When is the right time to sell?
The decision to sell your home can be life-changing and when you are considering when the right time might be, you can sometimes get caught up in the hype of when it might be a good time to test the market.
Largely, the real estate market can be seasonal in the demand for property. Spring has traditionally been a prime time to sell property as potential buyers come out of winter hibernation and decide to make a move.
This of course, is not the only factor in the equation as other elements such as interest rate rises, world events and fluctuations in market activity also playing a role in considering how the market is trending.
Ultimately, the best time to sell your property is when you are ready to make a move. It may be that your family is expanding, or you are working from home more and you need to move to a bigger space. You may have decided on a change of scenery and location, or you have concluded that now is the time to downsize.
There are some things you may like to consider before you make the next move.
Do you have a financial plan?
The costs to move home are not always light and it is easier if you have a plan in place of how you are going to fund your move. There may be equity in your current home that can contribute toward the next property or you may need to save more to move to the next property. Knowing these details can also make help make the decision around budgetary questions.
Do you need more to upsize, or have you made considerable gains in the current value? Are you downsizing and will there be a surplus of funds after settlement that will work toward your next property goal?
You will also need to consider costs for agents and solicitor fees, statutory fees, and the costs to relocate.
Speak with an agent
Do you have an agent of choice? It might be someone who you’ve worked with before or someone that has been recommended to you. A skilled agent will be able to provide you with an appraisal to give you an indication of price and provide a fee structure that you can plan into your budget.
The advice that they provide can give you the information that you may need to make an informed decision as to whether it is the right time to sell.
Is it time for a sea or tree change?
Making the decision to move may come down to lifestyle and changes that occur depending on the life stage that you are at. If may be that you are relocating for work, you may need to upsize or downsize, or you’ve decided to make a tree or sea change.
Consider the life stage you are at, what the next steps are, and where you may like to see yourself living during your next stage. This will then help with research into prices in your chosen area and set a budget so that you will know how much you need to sell for.