If you are aiming for the maximum return on your investment, deciding on the best time to sell your property would be a very crucial decision to make. In property investment, timing is everything. You can’t risk selling your property at the wrong time and have it stay on the market for a long time.
Before making your first step, you might want to ask yourself some questions to help you figure out the right timing with consideration to your financial circumstances. These questions are important in finding out the best time to sell your property.
What are your financial goals?
Often, investors decide when to sell their investment property when they are at the peak of their financial goals. They usually have a foresight of what they want to achieve financially, and when they do achieve it, then they will sell the property.
They wait around for when the cost of their property reaches its maximum price before selling it. In order to do so, first you need to determine what those financial goals are. Then, it requires a close assessment of your property’s market value and figuring out how much you can sell it for. Once you have reached your financial goal, that’s the perfect time to sell your property.
Is it good to sell your property when the market is at its peak?
Ideally, it is best to sell your property when the market has peaked. However, telling when the market is at its peak can be difficult and it is recommended to watch auction rates and look at how quickly properties are selling. The market is also affected by interest rates so it is a good idea to follow the property market or have a team of property experts around you that you trust and that can guide you through this process.
When’s the right time?
Basing on the ongoing trend that the market is particularly active around this time, spring is supposed to be a great time to sell, right? But then again, since a lot of people share this notion, there would be an inflow of properties for sale.
With an abundance of properties in the market, the advantage goes to the buyers as they have more properties to choose from.
Autumn, is considered to be a good time to sell your property. There are a lot of reasons why autumn makes a good time for selling and, of course, part of it is that autumn makes houses look especially pretty with its good lighting and aesthetic effect brought about by the colour of the leaves. However, the main reason is that at this time, most people tend to return from their holidays and are thinking about their plans for the year and most of the time, they plan on making big purchases.
Apart from high market activity in autumn, what makes it a better time than spring is that the property influx in the market is not as many as that of the latter.
Know your local market
There is really no standard answer when it comes to telling when is the best time to sell the property. In reality, the best month to sell your property relies upon the current state of your local market. This is based on supply and demand and how the market is doing.
The right thing to do is to speak to your real estate agent as they are skilled enough to be able to tell what the market is like. At the same time, do your own research and reach out to people involved in the industry to collect more input. Better yet, refer to the property clock to get a better understanding of when it is best to sell your property.