5 factors to decide if now is the time to sell your property
Amid interest rates remaining on hold, settling clearance rates and fewer properties coming to market, it is imperative to consider what time is right to sell.
Adrian Wilson, principal and founder of Ayre Real Estate, knows it’s never an easy choice to make, proclaiming that “deciding to sell your property is a significant decision that requires careful consideration”.
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But he does believe that “by evaluating a few key factors, home owners can make informed decisions that align with their financial and personal goals”.
To make things easier, Wilson has put forward five factors to help home owners decide if the time is right for them:
1. Market conditions
Wilson urges home owners to be observant in analysing current market trends in their area. Market trends include whether property prices may be rising or falling locally or how levels of demand and supply are fluctuating.
In keeping an ear to the proverbial ground of the market, a home owner can take notice of favourable market conditions and capitalise on them for the best possible return.
2. Equity growth
Home owners should also consider the equity that they have built into their property.
Through keeping abreast of ever-changing market conditions, particularly the degree to which a property may have appreciated since initially purchasing it, selling at opportune times can yield a significant return on investment.
3. Life changes
In conjunction with evaluating market conditions, Wilson encourages home owners to give thought to significant life changes which may necessitate the sale of one’s property.
Whether this may be starting a new job or career path, growing one’s family or a desire to downsize altogether, selling one’s current home can be advantageous in enabling an individual to adapt to evolving lifestyle circumstances.
4. Financial goals
Particularly when discussing assets as valuable as a property, a home owner should always take a step back to holistically review their financial objectives and determine how selling their property aligns with these goals.
In aiming to reduce debt, invest into other assets or upgrade to a larger property, selling an existing property can be a critical first step in achieving these financial goals.
5. Emotional readiness
Although this step can frequently be forgotten among the bigger picture, it is integral to contemplate whether an owner is emotionally prepared to part ways with a property and usher in a new chapter of life.
Only through taking the time to assess and understand attachment to a property can someone decide on whether it is ultimately best to move forward in selling.
In addition to these tips, Wilson stressed the value of planning ahead and drawing advice from a team of experts well versed in the financial, legal and property sectors.
“The right agent will guide you through the process and provide honest feedback on your specific circumstances.”
