When Is a Good Time to Sell Your Home?
Knowing when is a good time to sell your home can be difficult, even though timing is not everything when selling. We have collated five criteria for you to consider when deciding whether or not to sell your home. By considering these, you should be able to have a stronger feeling of whether or not now is the best time to sell.
- Personal circumstances
- Seasonality
- The state of the property market
- Overall economic performance
- The condition of your property
1. Personal circumstances
This is the single most important factor when considering whether or not to sell. Personal circumstances include family changes, like if you are expanding your family or maybe your children have moved out. Think about your plans a little bit down the road too, as these changes will have a huge impact on the size and location of your property.
Another personal circumstance includes your financial situation. If you are finding it difficult to handle a hefty mortgage, sell your home and opt for a smaller one to free up some funds. Or, you may not be in a shortage, but you know that selling your home is likely to increase your wealth due to capital gains in your area.
Regardless of any other criteria listed, if your personal circumstances are not conducive to a property move, then it might be best to hang at the home until they are.
2. Seasonality
Seasons definitely have an impact on what kind of sale and styling you might have in your home at open for inspections, but all seasons have their positives and negatives. Selling in Spring and Summer is a great time to sell if you have an indoor to outdoor entertaining area and other features that buyers might be able to see themselves using in warmer months, such as a pool or deck. If your property has great airflow throughout and has wide opening doors, this is a great feature to display in the warm seasons, because it will be incredibly useful to potential buyers.
If your home has a fireplace in the living room, or if the space is particularly cosy and inviting, Winter and Autumn are excellent times to sell. You might also like to make sure the agent shows off any double or even triple glazed windows you might have to insulate the warmth. If you have beautiful internal entertaining spaces, the cooler months are a great time for you to list as well. Autumn can be a great time to sell if you have deciduous plants that shed orange and red leaves, adding an elegant touch to your property.
3. The state of the property market
Although this factor is not the most important, you can definitely take advantage of property cycle rise and fall as a seller. Signs to look out for to identify a “seller’s market” or conditions that favour vendors, include low interest rates. Low interest rates means the serviceability of a mortgage is easier, so there are likely more people looking to buy.
Another clear reason to sell is a significant price rise in your suburb or region. If you see that median house or unit price in your area has increased faster than Sydney’s average, chances are that it is a great time to put your home on the market.
If auction clearance rates in your region are high, it indicates that there are plenty of motivated buyers in your area. This could mean it is a fantastic time to list your property.
This being said, with the right agent implementing the right strategy, whether it is a buyer’s or seller’s market is almost irrelevant. The state of the property market might just help to boost your sale price, but it is unlikely to make the difference between the home selling or not.
4. Overall economic performance
The economy and the property market are closely related, so if you are thinking of selling, it is important to check in on Australia’s economic climate. A sign it could be a good time to sell is if the stock market is facing extreme volatility. This is because investors can look at properties as an alternative place to park their money if stocks are volatile or there are potential external shocks or risks in the economy.
On the other hand, strong economic conditions can also mean that it is a good time to sell because buyer purchasing power will be higher. It is likely that wages could increase and people will benefit from extra returns on investment. It is important to analyse economic conditions’ impact in your specific area and discuss it with your real estate agent or financial advisor.
5. The condition of your property
If you are living in your property but are noticing some short-comings you might be thinking of renovating. However, it is worth considering selling at the same time, as renovations can be costly, time consuming and many homeowners end up overcapitalising.
Look on the market and see if there are other properties that fit your needs more closely. If so, it could be a better option to sell your home than to renovate.
Most importantly, a good agent will ensure that you make the best choices when selling your home. Talk to your local LJ Hooker agent TODAY.
The Wayne Morgan Team is waiting to assist you. We offer you experience alongside excellent market knowledge that helps make the buying or selling process as smooth as possible. As Australia’s number one real estate brand, a little help from the team can prove invaluable when it comes to buying your home. Contact The Wayne Morgan Team TODAY!
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