When is the right time to sell?
The property market generally reflects the current state of the broader economy – it fluctuates between booms and busts.
Ideally, we would all sell when the market is up and buy when it’s down. In reality we often need to sell because we’re relocating for work, upsizing as a growing family, downsizing as empty nesters or have taken the decision to move to new neighborhood.
Traditionally spring is when most activity happens in real estate. However, your decision about when to sell should be based on personal objectives and factors such as your ability to finance a new property and to meet ongoing repayments and the capital gains tax on selling.
Remember – if property prices are low, you may get less for your house than you hoped, but you will probably be paying less for the house you intend to buy. If prices are high, the property you are selling will be worth more, but the property you intend to buy may cost more than you wanted to pay.
First Time Selling
It is likely you have a good understanding of how the property market works. After all you bought the house you are now selling. If you have been out of the market for some time, there is some extra work you can do to help prevent costly mistakes.
Prepare your property for sale
Even if you are under financial pressure it is important to make small repairs or complete renovations before you put your house up for sale. Presenting your property properly makes a huge difference in maximizing the sale price of your home.
Set a price for your property
As a seller, you can nominate an asking price, but remember the perceived purchase price of your property is determined by the current market and the demand for a property like yours. Make sure you do not miss potential buyers by over pricing your property. Always seek a professional valuation.
Advertising is the biggest and most important investment you will make when selling your property. The more effective your advertising is, the more people will see your property, the more enquiries will be made and the more potential buyers you will attract.
Finding the right agent
Choose an agent who understands your local area and how the area is priced. An agent who offers to sell your property for the lowest commission may not provide the best service or result. Before signing the contract, find out what commission is payable and whether VAT is included.
Your house is a major investment and you need your own attorney to protect you at all times. Consult your attorney concerning your rights and obligations. As the seller you have the right to appoint your attorney to handle the transfer. Do not allow an estate agent to convince you otherwise.
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