A first timer's guide to selling real estate in Melbourne

Buying your first home is often an exciting, happy time, but what about selling it?

Selling can be a bit more stressful – maybe the offers you expected don’t come in right away or you struggle to find an affordable upgrade on the market. That said, when you stay organised and work with an expert agent, selling your first home in Melbourne can be just as rewarding as buying it. Here’s our quick guide –

First, make sure you really want to sell

For most Australians, their home is their most valuable asset. Choosing to sell your home, therefore, is a decision that could greatly affect your personal and financial future.

At Nelson Alexander, when people come to us looking to sell, we always ask the following questions:

  • What are your reasons for selling? Are you looking for something bigger? A more suitable neighbourhood? Or simply to make profit on a home that’s gained value?
  • If you’re selling because of a home’s flaws, are there opportunities to renovate instead?
  • How does everyone in the family feel about moving?
  • Have you weighed up the pro’s and con’s of keeping it as an investment property?
  • Do you have an idea what your home is worth in the current market?

Selling your property can be a great move – we simply want to make sure you’ve thought critically beforehand.

Have you considered how selling will affect every member of your family?

A super simplified guide to selling

If you’ve decided to sell your very first property, chances are you have a few questions as to what happens next.

The first step is appointing a great real estate agent. Agents help save you time and money throughout the entire selling process by:

  • Finding suitable buyers,
  • Negotiating on your behalf,
  • Marketing your property,
  • Offering market insights.

As a first-time seller, your real estate agent will be your key to navigating the entire – somewhat complex – process of selling Melbourne property. The first things you’ll need your agent for are deciding between auction and private sale and setting a reserve or sale price.

If you opt for private sale, you’ll now open up your property for inspection and wait for offers. Your agent will help you look over the offers and negotiate the price with prospective buyers. When both parties have agreed upon a price, it’s time for exchanging contracts and waiting for settlement.

An auction will move much more quickly. If your reserve price is met on auction day, the highest bidder is now the buyer of your property, unconditionally. Again, contracts, settlements and moving out will be your final steps.

This is, of course, a super simplified guide to how it all works. There are other steps as well, such as talking to your lending institution about how you’ll pay out your mortgage and hiring a conveyancer to prepare the contract, etc.

How to choose the right agent

It’s essential for first-time sellers to appoint an experienced agent they can trust. After all, an agent affects not only the price your property goes for, but also how smooth and enjoyable the entire process feels.

It’s essential for first-time sellers to appoint an experienced agent they can trust.

To this end, be sure to choose an agent who is customer service oriented. At Nelson Alexander, our expert team has been helping Melburnians sell (and buy) real estate since 1971. In that time, we’ve learned that the key to a successful sale is one where homeowners are happy and feel looked after from beginning to end.

We’ve also acquired a substantial amount of market knowledge around the suburbs we work in. Because we know where the market has been, where it sits and where it’s going, we can help you determine and negotiate a competitive, profitable price.

We know we’re trusted, from over 1,300 client reviews via independent review website TrustPilot, Nelson Alexander has gained an excellent score of 9.8 out of 10.

To find out more about selling your first home with us, reach out to the team at Nelson Alexander today or drop into one of our offices for a chat.

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