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The Sydney property market has for the past year slowed down, with the average days of houses listed on the market by real estate agents growing by 21 days.
Recent data by Home Price Guide shows that the average listing time for Sydney properties being sold by agents has grown from 90 days in June 2005 to 111 days in July 2006. The research also shows that the property's sold for 8 per cent less than the asking price.
In stark contrast to this, properties being sold using ComFree exclusively are clearing at an average of 95 days.
| |
July 06 |
June 06 |
May 06 |
July 05 |
| Sydney average listing time - agent |
111 |
107 |
110 |
90 |
| Sydney average discount - agent |
8% |
7.9% |
7.9% |
8.9% |
Mark Farrugia, who introduced the Canadian established ComFree business to NSW with his wife Sherree, said that since ComFree had entered the NSW market, one in five houses had already sold.
"What's more people using the concept are saving themselves an average of $12,500 on agent commissions," Mark said.
"For $899, ComFree provides homeowners with information ranging from legal obligations, through to how to get the best price and marketing tools that help sell their house, such as signage and advertising."
ComFree provides vendors with the materials and sales tools to sell their house quickly and effectively, including: Information on legal requirements; training manual and ongoing support; a historical report of property sales in the vendors' area; "Open for Inspection" and "For Sale" signage; magazine and internet advertising; discounted legal and property evaluation; and, photography.
Sheree Farugia said that there has been great response to the ComFree concept in Australia.
"ComFree helps people sell their own house simply and on their own terms, without having to forego significant sums in commissions to real estate agents," Sherree said.
"Selling your house can be as easy as selling your car in the trading post ... at the end of the day, a house really sells itself and no one knows a house better than the person who has lived in it.
"People have sold through ComFree at a price equal to, or better than, the home price quoted by an agent and that's not accounting for the thousands that would have been deducted in sales commission and advertising costs.
"Many of those who used ComFree told us they liked the fact that they are able to screen potential buyers themselves and don't have to wait for a third party to correspond with them regarding negotiations."
One such buyer is Helen and Paul who said: "We sold in two weeks. We got exactly the price we wanted. It was very easy."
"Rather than relying on someone else to decide who to bring by, we knew that the enquiries we received were genuine buyers looking specifically for what we had advertised."
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