Picking the right time to sell your property
It’s no secret Australians have a love of property. If we’re not looking at it on the internet or reading about it in the headlines, we’re discussing it at dinner parties, with everyone keen to offer their opinion on the current property market state of play.
While fascinating, that ongoing discussion can make things a little confusing when it comes to picking the right time to sell.
So how do you know whether it’s the right time to sell your property or whether you should continue to hold?
Your personal circumstances have changed
Real estate is part financial investment and part lifestyle, which means personal circumstances are often equally important to potential financial gain.
If your circumstances have changed, that could be a solid impetus to sell, no matter the market conditions.
For example, your family might have increased in size, perhaps you’re ready to downsize, or maybe your job is set to see you transfer interstate.
After the events of 2020, there’s also an increasing lifestyle sentiment in the market with people seeking out properties that better suit their personal needs.
Demand outstrips supply
On the financial side of things, a good indicator that you will sell your property quickly for a solid return is when demand for similar properties in your neighbourhood starts to outstrip supply.
And there are a few key indicators that might be occurring, including:
- Reduced days on market for properties in your area
- A high auction clearance rate
- Busy open homes
- Multiple offers on properties for sale
- Properties selling off-market
Prices are on the up
Ultimately demand that outstrips supply sees property prices within a suburb or region begin to increase. And that’s certainly what’s been occurring in many areas of the market over recent months.
In both the major capitals and the regional areas, prices are starting to rise, indicating there’s increased competition for each property and people are looking to secure a home quickly.
There are buyers in your market
While both the above factors indicate a general market that’s on the move, it’s also important to drill down and consider your specific property market and your potential buyer.
The property market is generally made up of different types of buyers, including first home buyers, downsizers, upsizers, investors, and luxury buyers.
Each of these market segments tends to seek out different property features and benefits at different price points.
Not only should you look at what’s happening in your specific area, you should also consider that within the context of your most likely buyer segment.
Where do you turn for insight?
There are a host of great resources available to help you understand whether now might be the right time to sell your property.
First stop is a trusted agent who will give you feedback on the buyers your property is likely to appeal to, the price it’s likely to sell for and the current demand in your local area.
These are all questions you should put to an agent while having them appraise your property for sale.
Meanwhile, realestate.com.au has suburb profiles available, while CoreLogic allows you to drill down into days on market and median house prices, and the Australian Bureau of Statistics offers insight into suburb and local government data on the demographics of your region.
How we can help
Looking to understand whether now is the right time to sell your property? Why not chat with one of our friendly Eview agents, local to your area, to organise an appraisal and understand the state of play in your specific area. You can find a list of our agencies, here.