When is the right time to sell?
There are a number of decisions to make when selling your home and timing is probably the toughest one.
There is no right or wrong answer to this question. But there are certainly things to consider.
Are the market conditions right?
The market conditions are relative to each individuals situation. If you are looking to sell and buy at around the same time then it’s all about changeover cost. This is the difference between your sale price and purchase price.
In a sellers market you will achieve a premium for your home however when purchasing you will need to pay a premium to secure your dream home.
In a buyers market you may need to adjust your sale price to entice a buyer and secure a sale, however once you have sold your home you can negotiate on your purchase and secure your dream home at the best possible price.
Trying to ‘time the market’ shouldn't be your number one priority.
What's more important is focusing on getting a good price for your home in the current market, and purchasing a quality home afterwards.
Which season to sell in?
Whether it’s a warmer season or a cooler one there will always be people looking for a home. In the warmer months you will find more buyers coming to view your home, however are they all serious buyers? In the cooler months you will undoubtedly have less buyers coming to view your home, but rest assured they will be serious buyers ready to purchase.
Are you financially ready to move?
There's a difference between wanting to move and actually being in a financial position to be able to move. Selling and buying when you are financially stretched can put pressure on you and your family. It is always best to speak with a financial professional such as your financial planner, mortgage broker or lending manager.
Are you emotionally ready to move?
Are you ready to cut-the-ties? A sign it could be time to sell is that you're actively perusing the latest real estate listings and day-dreaming about a new place.
Selling a home can be an emotional and stressful process, and emotions can cloud judgement at the best of times. You need to prepare the house for sale and be ready for any negative feedback you may receive from potential buyers.
This doesn't mean you shouldn't sell! Give yourself time to mentally prepare for all the steps it will take.
For any real estate advice feel free to give me a call on 0422 105 729
Glen Gulliver - The Agency