It is not always easy to pick the right time to sell your property. The property market can be unpredictable, so you may not always know when to put the 'for sale' sign up. So what kind of signs should you look for to help decide when the right time is?
It is not always easy to pick the right time to sell your property. The property market can be unpredictable, so you may not always know when to put the 'for sale' sign up.
So what kind of signs should you look for to help decide when the right time is? Listed below are just a few examples.
Demand for property
This is a great way to determine how quickly your property could sell. If there is a high demand for properties in your area, now is a great time to sell. Prices can be influenced by the supply and demand for housing, so if there is a low supply of housing in your area, it may help boost your property's sale price.
Recent data from CoreLogic RP Data shows that most states have seen a drop in home listing numbers this year. In February, listing numbers dropped by 6% in Victoria, 4.1% in New South Wales, 1.8% in Queensland and 3.9% in South Australia.
Spend time researching your local property market to see what the supply and demand is like. If you find there is an oversupply of properties, be patient and wait. You can use this time to research what other properties are selling for and how you can improve your own property to boost its value.
Your property may have been your dream home when you first bought it, but does it still suit your needs?
You may find that your house was perfect when you started your family, but if your kids have moved out, the five bedrooms may be a little too spacious for you. On the other hand, you may be considering starting a family in the next few years and your one-bedroom apartment with no yard may start to look a lot smaller than when you first bought it.
Changing circumstances is often a sign that it could be a good time to sell. As your lifestyle changes, so too does your needs and you may find there is a new dream home out there waiting for you.
Falling interest rates
According to Cameron Kusher, CoreLogic RP Data Researcher, rate reductions along with cuts to mortgage rates are somewhat responsible for home value growth in Melbourne and Sydney.
The RBA has kept the cash rate at a record low for over a year now and it looks like it will remain low for months to come, which is good news for sellers looking to sell this year.
At State Custodians, we have experienced Lending Specialists who are there to provide personalized assistance and work hard to find solutions. If you are looking to refinance or purchase a new property after selling, get in contact with our team. You can find out what is on offer from the range of home loans that State Custodians offers as well as 30+ lenders on their lending panel. Call on 13 72 62, or leave your details here and they will contact you.