When is the right time to sell?
As the saying goes: Timing is everything.
Deciding when to list a property for sale is sure to conjure many questions and considerations, not the least the current market conditions to give you best chance of netting a profit.
You might be looking to upsize your home to better accommodate your family, or perhaps you want to downsize to a smaller, more manageable home if all the kids have flown the coop. You may be keen to sell to make a treechange or a seachange, or offload an investment property to free up some cash.
Whatever your motivation, Mont Property Managing Director Matthew Podesta said there were many indicators to help determine the ‘right’ time to sell, but the decision largely depended on your individual circumstances.
“As a homeowner, deciding when to sell your home comes down to you and the best time for you,” Mr Podesta said.
“Of course, that can be influenced by a range of factors like where in the property cycle the market is at, the type of home you are looking to sell, and how strong demand is in the area.
“At the end of the day the Perth market is prime for vendors right now. It’s a seller’s market. There is limited stock and extremely strong demand, which means competition amongst buyers has the potential to drive prices up well above expectation.”
According to CoreLogic, Perth real estate has seen the fruits of strong population growth, with an 8.8% increase in property values in the past year – the highest growth of any Australian capital city.
Mr Podesta said dedicating time to research the market conditions in your suburb was important to form an understanding about how property was performing and how much you may be able to fetch for your home.
Determining where your suburb fits in the property cycle, whether prices are rising, falling or remaining stable, will help you to make the best judgement call about when you should look to sell to maximise your return.
“At the end of the day, only you know and understand your personal circumstances, so the best advice is to sell when the time is right for you and your family,” Mr Podesta said.
“Saying that, Perth is performing incredibly well at the moment and buyers are keen to purchase. Really, there has never been a better time to consider presenting your home for sale.”
If a real estate transaction is on your mind, then speak with our team today