Top 3 Signs For when you should sell
As local agents, it’s often up to us as a trusted third-party to give homeowners honest advice as to whether they should or shouldn’t be thinking about selling their home. Here are some of the top three signs you should be thinking about selling or potentially waiting it out.
Signs to Sell
1: Strong Home Price Growth
There has been strong home price
growth in your area for several years and the market is generally favourable for
sellers.
A good sign of this is that most homes are selling below the average time on the market and commanding prices close to the seller’s original asking price.
2: Outgrown your place
The family has outgrown the house,
or you are in a financial position to trade up.
This is a top reason why people move and is often more cost-effective than paying for extensions.
3: Maintenance Issues
House maintenance keeps getting away from you. This can be difficult, but it is important to acknowledge when it has become harder to maintain your home without significant outside help.
Now might be the time to consider downsizing.
Signs to Hold ON
1: Buyers’ Market
The market is a buyer’s market.
There are many properties on the market like yours and the average days on market is higher than average.
Properties selling at a much lower price than the initial asking price can also be a sign to hold onto your investment.
2: Not enough equity
If you haven’t made a big dent in your mortgage, the costs of selling may place
you in a negative position – especially if you need some upfront cash to
complete necessary renovations to get the property in a marketable position.
3: uncertainty
Many homeowners think that moving home will help solve their problems, when in fact
moving house has been classed as one of life’s most stressful events.
If you are experiencing uncertainty in your work, relationships, health or other major
life situations, it may be best to wait.