How do you know when you should sell your property?
Although you may not be in the market to sell right now, it pays to educate yourself early on how to obtain the best price for your property and the best time to sell.
This article will give you advice and tips on how to make the sometimes challenging decision to sell your property.
1. It's time for a change
Change can generate mixed feelings. Depending on the type of change, you may be excited and ready for a new experience, or it may make you feel unsure about the future. Being prepared for change plays a big part in the decision to sell your property.
Changes may include:
- Your family is growing and you need a bigger property
- Your children have left the nest and your property is now too big or difficult to maintain
- Your street or suburb is changing due to development
- You've moved jobs and transport is a challenge
- You want a lifestyle change
Whatever the change, it is important to consider the influence these changes will have on your decision to sell and the potential impact on the sale price.
2. Market conditions may be just right
When considering selling your property, local knowledge and market conditions are extremely important in ensuring a successful sale and ensuring you get the right price.
A strong market is the perfect time to downsize to a smaller, more affordable property. You can get the benefit of a higher price for your existing property and be in a stronger position to make an offer on the property you want.
A strong market can also mean there are less rpoeprties available, so your property is likely to sell faster. Faster transactions means less time is spent on the property merry-go-round and more time on the things that matter to you.
If you are wanting to upsize to a larger property, a slower market may be ideal as the price difference between your current property and future property may be minimised.
3. Financial factors
While you may not be ready for a change, or the market conditions may not be ideal, the third factor to consider when thinking about selling is your financial position.
The value of your property may have increased (due to renovations, community growth, local development or market conditions) and selling may be a great option to capitalise on your investment and consider alternatives.
Even if you are not ready to sell your properyt, it is important to have a trusted and professional agent on your side, as you never know when you may decide to sell.