Have you been thinking about selling your property? With the Spring selling season kicking, you’re probably wondering whether it’s time to finally pounce.
It can be hard to know when to take the plunge, especially with market volatility and knowing when it’s really time to sell-up and move on to the next stage in your life.
Luckily there are certain signs that can help you decide whether you should sell now or wait.
1. Market conditions are in your favour
If your neighbours are starting to sell their properties for a great price, you might find that you’re living in a seller’s market. It’s helpful to find out the estimated value of your home by using an online estimator or talking to a local real estate agent.
In fact, it’s not uncommon for agents to give free market appraisals.
It’s important to note that if you’re looking to buy a home that’s worth more than the one you’re currently in, it might be more beneficial to sell in a buyer’s market.
For instance, if you’re thinking about selling a home in Sydney and looking to upsize, now would be a good time to consider this. With the market slowly bouncing back, it’s the properties (larger and more expensive homes) that have suffered the biggest falls in value that are now increasing in value the fastest.
2. You need to upsize or downsize
If you’ve outgrown your home, that’s definitely a sign that you need to upsize. Maybe you moved into your home as a couple, started and family and find yourself in a situation where your two kids are sharing a bedroom, or, perhaps your ageing parents need to move in with you.
On the flip side, you might also be due for a downsize. This is generally the case for families where the children have grown up and moved out. Selling your home and moving into a smaller place is a great way to pocket some profit and maintain your lifestyle into retirement or even invest.
3. You need a change of location
Have you been finding your commutes getting longer and longer? It might be time to move to a more convenient location. Whether you’re looking to move closer to work or your kids are about to start high school somewhere far from your current home, the need for a new location is a great reason to sell your home and move.
4. You’re financially and emotionally ready
When considering selling, it’s crucial to consider if you’re financially ready. Ideally, you’ll have built up positive equity, enough to make a profit based on the current market value of your home. The costs of selling a home can also be expensive, meaning you’ll need savings and a solid plan for your next home.
People tend to forget the emotional aspects of moving. You need to be ready to leave a home that you might have built years of memories in. Not only that, selling your home can be a difficult and stressful process. Make sure you take the time to mentally prepare yourself before diving into the deep end.
5. You have professionals on your side
Unless you’re a seasoned seller, you’ll want to have professionals at your fingertips. This could include having talked to a real estate agent that has your best interests at heart. Their advice and guidance can make the selling process easier.
Overall, the biggest signs that it’s the right time to sell your home are a favourable market, a need for change, financial and emotional stability, and a completed list of professionals that can help you along the way.
Selling your home can be a daunting process, especially if it’s your first time. However, by doing thorough research and taking the right steps, you’ll have your home sold in no time!
Guest author: Ellen Orton is the Head of Business Operations at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.