THE RIGHT TIME TO SELL
- Written by Melanie Toye, September 21, 2013
Jackson told his wife, Sylvia, how the other evening a property valuation was given and they could put their house on the market. It was estimated they would receive a sizeable amount if sold at the highest price valued. Then they would be able to comfortably put six figures down as a deposit for their next home purchase.
Twelve months previously, Jackson and Sylvia were told by a property valuer that if they sold their property during that time, they would lose nearly $50,000 off the price they paid for their property.
Not exactly a let's celebrate moment. Interestingly enough, they were not wishing to sell twelve months ago and were just evaluating the market and local area to see how it was developing in a tough property market. With the new information available about their property value Jackson and Slyvia can seriously consider selling their property.
It is good to always receive annually a rough guide to your property's value. There are other reasons besides a potentially high priced market that it may become a good time to sell, such as:
Your circumstances have changed
Perhaps your living circumstances or total financial household income has lowered or maybe another child may have you wanting a bigger house. A child moving out may see you wanting a smaller house. A new job may be welcomed if you move closer to the work location. Whereas working from home may require a smaller mortgage. Various arising situations can cause a change in your mind that it is time to look into selling your property. Always review your situation once every 6 - 12 months, so if you do want to consider selling, you have time to sell at the right time.
Change of your local area
May be your local area is progressing strongly into big infrastructure developments. This may cause temporary discomfort and also give concern about the new infrastructure will cause to your area. A different viewpoint would be, if the area looks to be 'up and coming', you may receive a higher value for your property, resulting in a good time to sell.
You have followed the trends
By keeping up to date on what movement is occurring in your local suburb you will soon see a pattern emerge of the latest trends of buying and selling properties. Real estate agents hold this knowledge and are more than happy to give you this information. Weekly statistics on the estimated property value in the area and how many properties at that value were sold, is a realistic goal. By following the trends you can see when it may be a good time to sell.
There are many reasons for selling, the ideal situation in any decision is to try and sell at the right time in the market to give you the highest return. Selling a property and buying into a new property is a good time to review who manages your mortgage. Choose service and professionalism as well as low interest rates and you have found your mortgage manager.
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