If you have decided to take the plunge and sell your house, one of the first questions you’ll have is, ‘when is the right time?’ There are several factors to consider when choosing the right time to sell.
Do some research in to the current housing market and sales patterns, as this will have a strong influence on your chances for a successful sale. The goal of any house sale is to ensure your house sells quickly and efficiently while achieving the highest selling price.
Selling by Season
One of the variables to consider while choosing the best time to sell a house is the time of year. Traditionally, spring is seen as the best time for selling, but in the tropical Top End of Australia, there are only two seasons to consider: the wet and the dry. The wet season runs from November until April and the dry spans from May to October.
While the oppressive humidity and tropical downpours of the wet season can prove a difficult time for the real estate market, both seasons offer pros and cons. Wet weather can be a useful time for potential buyers to ensure your property passes the ‘rain test’. Buyers can get a first-hand look and see that the drainage and waterproofing hold up to heavy weather.
However, selling during wet weather makes a difficult task of lawn and garden maintenance. It’s not uncommon for Darwin and other parts of the Northern Territory to experience long periods of rain. So, if the weather provides a break, however momentary, take the time to tackle any outdoor maintenance. You don’t want buyers becoming discouraged by an overgrown backyard resembling a jungle. Finding a real estate agent local to your area with a good understanding of both the market and environmental conditions is the best way to start.
In addition to simply looking at the best time of year to sell your property, you’ll also need to take existing market conditions into account. The best time to sell your house will depend on the type of property you own.
If it is an investment property you are selling, you will want to put it on the market when the market is strong. However, if you are aiming to sell your primary home, you are most likely in the process of upgrading by moving into a better neighbourhood or in need of additional space or downsizing if your children recently moved out and you’re looking for something smaller.
If you are upgrading, you will want to sell your home when the market is down. It’s important to look at this from both a buyer’s perspective and a sales perspective. Although you may get less money for your home during a market lull, you will be able to snap up great bargains in a prospective new home.
If you are downsizing, you will want to sell when the market is strong and gain the maximum sale price on your property.
Keeping a close eye on the market is really important and discussing the options with your real estate agent, who can help you identify when the market looks its best and how you can manage the process to minimise the risks and maximise the benefits when the market is at its peak.
It might be beneficial to sell your house at a high price and then find a rental property until the market goes back down, but you must keep the cost of moving in mind as moving more than once will add up. Rental properties usually also require a 6 or 12-month lease, so getting the timing right to purchase property can be tricky.
The Right Time
In order to get the best price for your house you must watch market trends, the local and national economy and seek the assistance of a qualified expert. You also have to be able to differentiate between the investment and lifestyle factors, which could affect the outcome of your property sale.
The right time to sell will primarily depend on your financial situation, the economy and some local environmental factors. Come and see the team at Call2View to consult with a real estate sales professional who will take all these factors into consideration and work with you to achieve your goals.
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