Plum Property Blue Mountains | Claire Schmidt-Rees

Frequently Asked Questions

Who determines Real Estate Prices?

Appraisals of property value can vary tremendously. Overpricing is the easiest way to kill a sale. You should be wary of agents who tell you that they can obtain a much higher figure, knowing that this will secure your listing. Generally, over time, these agents will suggest a substantial drop in price for your property. Remember, agents may interpret the market, but they do not create it. It is also important to remember that many purchasers rely on a valuation of your property in order to gain final finance approval. If the valuer determines that the purchase price negotiated does not reflect a realistic market opinion, the purchaser may not be able to proceed.

Plum Property Blue Mountains is committed to pricing properties at a realistic and achievable price. Our effective marketing strategy, high attention to detail, and always following through are the keys to ensuring we get the best possible price for your property.

Which method of sale is best for my property?

There are two main methods of selling residential property - Private Treaty or Auction. It is my recommendation that your property be offered for sale by Private Treaty, the most traditional way of selling. We simply set a price for which your property is listed for sale, allowing you, as the seller, to have greater control over the sale and negotiations, and also allowing you the time to consider all offers by potential purchasers. Many buyers often find this method of sale less intimidating, so your property generally will attract more buyers.

Why is the first offer often the best offer?

Buyers today are very savvy, and are often very active in the marketplace, looking at dozens of properties before viewing your home. They wait for new properties to become available, and if one suits them, they will make an offer based on the sale prices of other properties in the area. Most buyers have been looking for a while, and have missed out on other suitable properties, so this is why they act so swiftly and generally make such strong offers!

Should I buy or sell first?

“Out with the old, in with the new”, but which comes first? It’s never an easy call. By selling first, you are able to wait until you get your desired price with no pressure, and have as much time as you would like. But, if your home sells faster than you thought, you could face the stress of having to move out while you look for your new home. Buying first means you can spend plenty of time looking for your next home, instead of feeling pressured to take the first offer you receive. However, it also means you can’t determine an exact budget for your new home, and/or you may not get as much as you had hoped for your existing property, so you will have to make up the difference with either your savings, a larger loan or you may even need to consider Bridging Finance.

Should I use an agent, or sell it myself?

Selling your property is one of the biggest financial decisions you’ll ever make, so getting a professional to help you is probably a smart move. You can leave the hard work to them, and you will also have the legal protection of using an agent. Selling your home privately may also limit your advertising reach, as major listing portals, such as realestate.com.au only accept professional listings from Real Estate agents, and private sale listing websites don’t attract nearly as much traffic.

Do I need my property displayed in a Real Estate window?

No, not at all. In fact, at Plum Property Blue Mountains, we do not have a Window Display in which to display properties for one simple reason- over 86% of potential buyers using online as their main tool when searching for property, with online traffic growing an additional 20% year-on-year on realestate.com.au alone. Less than 1% of total enquiries come from someone seeing your property in a window display, and even then, this enquiry may just be from a nosey neighbour, not a qualified buyer.

Can I sell my property while it is currently leased?

Yes, you are able to sell your property while it is being leased. All prospective purchasers must be told there is a current lease in place, and therefore the property will not be sold with Vacant Possession. Your tenant has the right to occupy the residence until the end of their agreed lease term, however both parties can negotiate and agree to terminate the existing agreement if desired, and therefore, the property can be sold with Vacant Possession. However, you need to remember that in some cases, the fact your property has reliable tenants in place may actually be appealing to prospective investors.

What costs are involved in selling my home?

Before selling your home, it is important to understand the costs that may be involved throughout the process. Below is a brief outline of the costs that you may encounter whilst selling your home - remember, this is purely a guide, and you should take into account your own personal circumstances.

Legal Representative Costs - your solicitor or conveyancer should be able to provide you with a complete schedule of fees that may be incurred throughout the process.
Agent Fees - most Blue Mountains agents charge a commission fee, usually a percentage of the final sale price of your home, as well as investing in initial advertising costs. This can vary between agents but remember, as discussed on the previous page - the cheapest agent isn’t always the best!
Moving Costs - you will have to factor in the cost of actually moving home. Even if you choose not to hire a professional removalist, you will need to consider your general moving expenses, including truck hire (if applicable), fees and charges of having your utilities connected and disconnected, your time, as well as cleaning your home prior to settlement.

Plum Property Blue Mountains | Claire Schmidt-Rees | Hazelbrook NSW 2779