Think of this scenario. Your neighbour has decided to sell up and go north. They get a good price for their house – a bit higher than you expected even though the market has cooled a little – you decide to sell up. Time to head for the beach whilst the market is still at reasonable levels.
However here’s a real-life experience facing many people today, and here’s the timing our sea changers faced…….
- Weeks 1-2. The agent selection took two weeks.
- Week 3. The agent gave their opinion on required repairs and renovations.
- Weeks 4 & 5. The vendors agreed to spend a substantial amount on the property to maximise the sale price. There were no permits required, just materials, renovation and selection of tradespeople – two weeks.
- Weeks 6 to 9. Discussions with the builder began – this is where it got very messy. The builder couldn’t start for four weeks, and there was an acute shortage of supplies and tradespeople.
- Bank loan processing delays. The banks said they were pretty busy with approvals and staff shortages so it could take up to four weeks to approve the next property purchase. At least this could be done whilst the renovations were taking place.
- Weeks 10 to 15. Renovation works get underway – massive material shortages builder cant finish job on time.
- Weeks 16 to 17. Project delayed further, materials and tradespeople shortages
- Weeks 18 to 22. The property is finished, and the four-week auction campaign gets underway – the property is listed.
- Week 22. The house is sold at auction.
Although much of the work was done simultaneously – it took nearly 6 months from the vendor’s first thought of moving until the successful auction. The idea of quickly capitalising on the market became a nightmare for this family.
And, with such a lengthy sale period the owners had to wait to sell before looking for their next home in earnest.
At Peninsula Buy Sell Property Advocates, we advise you step by step with the sale of your property and ensure you have a complete understanding of what lies ahead. Call Geoff Briscoe 0419 740 351. Web: http://www.peninsulapropertyadvocates.com.au