking the time to thoroughly clean and freshen up your home, you can increase its appeal and make it more attractive to potential buyers.

Go the  Extra Mile

We understand not everyone has the time to dedicate to repairs and maintenance, however, the more you can do to improve the appearance of your home, the more likely you are to get a good price for it in a timely manner.

So, if you are unable to complete this work yourself, we highly recommend seeking quotes for trades. Trust us, it’s going to be well worth it.

• If something is broken – repair it! This could include cupboard doors, handles, windows, shutters, lights, etc.
• Re-do aged or dull paintwork around your property
• Replace old light bulbs or feel free to add more!
• Fix your flooring

Consider the potential changes you would make if you were moving in with fresh eyes. These changes could make a huge difference in the overall profit, as prospective buyers who see a “fixer upper” will not spend big if they intend to have money left over to pay for renovations.

Watch how we did it here!

5. Let Your Property Shine: Stage It! 

Consider staging your home (once it’s clean) to create an appealing and inviting atmosphere for prospective buyers, for open homes and inspections.

If you cannot hire a professional stylist, you can ask your real estate agent for their input on how to best present your home. Your real estate agent will be able to provide valuable insight into the staging based on their industry experience and how to highlights your homes best features that’ll stand out in the market.

6. Invest in High Quality Media

Having an eye-catching listing is crucial for attracting potential buyers, and professional photos can really set your property apart.

• Hiring a professional photographer, to capture a variety of hi-res photos of all angles and features of your property, will give prospective buyers a comprehensive view of what they can expect.
• If you’re on a budget, you could ask a friend with photography experience to take some professional shots of your home (or consider reaching out to a local university for students looking to gain experience).

Additionally, we highly recommend considering a tailored property video for a more dynamic visual experience for your buyers.

Our innovative approach, at Jonny Warren Properties, has achieved phenomenal results. Our goal is to create memorable property videos, to gain as much attention to a property as we can to help attract prospective buyers. This approach has helped place multiple listings on Canberra’s real estate market’s “most wanted” list.

Check our work here!

7. Work with a Great Real Estate Agent

Marketing your own property can be a great way to save some money, but in the long run accepting the help of a skilled real estate agent will make a large impact in successfully selling your property and maximising your overall profits.

Jonny Warren Properties have been named ACT Property Marketer of the Year in 2018, 2020, and 2022; and it’s not just a shiny award! We believe that every home tells a story and we want to help YOU tell your story.

The end of one chapter is just the beginning of another, for you and another family, and we can’t wait to be a part of it!

We understand that selling a property is one of life’s biggest investments and a major life event. We encourage you to join the Jonny Warren family and put your trust in us to help you sell your home and achieve your real estate goals.

If you’re considering selling your property in Canberra, we highly encourage you to seek advice from your local real estate experts to help you understand the current value of your property and what you can do to improve the value prior to sale.

Advertising your property for sale without completing the necessary upgrades, or knowing a realistic price guide, can be detrimental to the outcome of the sale.

This is why our team at Jonny Warren Properties are dedicated to providing you with the insights you need, in order to understand the market appraisal process, and some helpful tips and tricks to help you improve the value of your home, before it is listed for sale.

In this guide, we’ll introduce you to the world of ‘Market Appraisal’ to help you understand what it means to get your property appraised in Canberra, and walkthrough the points of interest so you can prepare your property in advance to maximise the overall value of your property.

What is an Appraisal Report and Why Do You Need It?

A market appraisal, also known as a property valuation or real estate appraisal, is the estimated value of a piece of real estate, at a specific point in time.

Market appraisals are typically conducted by professional appraisers, who use their expertise and knowledge of the local market to determine the value of a property.

There are several factors that can influence the value of a property, including its location, size, age, condition, and features.

Professional appraisers will consider these factors and compare the property to similar properties, that have recently sold, in the area to determine its value.

Market appraisals are often conducted for a variety of purposes, including when a property is being bought or sold, when a mortgage is being taken out or when a property is being refinanced.

