{"id":5816,"date":"2017-08-21T03:43:13","date_gmt":"2017-08-21T03:43:13","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/knowing-when-its-the-right-time-to-sell\/"},"modified":"2017-08-21T03:43:13","modified_gmt":"2017-08-21T03:43:13","slug":"knowing-when-its-the-right-time-to-sell","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/knowing-when-its-the-right-time-to-sell\/","title":{"rendered":"Knowing when it\u2019s the right time to sell"},"content":{"rendered":"

<\/p>\n

\n

How do you know when it\u2019s the right time to sell your property<\/a>?<\/strong><\/p>\n

It\u2019s the million-dollar question that thousands of homeowners across Australia ask themselves every day, particularly as debate swirls about the direction of the housing<\/a> market.<\/p>\n

According to a leading agent, these are the indicators that it is (or isn\u2019t) the right time to put your property on the market.<\/p>\n

\"REIQ<\/p>\n

Knowing when\u2019s the right time to sell your home<\/a> is key to a successful outcome. Picture: realestate.com.au<\/p>\n<\/div>\n

1. You\u2019ve enjoyed major growth<\/h2>\n

Properties in certain pockets of Australia\u2019s major cities have increased in value significantly in recent years.<\/p>\n

McGrath agent Adrian Bo says that if your home\u2019s value has grown well beyond what you thought might be possible, it could be a good time to take advantage.<\/p>\n

\u201cIf you\u2019ve been living in a house for a long time, and 10 years ago it amazingly hit a million dollars, and then five years ago it hit $1.5 million and now suddenly it\u2019s $2 million and you wouldn\u2019t have dreamt of it, then that just might mean it\u2019s the right time to do it,\u201d he says.<\/p>\n

2. The numbers stack up<\/h2>\n

Bo says it\u2019s important to be clear on your motivation for selling.<\/p>\n

For many homeowners, it\u2019s to pocket a significant sum of money through downsizing or moving to a less expensive area. But with fees and costs associated with moving eating up potentially hundreds of thousands of dollars, the end game needs to be worth it.<\/p>\n

\u201cI always urge them to actually look at the transaction costs to buy and sell, and then ask, \u2018what\u2019s the motivation?\u2019, Bo says.<\/p>\n

\u201cIs the motivation to sell for $2 million and buy at $1 million, with transaction costs of, say, $200,000, and then put $800,000 aside so you can retire?<\/p>\n

\u201cReally focus on that number, rather than the buy and sell price. Does net figure justify you making the move?<\/p>\n

\u201cSometimes I go through the whole process with people and their true net position might only be $200,000, and is that really worth doing?\u201d<\/p>\n

3. You can afford to buy before selling<\/h2>\n

In the current market, selling your property<\/a> and then beginning the search for a new one could present problems, with homes in your desired area potentially increasing significantly in value in the ensuing months.<\/p>\n

Bo says that if you\u2019re in a position to buy your next home and then put your current one on the market, it could be advantageous.<\/p>\n

\u201cThe safest advice in this market is that if they\u2019re in a financial position to do so, to buy first and then sell their property,\u201d he says.<\/p>\n

\u201cFive years ago it was quite safe to sell your house and then just say, \u2018If it takes me six or 12 months to buy something else, I\u2019ll just rent for a while.\u2019 A lot of people tried that in the last two years and then the market got away from them by 10 or 12%, and it took them a lot longer to find something, and they were financially a couple of steps back.\u201d<\/p>\n

\u201cThe current recommendation is to buy first, because it\u2019s less risky, given we\u2019re at 75-80 per cent clearance rates.\u201d<\/p>\n

\"bee<\/p>\n

A garden in full bloom always goes down well at open inspections. Picture: Getty Images<\/p>\n<\/div>\n

<\/h4>\n

4. It\u2019s the right time of year<\/h2>\n

Bo says that if you\u2019ve been considering selling for some time, wait for a period that will present your home in the best light and get more potential buyers through the door, particularly if it\u2019s a standalone family home.<\/p>\n

\u201cWhat I ask a lot of people is, \u2018When, in your mind, have you felt like the best time of the year would be to present this home?\u2019\u201d Bo says.<\/p>\n

\u201cThey say, \u2018You know what, we always thought it would be spring, because the garden presents beautifully\u2019. And I tell them to do it then, because that in itself, come auction, regardless of the economic factors, has a value, and they should feel like they\u2019ve given it every opportunity. The last thing you want is to get a great offer<\/a> at auction, but have them think that if they\u2019d presented it in spring they may have got more.\u201d<\/p>\n

5. Now is the right time for investment properties<\/h2>\n

Bo says that most investors are already cashing in their chips, or about to do so, with a generally accepted view that the market is close to peaking.<\/p>\n

\u201cAnyone who\u2019s been remotely thinking of selling an investment property because they\u2019ve been looking for the best time, I\u2019ve got to say they\u2019ve either done it in the last six months or are about to do it in the next six months,\u201d he says.<\/p>\n

\u201cEveryone has genuinely realised that this is as good as it\u2019s going to get for this cycle.\u201d<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

How do you know when it\u2019s the right time to sell your property? It\u2019s the million-dollar … Knowing when it\u2019s the right time to sell<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5817,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[981,695,4751,1403,12908,543,627,127,617,207,344,1007,416,41,818,15282,1045,139],"class_list":["post-5816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-a-house","tag-agent","tag-amazing","tag-buy","tag-home","tag-home-buying-guide","tag-homeowners","tag-homes","tag-house","tag-house-sale","tag-housing","tag-owners","tag-properties","tag-property","tag-real","tag-ross","tag-sell-your-home","tag-selling-your-property"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/capi_8de30e891c4f9cb9fed1bedfdb9ce57b_590c11cc6d298464f1d25fc8f582aaac-e1501625248642.jpeg?fit=729%2C547&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7627,"url":"https:\/\/amazingproperty.com.ng\/blog\/when-is-the-best-time-to-sell-your-house\/","url_meta":{"origin":5816,"position":0},"title":"When is the best time to sell your house?","author":"Amazing Property","date":"December 28, 2017","format":false,"excerpt":"They say change is the only constant in life, but how do you know when it\u2019s time to sell your home? 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