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Understanding The Real Estate Market And When To Sell

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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

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.

 

Lifestyle Changes

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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

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The warmer Spring months are traditionally the best time to sell your house but the other seasons can also work in your favour say property experts.

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.

Did you enjoy this article? Sign up to our monthly newsletter below for more inspiration and tips for selling your house!

 

Topics: Property Advice, Better Selling

Rafael Niesten

Written by Rafael Niesten

In his early 20s, Perth local Rafael Niesten, won a scholarship to study in Canada, with that came the opportunity to volunteer at a local radio station. That spawned his entrepreneurial streak, returning to Perth in 2001 he set up community radio Groove FM. More by luck than design, they became successful, too successful as they took a significant chunk of the Perth Market. This sent up the red flag with his commercial competitors who saw to it that he came before the Australian Broadcasting Authority and on technicalities such as the number of volunteers he was forced to move on. He received the citizen of the year award for Western Australia (youth) and was a finalist in the Australian of the year awards (Youth). Falling on his sword he turned to running small and large scale events, all the while buying, renovating and selling properties. Buying and selling land and renovated houses provided a grounding in the property industry. He founded a cloud based medical grade voice recognition company, followed by co founding the first true cloud application for private practice in the health sector. He successfully exited these ventures at the end of 2016 and began building Bricks+Agent.