They can also be useful for estate planning purposes and when determining the value of a property for insurance purposes.

FAQ:  How Does a Sales Agent Appraise the Value of My Property? 

When appraising the value of your property in any market, an experienced agent has the skill to weigh up a complex combination of factors.

Recent sales in your local area offer a guide to what buyers are paying for comparable properties.

Location is also a key factor, including your suburb, street and desirable features such as whether your property backs onto a reserve, or offers undisturbed views, and so forth.

The credentials of your land will also weigh into a price appraisal, such as overall block size, aspect and view lines, if applicable. When it comes to an apartment, factors that influence price guide include the age of the residence, the quality of the finishes and fixtures, and amenities such as whether the complex offers a pool, tennis courts or rooftop terrace, etc.

The state of the market also comes into play, including stock levels in your local area and the level of buyer demand, while broader economic factors such as restrictions on lending, interest rates, elections and inflation can all impact what buyers are prepared to pay.

FAQ:  What Does an Appraiser Look for in My Property? 

It’s not every day that you hire someone to go attend your property to tell you how much it’s worth, but when you do, it can be a lot of fun!

If you’re considering selling your home (or buying a property), the first question that usually comes up is “How much should I ask for?”

Well, the answer isn’t always clear-cut – and in some cases, it might even be complicated. That’s where a professional appraiser comes in.

A professional appraiser will look at all aspects of your property and use their report to determine the estimated value based on comparable homes in your area.

Included on the report:

• Square footage of the property and house
• The physical condition of the home (including appearance, cracks, water damage, etc.)
• The structural integrity of the house
• Quality of landscaping around the house
• The number of bedrooms, bathrooms, and car spaces
• Any amenities or renovations, such as fireplaces, swimming pools, lighting, plumbing and finishes, such as hardwood floors or marble countertops, etc.

What is the Importance of Getting a Market Appraisal in Canberra?

To Maximise Your Property’s Worth

A professional appraiser uses their expertise to provide an objective opinion on the value of your property, which may differ from the proposed asking price or purchase price. The appraisal process involves collaborating with the homeowner to understand their goals and motivations for selling the property.

What are the things being considered?

• The size of your property
• The age of your house
• Past sales data, for similar properties in your area
• Your property taxes paid annually
• Any outstanding liens or claims against you or your property (such as loans held by banks)

To Better Understand your Mortgage Options

In the context of mortgages, a market appraisal is important because the value of the property, being used as collateral for the mortgage loan, will have a direct impact on the loan amount that a lender is willing to offer.

If the market appraisal is lower than the purchase price of the property, it could indicate that the property is overvalued. In this case, the lender may be less willing to offer a loan for the full purchase price, or may require the borrower to provide a larger down payment.

On the other hand, if the market appraisal is higher than the purchase price, the lender may be more willing to offer a loan for the full purchase price, or may be able to offer a lower interest rate on the loan.

In short, a market appraisal is an important factor that lenders consider when deciding whether to approve a mortgage loan and, if approved, what terms to offer.

An Official Market Appraisal Will Give You Power to Negotiate

A market appraisal can assist to facilitate a smoother and more informed negotiation process for both buyers and sellers. It also establishes a fair and realistic price range for your property to help kickstart the negotiation process.

A market appraisal can be used to:

• Provide evidence to support a seller’s asking price or a buyer’s offer price.
• Help both parties avoid overpaying or underselling the property.
• Help identify any potential issues with the property that may affect its value.
• Provide valuable information about comparable properties in the area, which can be helpful in determining the market demand for the property.
• Give both parties a better understanding of the local real estate market and how it may impact the value of the property.
• Negotiate the seller’s asking price or a buyer’s offer price, as it provides a professional and unbiased opinion on the value of the property.

What are the Key Components of a Market Appraisal?

The Estimated Fair Market Value

In a property appraisal, the value of a home is determined by a professional appraiser after carefully evaluating the home’s features and examining recent sales in the surrounding market. The estimated fair market value of a house takes into account various factors, including its size and location.

