Spring selling season underway
The traditional spring selling season is now well under way with greater supply offering house hunters plenty of opportunities to get a foothold on the property ladder.
As private treaty accounts for around 70 to 75 per cent of property transactions in Victoria, knowing how to make an offer is particularly important for those looking to buy.
Buyers intending to make an offer should keep in mind that the seller does not have to accept it. If the property hasn’t been on the market for long, vendors may choose to wait and see what other offers are made or may request different settlement terms.
This often results in a negotiation between the two parties with the agent acting as a go between. When negotiating, keep in mind the agent acts for the seller, not the buyer. Prospective buyers who aren’t comfortable with the negotiation process may want to hire a buyer’s agent to represent them.
As the negotiations continue, buyers should always ensure their offer is in writing and must be accepted by a fixed date and time. It’s also possible to make an offer that is subject to obtaining finance, or the sale of an existing property.
Offers must be in writing and in the form of a contract signed by the buyer. If the seller accepts the offer and countersigns the contract before the offer expires, there is a binding contract.
The contract sets out the terms of the sale, including the names of the buyer, seller and the estate agent, the title details, price, deposit, the balance owing and the date on which settlement will occur, at which time buyers can move into the property.
With residential property, cooling-off rights apply for a period of three clear business days from the time you sign the contract, unless the property is being auctioned.
For those thinking of selling this spring, now is the time to begin preparations to ensure your property is looking its best. It’s a competitive market and a well-presented home will assist in attracting a broad range of buyers.
It’s a good idea to choose your agent in advance so they can offer advice on what improvements will add value to your home. Small maintenance can make a huge difference to how buyers view the property – as well as the price they are prepared to pay for it.
For more market insights, head to reiv.com.au/market-insight.