Thinking of selling? Timing can be everything.
But what should you take into consideration before you sell? We shed some light on the different factors you need to think about if you’re wondering whether to put your house on the market.
Understanding The Market and When To Sell
Market conditions can have a large part to play in deciding if it’s a good time to sell. For example, according to Core Logic’s Quarterly Housing review to July 2017, Australia still has strong seller market. Sydney and Melbourne recorded double-digit value growth over the past year with values increasing by 12.2% and 13.7% respectively. Growth was still happening in other capital cities too “Brisbane (2.0%), Adelaide (2.4%), Hobart (6.8%) and Canberra (9.6%)”.
Another indicator of a strong seller market is if properties in your area are getting snapped up quickly above asking price. Also consider interest rates. If they’re low then you can expect a higher demand from buyers for properties. It can be a good idea to sell before they rise again.
Staying in regular contact with your real estate agent can be a great way to keep your finger on the pulse of the market, until you’re 100% ready to sell.
Is your family growing? Are you retiring?
Lifestyle changes are a big reason why people want to sell their home. There are any number of reasons why people want to move on. Upsizing and downsizing are two major reasons, closely followed by wanting to be in a better location for the kids education. Wanting to move further away or closer to the city can also prompt houses to be put on the market.
If you don’t want to move again for a while, then you need to be very clear on the lifestyle you want from a new home.
Best season to sell
Summer - A great season for selling holiday properties by the coast or river, and homes that appear cold and dark in winter.
Autumn - Families are out in force after the summer holidays, so selling a larger home near good schools and amenities can work out in your favour.
Winter - Showcase your home’s natural light in winter, and your excellent home heating system. With less homes on the market you can target buyers wanting to beat the Spring rush.
Financial health check
You may have found your dream home, but are you financially in a good position to sell?
Many vendors rush into selling their home without taking into account of their financial situation.This can be a big mistake as the costs of selling a house can be substantial, leading to money woes and stress down the track. There are several questions to ask yourself before you list your house:
- Does the current property need repairs & maintenance?
- Do you need a professional cleaner?
- Do you need a home staging professional?
- Can you finance the new property?
- Do you have outstanding debts to pay off first?
Sprucing up your home for sale can definitely help you achieve a higher price but this takes time which you may not have if you need to sell quickly.
If you’re buying before selling, always know your limits and stick to them, as this can put more pressure on you to take the first offer that comes along. Significantly increasing your mortgage is not ideal, unless you’re earning more than enough to make repayments.
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