For instance, a four-bedroom house in Kingston may have a higher asking price than a similar property in Braddon or Belconnen. Additionally, a three-bedroom, two-bathroom house located in Charnwood, Higgins, Calwell or Banks may be more affordable than a similar property located in Canberra’s CBD.

The Actual Market Value

A professional appraiser provides a detailed explanation of the methodology used to determine the final value of the property. This may include market data analysis, the sales comparison strategy and the cost and income approaches, which consider comparable sales and potential rental income in the area.

When calculating fair market value for a residential property, you need to consider three things:

1. The current market value of your home
2. The location / type of neighbourhood and the condition of your property
3. Any improvements that have been made on your home

Property Overview

Property appraisal is a serious business. It involves evaluating a property’s condition, location, square footage, recommended occupancy, floor plan, living area, number of bedrooms, number of bathrooms, design and quality of construction, heating and cooling systems, landscaping, type of ownership and so forth.

If you’re considering selling your house for more than the original purchase price (or if you’re wondering how much someone else should pay), consider hiring a professional appraiser, who can help you determine what’s going on with your home, and how much it’s worth.

A professional appraiser will include several of, if not all, the details mentioned above when creating their appraisal report for your property.

Your Local Property Market’s Trend

It’s important to stay up to date on local and national market trends in order to provide an accurate home valuation. Data from open homes, auctions, and sales of similar homes in the area is used to determine current market values and further information is gathered on comparable properties, public records and local market analysis.

Staying up to date on the current market trends and happenings will help you understand how your property fits within the broader market.

Other Considerations

Any easements or encroachments on your property could affect the market value of your property and should be included in your report, if they are relevant. If there are easements on your property that restrict potential buyers’ access to their intended use, this should be reflected in your appraisal.

The following features will affect a home’s value:

• The floor plan (including size)
• The location and neighbourhood (including local crime statistics)
• Any structural damage (such as water damage or foundation issues)
• and our personal favourite, THE STORY.

Frequently Asked Questions:

How Can I Prepare My Property for Sale?

Presenting your property at a high standard will go a long way to achieving a premium price. Our agents can offer direct advice on where to spend your time and money, based on your property and price expectations.

Beyond tending to general maintenance, inside and out, there are a range of services available to achieve professional presentation.

Jonny Warren Properties can refer suppliers to assist with professional painting and cleaning, garden maintenance and landscaping, property staging, and other general trades to ensure your property presents well.

When is the Right Time to Sell in Canberra?

The sale of a property is often triggered by major events, such as a growing family, a new job, divorce, death, or debt, which tends to dictate the timing of a sale.

The best time to list your property on the market in Canberra is during the spring and summer seasons, as previous sale history suggests this is the Capital’s strongest selling time.

However, depending on the market conditions, and buyer demand, we have also experienced strong results in the colder months, when there tends to be less competition amongst buyers.

Our advice is dependent on your property and your situation. We highly encourage you to speak to one of our experts, when you first consider selling, so we can help guide you in the right direction.

How Often Will I Hear From my Agent?

Jonny Warren and the team understand that clear and regular communication helps to alleviate any anxiety and questions that can arise when selling your home.

From the beginning, your dedicated agent will establish a timeline with touch points and best methods of communication. Regular reporting is factored into each campaign, so you are kept informed at every stage of the selling process all the way to settlement.

Can You Keep My Listing Private?

Sellers who wish to keep the sale of their assets private may choose to pursue a sale ‘off market’.

Jonny Warren and the team have a strong database of prospective buyers who are kept in the loop with particular property requirements, so a buyer may be found without the need to publicly advertise or conduct public open homes.

Collaboration between our sales agents can also help to secure a suitable offer and if requested, the listings can be shared solely on the Jonny Warren Properties exclusive private portal and social accounts.

Who is Jonny Warren Properties?

Jonny Warren Properties are proud to be a multi-award-winning agency in Canberra and recognised as one of the top 4 property marketers in Australia. Our powerful brand presence and innovative marketing strategies set the benchmark in the property sector.

