Experiencing deja vu? It’s not uncommon for people who have previously completed a task with success to try and recall the steps they took and repeat them in exactly the same way as before.
However, what you need to know if you’ve sold your home before is that things have changed. Even if you sold your home just 5 years ago, there have been plenty of improvements that have helped sellers benefit in both time, cost, and paperwork.
1. Commission rates have fallen off a cliff
Gone are the days of 2-3% fees. While there are agents who still charge such a high commission, many have followed suit and now charge the general market rate of 1%. That’s $5,000 saved for a home selling at $500,000.
But what’s more interesting is that you can pay nothing. Zilch. Kosong.
In fact, Ohmyhome was the first and, still the only, company to create a platform that facilitates transactions between buyers and sellers at no cost. You’re able to list your property, verify ownership, and find ready buyers that show genuine interest in your listing all in the app.
For those who don’t want to handle the messy paperwork, can choose to also engage us purely for documentation services at a flat rate of $1,688. You find the buyer and we make sure they put pen to paper and commit.
Next is speed.
2. Homes are getting snapped up even without a viewing
It’s a crazy and recent phenomenon that has come about due to the recent pandemic, when all property viewings were halted, and only video calls, video tours, and 3D walkthroughs were available. Yet, properties were being bought and sold. You can never stop a Singaporean hungry for property.
This hasn’t stopped. While previously it may have taken someone a few viewings before they decided to commit, many are coming to the viewing check in hand, ready with an offer in mind. This means your property can be sold in literal days.
At Ohmyhome, we’ve had instances where we received multiple offers just 1 day after we started advertising. We knew we were fast but even this shocked our senior real estate professionals and our clients.
What does this mean for you?
Planning a timeline is key. You must be ready to expedite the process of finding your next home should the need arise. In this case, speed is a blessing. But it can also be a curse—especially if you aren’t prepared. It may bring higher prices due to demand and urgency but it can also leave you paying thousands to a landlord if you’re caught unawares.
3. Information about your home valuation in the palms of your hands. Instantly.
We live in the information age. It’s all about the data and the numbers on hand to make the best decision, especially when it comes to a big ticket item like your property.
Homeowners used to be blind to the actual value of their home and had to work with a guesstimate based on that one neighbour who sold their unit above you.
Now you’re able to get accurate, timely information on the value of your home in minutes, sent straight to your Whatsapp. In fact, you’ll continue to get updated every single month so you can watch the price movements of your home and those similar in size.
In fact, with this tool, you’re able to also find out the value of the home you’re intending to purchase. While it wasn’t created for that purpose, it is available especially if you know which particular unit you’ve been eyeing.
We created our own proprietary home valuation tool here and it’s free of charge to use.
We’re scratching the surface here, but these sum up the quick things 2nd time home sellers need to know when selling their home. As you can see, plenty of things have changed. You’re able to earn more, sell faster, and pay less or nothing at all.
We’ve helped make this happen, so we want to help you get started by either contacting us via one of the links below or to download our app. Let us help you make the best decision for your biggest, most personal asset: your home.