Knowing that you’re ready to sell your home and actually listing it for sale are two different things, with the latter action often being delayed by your desire to find the “perfect” time to move.
If you have to move for work, you may not have a choice about when to sell, but if you do, It really pays to be aware of buyer demand – or lack of demand in your area – so that you can pick a period of high demand when your home is likely to sell more easily.
But actually, it is unlikely that such a moment will ever arrive, because property markets are constantly shifting, so you need a different approach to decide whether selling now would be a good decision for you, your family and your finances.
Here are some of the most important factors to consider and questions to answer before you decide to sell:
- Why do you want or need to sell?
Perhaps you need to relocate for work, move to a smaller home ahead of retirement, or move to a bigger home to accommodate a growing family. All of these are good reasons to sell, but if you’re just considering a “change of scene”, selling your home might be a bit drastic.
- Are you emotionally ready to sell?
It is often hard for sellers to detach from their homes because of the associated memories, especially if they have lived there a long time, but that’s what needs to happen before you list, or you may well find yourself having second thoughts half-way through the selling process.
- #Do you have a plan for selling?
Probably the most important part of the selling process is anticipating and planning for all the possible scenarios and outcomes that could arise when putting your property on the market, such as not finding a buyer, or receiving multiple offers, or even receiving a great offer on the first day.
Do you know what steps you will need to take if your buyer doesn’t get a bond, for example, or if the bank valuation of your property is lower than you thought?
- Are your finances in order?
You need to have a good understanding of your financial position in order to determine a good time to sell.
This will also help you develop a plan for after the sale, and where you plan to live next. You need to know how much you still owe the bank, for example, and whether you have enough equity in your property to cover the deposit on a new one, including the costs.
You should check your credit score and find out if you will qualify for a new home loan. And you should also ask your agent to list the various fees involved in selling your home before you decide.
- Is the market favourable?
If you have to move for work, you may not have a choice about when to sell, but if you do, it really pays to be aware of buyer demand – or lack of demand in your area – so that you can pick a period of high demand when your home is likely to sell more easily.
Your agent should have this information at their fingertips, and also be able to help you set a market-related asking price that will ensure a speedy sale without sacrificing any of your equity.
(Adapted : No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice.)