How do you know when it is the right time to sell your home in the Northern Territory? There is no definitive right answer but there are several factors to consider.
The one thing you can typically rely on in the housing market is sales patterns. Barring some unpredictable event that upsets the markets, industry insiders are usually on the money. Researching the state of the market and relevant trends will help you sell your home quickly and with minimal stress.
Seasonal Sellers
In general, spring is considered a good time to sell a home – unless you live in the tropical north, in which case the wet and dry seasons are also a factor. While it may seem likely that the wet season would put buyers off, this does not necessarily hold true. In fact, many potential buyers are interested in landing a home that will hold up during a downpour. Some of the downsides of selling during the wet season may include poor lawn and yard maintenance, or lower buyer mood attributed to the miserable weather.
Current Market Trends
Existing and current market trends are always important, regardless of season. A strong market period is the best time to sell an investment property. When seeking to upgrade your own home, selling when the market is down is usually the best policy. There is an important balance between getting a great price on an upgrade and losing a fraction on selling price. If you need to downsize your home for any reason, sell when the market is strong. This will allow you to capitalize as much as possible on the sale of a larger property. You may be moving to a smaller place but that doesn’t mean you have to settle.
Conversations surrounding the state of the market are important to have with your real estate agent. A reliable agent will always have a finger on the pulse, helping you make those crucial timing decisions. When the market is at its best, it is time to strike and make the most of favourable conditions. If you can weather the cost of renting, it is often worth the risk to sell during a high and then buy when the prices of homes drops. Always make sure to budget for moving and any associated costs.
A Time & Place
Watching the real estate market trends is just one piece of the puzzle. The economy can have a serious knock-on effect on the price of homes for sale. Pay particular attention to any commerce announcements in your area as new utilities can drive the value of properties up or down. Again, this is an area where a reliable real estate agent is invaluable.
The changing shape of cities and neighbourhoods can cause dramatic changes in housing markets. While the price tag on the average home may not shift in any meaningful way, the types of properties that are most sought after could completely flip. For instance, the construction of a new school will increase the value of nearby family homes. Anticipating these trends and identifying the selling opportunity can really make a difference to the size of your investment.
Real Estate Agents
Make sure to thoroughly research the real estate agents in your area. Look for a shortlist of agents who are familiar with the local housing market. It helps to have a conversation with each agent to see if you connect. You should also ask for references to get an idea of how successfully each estate agent has managed similar properties.
If you are considering selling a home in the Northern Territory, speak to Houspect today about all your building inspection needs.
