Timing can be everything in the world of real estate, but with so many factors at play, the right moment to sell your house can be tricky to pin down. Here we take a closer look at four key things to consider when deciding if it's the right time to sell your home.
1. You've outgrown your home
One of the most common reasons for selling a house and moving on is size. Whether it's down to an accumulation of belongings or the addition of a new family member, sometimes you just need more space. Extensions and re-purposed spaces can only do so much to free up new space in an existing property, especially in inner-city areas. The time may come when you simply need to relocate to benefit from larger rooms and garden space.
2. Your lifestyle's changing
Particularly in the luxury market, a dream property is one which fits a certain aspiration or lifestyle. Are you a keen sailor? You'll want a home near a marina, or with enough space to park your boat. Do you work long hours in a city? A low-maintenance downtown apartment will suit you just fine. Matching your home to your lifestyle makes perfect sense, then as soon as your lifestyle alters, it's once again time to reassess.
3. You've finished repairs and renovations
For home sellers, getting the best value for money from a transaction relies on your property being in excellent condition. Buyers expect discounts on price for any aspects of a home which require work. Fortunately this works both ways: they'll also be willing to pay a premium for construction or maintenance work that adds value to their potential new house. When it's the right time to sell your home, make sure all of your repairs and renovations are done before you put the property on the market.
4. The local market is lively
The factors which determine when is the best time to sell a house are not all in your control. It's also worth paying close attention to the housing market in your area before making your house for sale. This is particularly important if you're looking to move up the property ladder. Getting the maximum amount from the sale of your home will be an important factor in determining your ability to up-size to a larger property, so consult an expert on the current state of your local market.
A lively and buoyant market means it'll be easier to sell your home. With more buyers on the market, your chances of receiving an offer are increased. This is bound to push the price up, too, as buyers compete for property.
Engel & Völkers are world-leaders in luxury property. They can walk you through the process of selling a house, from choosing when is the right time to sell your home to negotiating the best price. Head over to the Engel & Völkers website for more information and professional tips on listing properties for sale.