We are best known for our unique marketing tactics and production, namely our memorable property videos, which are recognized both locally and nationally.

Our marketing strategies are implemented across our digital media, database network, exclusive portal and social media channels, which have a strong following worldwide.

We also have a great relationship with the local media, which help to further boost our brand presence and property listings across the Capital and Australia as a whole.

Are you looking to get your property appraised in Canberra? Contact us today and let us tell YOUR story!

Selling a home is equally exciting as it is daunting, especially when you’re unsure of what to expect. As real estate experts, with years of experience, ‘Jonny Warren Properties’ understand the challenges that come with selling a property in Canberra. This is why we’re committed to helping our clients avoid common mistakes, that can cost them time and money.

Whether you’re a first-time seller or a seasoned professional, we’re here to provide you with tips to help you stay on track and achieve a successful sale; from pricing and staging your property, to marketing and negotiating with potential buyers. We’ll provide you with the guidance and support, you need every step of the way.

1. Neglecting Repairs

As the common saying goes “first impressions count” and the first impressions of a property can be a deal breaker, when it comes to presenting your property for sale.

Addressing necessary repairs and renovations, is a vital element before advertising your home for sale. Many homeowners overlook minor issues, such as a ‘leaky faucet’ or ‘broken shutters’, thinking they’re an easy fix for the new homeowner, however this isn’t the case.

Issues (however minor) can deter prospective buyers from making an offer or reducing their offer.

As minor problems equate to the buyer spending additional funds for repairs and can cause concern for further hidden defects. Furthermore, neglecting to address these issues could lead to costly repairs for the seller, prior to their property ‘settling’.

To avoid complications and ensure a smooth ‘successful’ sale, it’s best to ensure all necessary renovations and repairs are completed prior to listing your home for sale. Our team of experts (at Jonny Warren Properties) can assist with determining what requires repairs and connecting you with the right trades to ensure these jobs are handled in a timely manner.

2. Not Staging Your Home

When potential buyers view a property for the first time, it’s beneficial for them to be able to envision themselves living there, or see the potential for purchasing the property as a successful investment property.

However, many first-time sellers overlook this strategy, as an attempt to save on costs, and then question why they aren’t receiving as much ‘buyer interest’ as expected.

Staging your home for sale provides prospective buyers with a sense of home, and helps them imagine moving straight in. This can significantly impact the success of your sale. To ensure your property leaves a positive, lasting impression, there are a few simple steps you can take such as:

• Declutter and depersonalize each room in the property.

• Refresh the space (ie: complete repairs and cosmetic updates such as fresh paint, carpet cleaning and replacement of textiles and common fixtures, etc.)

• Complete a deep clean, to ensure that every nook and cranny is spotless.

Whether you choose to hire a professional stylist or decide to stage your home yourself, Jonny Warren Properties are here to help you arrange quotes, advice and styling services from our reputable trades. This will help you prepare your home for the market, and ensure it appeals to a broad range of prospective buyers.

3. Setting Unrealistic Price Expectations

Overpricing a property is one of the biggest mistakes a seller can make in the real estate industry. In today’s market, it’s more important than ever to set a realistic ‘price guide’ for your home.

Overpriced homes tend to sit on the market (for extended periods of time) without any significant interest, from potential buyers. Often times, this scenario leads to a price drop, and could ultimately result in missing out on prospective buyers.

Pricing your home slightly below market value tends to attract a larger pool of prospective buyers. This then increases the likelihood of receiving multiple offers (which often times are placed above the advertised price guide).

At Jonny Warren Properties, our team are well versed in helping our clients set a realistic price guide for their properties, from the beginning of the campaign. This is based on in-depth research, on the surrounding market.

Without ‘proper data and research’, sellers run the risk of overpricing their homes. This can result in not receiving offers, or under-pricing their homes, which could see them potentially miss out on tens of thousands of dollars.

Our team are dedicated to finding that middle ground, best suited to the current market conditions, in order to draw in as many prospective buyers as possible, without undercutting your profits.

