Prime Time to Sell
There are many different ways to sell a home or property, and the “right” way can often time be confusing. Today, we’ll be taking a look at various effective methods for selling your home, and hopefully concluding with you finding out the Prime Time to Sell.
Should you go to auction or set an asking price? There is more than one way to sell your property.
Asking Price / Private Sale.
Listing an asking price or requesting offers or expressions of interest can be more appealing to buyers, as the process is less intimidating and easier to understand. Buyers will usually try to negotiate below the asking price, so it is important to discuss your expectations with your agent. Private sales are attractive to buyers but can take longer as there is not the same sense of urgency compared to an Auction.
Selling a House Via Auction
This is a popular way to buy and sell property. You set a reserve price with your agent (the minimum price you will sell your property for) and the agent conducts the auction on the specified date. There are laws for conducting an auction, so it is better left to a professional! If bids don’t reach your reserve price, your agent may negotiate with the highest bidder on your behalf.
Auctions can result in a higher price for your property as there can be a sense of urgency and competition amongst buyers, however the prospect of an auction can also put buyers off. It’s important to discuss with Only Estate Agents what the best way to sell your property is for you.
An auction has a set time, and you’ll know when exactly when the auction will occur. The first step though is to hire a few professionals to appraise your home (to get an accurate price indication), then find the right real estate agent to come to a conclusion on a price.
The obvious reason for having an auction and the most important benefit is that you have a set date in which your property will sell, rather than if you did a private sell. Auctions easily become tense environments, especially if you have quite a few interested buyers attend that are ready to pay over a standard asking price.
Of course, though, you can run into the option of having your home underappreciated and taken for a lower price. It is a gamble, but one that many homeowners take.
When to Actually Sell
So, with those two options covered, when is the right time to list your property? Well, selling home a home comes really with three main reasons; Upgrading, downgrading, and inconvenience. Of course, you have other reasons, such as a profit (investment or flipping) but those are primarily the three reasons.
Lifestyle changes are often the reason behind our decision to sell. Whether you are relocating, have a growing family or are downsizing, working out when to time your sale can be daunting – especially for first-time sellers.
Your decision to sell your property may not coincide with the perfect market conditions. Therefore it is important to know what is happening in the property market and the economy as a whole, as the real estate market generally reflects the current state of the broader economy.
Additionally, you should consider your own personal objectives, your ability to finance a new property and meet ongoing repayments and capital gains tax implications for selling an investment property.
Remember – if property prices are low, you may get less for your house than you hoped, but you’ll probably pay less for the house you intend to buy – and vice versa when prices are high.
To learn more about the current market conditions? Get in touch with Only Estate Agents Today!