Are you planning to sell your home or investment property in 2013? Choosing the right time to sell can make a big difference to your result.
Think about the following when making your decision:
- Your motivation for selling. If you need the money ASAP because you’ve already brought or you’re moving overseas or interstate, then this will be your most important consideration. If you haven’t brought yet and there’s no rush to get $$$ in the bank, you can take other factors into account.
- Think about what suits you. Selling a property, particularly your home, can be time consuming and stressful. If you’re flexible on timing, it’s best to do it when it’s most convenient for you.
- Unless you buy and sell property for a living, or you’re selling an investment property, we don’t recommend you try to predict market fluctuations. It’s difficult and risky. The way to avoid losing out on a strengthening or weakening market is to buy and sell in the same market and to take care to pay and/or take only the market price or better.
- Ideally, in a buyers’ market, it’s better to sell before buying, so you don’t have to take a below market price and/or get caught short. The opposite applies in a sellers’ market.
- The best time of year to sell depends on your individual property and your agent can help with this. For example, sunny properties often present well on a sunny winter’s day, when prospective buyers step into the relative warmth from outside. In summer, the same property could seem too warm and stuffy. Also consider the following: there are less buyers around in winter (which may create more demand but can also mean less inquiry); properties with outdoor areas may be more difficult to present well in winter; there will always be more properties on the market (and therefore more competition for buyers) in spring; prospective buyers are often more upbeat and positive in the spring/summer months.
- If your property is tenanted … This fact need not prevent you from selling now, but it may affect the outcome you achieve. The property may not present in the best possible way, and access may be more limited. Nevertheless, we often work successfully with tenants to achieve excellent sales results, so it is best to discuss this factor with your agent.
A good agent will talk all of these factors through with you, and assist you to make the right decision.
