Why Should I Sell My Home Now Instead of Later?
If you’re considering selling your home in 2018, you’re no doubt wondering whether to go for it now or wait to see what the market does.
At Commingle, if you are thinking of selling, we take out the hassle by gathering agent proposals while keeping your details confidential. saving you time and enabling you to be more informed to make better decisions on who to partner with.
Of course, nobody can guarantee what will happen if you sell or if you wait, but to help you decide one way or the other, here are some helpful ideas and information.
Research average prices in your area
Do some research online to find out what houses have sold for and what they’re selling for in your area. Check out recent auction clearance rates and sales for some idea of the kinds of properties that are selling and what prices they’re fetching. If you’re committed to selling but don’t know when to do it, try visit our services for more detailed information about properties sold by specific local agents. You can find the median sale price of properties sold by the top registered agents in your area and how long it took to sell them.
Check out market trends
Market conditions vary all over Australia, but you ought to be aware that there are three kinds of markets to know about when selling: there’s a buyer’s market, a seller’s market and a neutral market. Buyer’s markets are also called cold markets, and that’s when there are not enough buyers looking for properties. In these cases, the seller has to drop the price if they wish to sell quickly to beat a warming up of the market. Seller’s markets are also called hot because there are plenty of buyers and properties sell fast and attract higher prices. Neutral markets are balanced, providing an equal opportunity for both buyers and sellers, although trends in the real estate market will often reflect movements in interest rates and the seasons. With an interest rate upswing, the demand drops because mortgage repayments on home loans will be higher which makes it harder to sell properties. If you have a reputable real estate agent, you can ask if the time is right to sell, but the decision should be yours to make based on sound information.
Negative gearing and capital gains tax could change
If you’re the owner of investment properties and you’re thinking of selling, stay abreast of possible changes to capital gains tax and negative gearing. If there are changes, they could affect the incentive for other investors or home buyers to purchase new and established properties.
Research changes to stamp duty
Last year, there were many changes to stamp duty laws in some states across Australia - in New South Wales for instance, first-home buyers are now exempt from stamp duty on the purchase of a property with a dutiable value (the price you paid or the property’s market value, whichever is greater) of no more than $650,000. In Victoria, the stamp duty has been abolished for first-home buyers on a home with a dutiable value of no more than $600,000. Stay abreast of stamp duty laws by checking the website of your State Revenue Office. By saving on stamp duty, first-home buyers can increase the amount they can borrow - which is a boost to their buying power and good for sellers in a market targeting this group.
Why are you selling?
It could be better to bite the bullet and sell, for some anyway, no matter what the market is doing. If the reason you’re thinking of selling is in the hope of a quick sale because of changes in your circumstances, then to hold off and wait might increase your stress. But if you’re motivated to sell and want to get the highest possible price for your property, then it might be worth your while to wait until the market heats up again. Try to find an agent who can fit in with your selling needs, not theirs, so you can both work at successfully selling your property for the price you want and in the time-frame you need. Make sure you’re up to the task of preparing your property for the sale, and if possible hire professional cleaners to do carpets and a full house spruce-up, and get all those repair jobs done. If you don’t have time for that, again, get some professionals in.
Should I sell my home in 2018?
It’s entirely up to you to make a decision based on useful information and research but talk to a few real estate agents and go through the points mentioned above so you can get a clear picture of what you ought to do and when to do it.
Alex Morrison has been an avid SEO expert for over 10 years. In this time he has worked with a range of businesses giving him an in depth understanding of many different industries including home decoration, improvement and renovation.