As we enter the new year, you may be wondering if now is the right time to sell your home.
While the final decision is up to you, reviewing the following questions will help you find your answer:
Why do you need to sell your home in 2023?
If you are in a position where you need to sell for financial or personal reasons, there is no question — the time is right. In this case, you may as well take action sooner rather than later and find an agent so you can sell your home and move on with your life.
On the other hand, you may simply have an idea in mind that you’d like to move. Speak to your mortgage broker, accountant and/or financial advisor to weigh up your options and figure out if selling will impact your finances in a positive way. Take the time to see what’s available in the area where you want to live as well, it may be that your existing home actually has everything you need.
How is your local market performing?
On the fence as to whether or not to sell your home in 2023? Take a look at how property prices are performing in your area.
If forecasters are predicting a drop in house prices in the coming months and you want to stay local, you may be better off selling sooner rather than later. This way you can make fair money on your sale and potentially have slightly more to spend in a slowing market.
Rising prices may impact your strategy. It might be wiser to buy, arrange a bridging loan, then sell.
Where do you want to live next, and will selling allow you to get there?
Just because you sell your home doesn’t mean that you will be able to afford to buy in your dream suburb.
Do your research before you count on the fact that the sale of your property will give you the cash you need for a deposit on your next home.
If the value of your current home won’t cover the switch to a more upmarket town or suburb, you might want to consider holding out and building your savings up before you put your home up for sale.
How ready are you?
Selling your home can be a lengthy process, especially if you are pushing for top dollar.
The work that takes place before a property goes on the market is as important as the time it is open to the public to view. Before you sign a contract with a real estate agent, make sure you have the time and energy in 2023 to deal with everything selling your home entails.
Selling a property involves:
• Conversations with real estate agents
• Decluttering and packing
• Cleaning (lots of cleaning)
• Fixing things up around the home
• Upgrading some parts of your home
• Having photos and videos taken
• Preparing for open home day
• Going through the auction process (if you choose to go down this road)
• Negotiating with interest buyers
• Preparing to move
The process can take weeks or even months so factor this in.
Who is your real estate agent?
The aim of selling your home is to get the highest possible price for the market you’re selling in. To ensure this happens, you need to work with an experienced local real estate agent.
Your agent will know how much to set the asking price for and will give you advice to help you decide if it’s a good time to sell that is based on current information. They will also be able to provide tips on improving your home in order to generate competition from buyers.
Before you make your decision, speak with two or three different real estate agents. See whose opinions resonate with you and ask questions about their most recent sales.
At the end of the day, the decision to hold onto your home or sell it in 2023 is up to you. Remember autumn is always a busy time for property sales in Australia… if you start conversations now you can be ready to list your home when buyers are out in force.
Contact me today at teresa@teresaberger.com.au for personalised advice on whether to sell in 2023.
