How do you know when it’s the right time to sell your property? Sometimes it’s an easy decision to make, but other times things are not as clear and you may need some guidance. Looking out for these three signs can help you make the right decision.
1. Market conditions are right
Spend some time watching the market to understand when prices increase, decrease or stabilise. A lot of different factors affect the market, like the time of year, the economy and changes to government policy.
This doesn’t mean that you’re only going to sell when the market is at its height, since market conditions have to be weighed up against other considerations. Maybe you’ve been watching the market for a while and prices haven’t been increasing or haven’t been decreasing either. It can be ok to sell when things are stable at reasonable prices if other factors in your decision making are optimal at the moment.
2. You finally have some spare money in the bank
Moving to a new home can be expensive, so it helps if you’re in a stable financial position with enough spare money to afford a move. There are the obvious costs of moving, like getting boxes and hiring removalists, but there are also the extra costs you might need to cover.
Do you need to do some work on your current home to make it ready to sell, like adding a coat of paint here and there, fixing those little things you’ve been putting off or sprucing up your furnishings for the open house? And what about your new home – will that need some work too or will you council rates be higher?
Whatever the situation, if you finally have some spare money in the bank, it could be a sign that you’re ready to take the next step.
3. Your home doesn’t fit your lifestyle anymore
Financial issues are of course very vital, but they’re not the only things that count when it comes to property decisions. Your home choice of home is a major decision for you and your family, so it’s important to give this the weight it deserves when making your final selection.
Does your life look very different now than when you made the decision to buy your home? Maybe you had more kids than you intended, or you got a great new job but it’s a long commute, or maybe what you value in a home has changed. Whatever the situation, if you feel like your home isn’t meeting your needs anymore, it might be a sign that it’s time to move on.
It isn’t always easy knowing when it’s the right time to sell your home and make the move to the next stage of your life. It’s a personal decision that depends on a range of factors like the market, your financial situation and the needs of you and your family. These three signs can help you make the decision.
As a boutique property specialist, Ann Paterson Real Estate can help you assess whether it's the right time to sell your home by providing clear, accessible communication and strategic guidance on residential sales and property purchasing.