4. Advertising at the Wrong Time

The time you advertise your property can have a major effect on whether or not your property sells, and if it sells at the price you expect.

The real estate market is constantly changing, and it is influenced by multiple factors. Trying to foresee market movements (with complete accuracy) is almost impossible, even for the most seasoned experts.

Waiting for the perfect moment to sell your property, could mean missing out on a potentially ‘lucrative opportunity’ to buy your next dream home. If you delay your sale for too long, the cost of your next property could also increase. This could then affect the overall profit made from your sale.

It’s essential to also be mindful of the broader economic conditions, that could impact the sale of your property. Such as ‘rising interest rates’ (which in turn could lead to a reduction in the number of prospective buyers) or a ‘higher cost of financing’ your next purchase.

At Jonny Warren Properties we believe the best approach to selling your home, is to focus solely on your unique requirements and circumstances. Whether you’re looking to downsize or upgrade, or you’re simply just ready to start the next chapter in your lives, we can help you navigate the market and identify the right time to sell.

5. Not Working with a Sales Agent

We understand that selling a home is a big decision with a lot of responsibilities. While it may seem tempting to sell your home on your own, and avoid paying a real estate agent’s commission, it is essential to consider the possible pitfalls of going solo.

At Jonny Warren Properties we understand the ins and outs of the housing market, and we are well-equipped to handle the nuances of the selling process. Working with us offers numerous advantages, including minimizing risk and liability; leveraging market knowledge; and creating an effective marketing and negotiation strategy, whilst keeping your best interests at heart.

We understand that your home is one of your largest assets, so we are here to help you get the most out of your investment. As your trusted real estate agent, we assure peace of mind. Knowing that our goal is to navigate the complexities of the housing market for you and make the selling process as stress-free and as profitable as possible.

We’d love to tell your story, so if you’re considering selling your property, contact us today!

Spending money isn’t likely the first thing you think about when selling a property in Canberra.

But between real estate agent’s fees and conveyancing costs, there are several expenses you’ll need to factor into your budget to make sure there aren’t any surprises further down the line.

While some of the costs are largely unavoidable, others can be reduced if necessary. That said, every vendor wants to secure a prompt sale for the best possible price. For that to happen, you often have to spend money to make money and maximise your return.

With that in mind, what are some of the most common fees when selling your property in Canberra?

Real Estate Agent Fees/Commission

Real estate agent fees will generally be in the form of commission, charged as a percentage of the final selling price, though some agents use a flat fee structure – so you pay an agreed price regardless of how much your home sells for.

How much commission for selling a house does an agent normally charge?

While exact rates vary, you can expect to pay between 2% to 2.5% of the final sale price in real estate fees to sell a house in Canberra.

On top of this, you may need to pay auctioneer’s fees. The average auctioneer cost in Canberra is between $450 and $550.

Marketing Costs

Your marketing costs will vary depending on the type of campaign you decide to run but, as a general rule, budget to spend between 0.5% and 1% of the value of your home.

While you can spend less than this, remember that you want to attract as many people to your home as possible. That’s because the more potential buyers you reach, the greater the buyer competition and the more likely it is you’ll achieve a great sales price.

So, while marketing might seem like an expense, it’s better to think of it as an investment.

Marketing fees aren’t necessarily an upfront cost either, as they can be deducted from the final sale price of your property.

Legal Fees and Lender Fees

Conveyancing fees to sell a house range between $1,000 and $2,000, depending on the complexity of the work involved.

If there is a mortgage on your property, you may also need to pay your lender a discharge or settlement fee to cover the administration costs of closing your home loan. The exact cost will depend on your mortgage.

Finally, if you are selling an investment property, you may need to pay capital gains tax if you make a profit. This will need to be declared on your tax return.

Want to get the best possible price when selling your home in Canberra?

Jonny Warren is ACT’s reigning Property Marketer of the Year and set four suburb records in the 2021-22 financial year.

Contact him by filling in this form, calling 0431 797 891 or emailing jonny@jonnywarren.com.au.