REIV: “For sale” signs spring up like flowers

As the weather warms up, you will see more ‘for sale’ signs dotted around your neighbourhood as spring is traditionally the most popular season to buy or sell a home.

Although auctions are increasingly common, private sale is still the most popular method for selling a home in Regional Victoria.

Last spring 9,170 homes sold via private sale in Regional Victoria compared with 627 using the auction method. According to REIV data, there was a 37 per cent increase in properties on Regional Victoria’s private sale market from winter to spring last year.

If you are contemplating putting your property on the market this season, you need a plan to get the best possible result.

The first step is to find the right agent: do you research, ask around, pop in to your local agencies to get a sense of their approach and feel free to ask questions. The REIV recommends prospective vendors get appraisals from at least three agents from competing agencies and consider how they stack up.

An appraisal will outline an estimated selling price (usually based on recent sales in the area and market trends), marketing and advertising campaign options and commission fees. Remember the cheapest agent isn’t always the best.

A skilled and experienced agent will be able to negotiate a sale with one or more interested buyers and will have access to a database of potential buyers who may have missed out on a similar property in your neighbourhood.

REIV members are well educated, trained and informed, with access to the most comprehensive market information including quarterly median house prices, auction results and legislative updates. It is a condition of membership for all REIV members to have professional indemnity insurance.

Buyer interest and auction success so far in 2018 has been strongest in Grovedale, Geelong, Belmont, Ballarat and Hamlyn Heights and the REIV expects that trend to continue into spring. If you’re looking for a bargain, affordable homes can be found in Morwell, Swan Hill, Shepparton, Norlane and Warragul.

You can search for an REIV member at reiv.com.au.