When is the Best Time to Sell a Property?
Feb 16, 2021
Selling a home or any other property is a decision that has to be backed by good planning. One important aspect of planning as a property owner in West Australia is strategic timing. This is to avoid losses or any cases of financial distress associated with the wrong timing of the sale. That said, here are a few factors to consider when determining the right time to sell the property.
Level of Mental Preparedness
It is quite normal to get attached to a property such as a home. This is because the dearest memories are made in our homes, with family and friends. Therefore, if the homeowner has outgrown their home, they must be ready to let go of the current home. Being mentally prepared makes the selling process more objective, increasing the chances of getting a good deal.
Nature of Equity on the Property
The best time to sell a house is when there is positive equity on the house. This happens when the current house’s debt has been paid off. Moreover, the owner must make sure that the sale will give back enough money to cover the deposit of another house. Besides, selling a house means additional moving costs will be incurred. On the other hand, selling a house with negative equity can be financially stressful.
Availability of Savings
Setting a budget on the side should be the first step before selling a property. Costs tend to add up when selling a house and moving to a new one. That is why having some savings set aside is fundamental to a successful and hassle-free sale. Therefore, make calculations of how much will be needed to move and settle down. Additionally, include the costs of repairing the house for sale.
Prevailing Market Conditions
Basically, the prices of property in Australia are determined by the demand and supply forces. That is why prices fluctuate on a daily basis. Therefore, the best time to sell a property is when demand is higher than supply. This is because the prices are normally high due to the scarcity of houses on sale.
Choosing the right time to sell a property depends on personal needs and goals. Even though the factors discussed are applicable in most cases, every homeowner has unique reasons for selling property.
That said, it is important to seek professional advice when selling property. Luckily, Home2Home offers real estate advice at very affordable prices. Give us a call and get real insight on how to traverse the Real Estate market like a pro!