Is it a Good Time to Sell?

This is a question I often get asked in my capacity as a real estate agent.

The answer is, “It all depends.”

There are a number of things to be considered before selling a property. The first question I ask of people thinking of selling is, “Why do you want to sell?” Sometimes selling a property, whether it be the family home or an investment property may not be the best option.
There may be an alternative path other than selling.

Assuming, having asked the question, that selling is the best option, then the question can be asked about whether it is a good time to sell. The implication about whether it is a good time to sell or not is that the property may not sell in the current market.

Let me dispel the idea that a property may not sell in any given market. In 26 years and having been through several economic cycles, I can say with 100% confidence that any property can sell in any market. The real question a seller needs to ask themselves is, “Am I prepared to meet the market?”

Buyers don’t care about what you want for the property, how much you paid for it, how much debt you have, how much you’ve spent on it over the years or whether you need to go on holiday or buy a new car from the proceeds.

Buyers are only interested in what the property is worth in the current market, and let me say that there is a buyer for every property in any market – at the right price. Without exception!

The other thing to consider is….

that if you are buying and selling in the same market, everything is relative. Certainly you may receive less than what you expected when you sell, but you will make it up when you buy. Even in boom times some properties don’t sell, whilst others sell in a short time in a supposed depressed market.

If you are going to sell, be prepared to meet the market, don’t get stuck on the idea that you’ll only sell if you can get $x.

Someone once asked the question, “How do you know if the property is at the right price?” Someone will want to buy it!

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