5 steps to help determine when the best time is to market your property for sale.
Whether you are selling your own home to up or down size, or selling a property that forms part of your investment portfolio, it is important to work out the right time in the year to sell it. There are a number of factors that could influence when this time could be. Therefore work through this list to try and help find the perfect time for your situation.
1. Purpose of the sale.
What is the purpose of your sale? Are you selling an investment property to release some capital? Do you need to settle a debt urgently? Is your family growing and you need somewhere bigger? Or are you looking to relocate out of the country? The purpose of your sale might mean that you cannot be picky as to when you need to sell. It may also be the case that you need to sell it quickly, so accepting a lower price is worth it rather than holding out for an asking price offer that may result in you missing out on another property or having to shell out for your mortgage.
2. Monitor the market.
Naturally it is likely that you will want to generate as much money from your property sale as possible. If you are in a fortunate position that you do not need to sell the property immediately. Should this be the case by picking the right time in the market you should be able to boast the price you achieve. Selling in a buoyant market will mean that there is a likely to a lack of supply with a lot of demand. Therefore you should receive a good offer. However, if there are a number of units in your building that have been on the market for sometime, it could be that the market is slow so not the ideal time to sell.
3. Is it the right time of year?
The markets tend to have natural dips over the course of the year. This could be during the peak of the summer or the rainy season. Times when people do not relish going out and viewing properties in the heat or wet. Another time is around national holidays, such as Songkran or Christmas. Also remember to market your property at the start of the busier periods to save it going stale on the market during a quieter period.
4. Speak with the professionals.
Whilst every real estate agent will want to think that the market is good – it is their job to talk it up after all – it is still worth gauging their opinion. Speak to a few different agents to see when they think is the best time in order to help make your decision. Likewise, if you will incur taxes as part of the sale of the property, check with a financial or tax advisor to see if it makes a difference selling from one tax year to the next.
5. Is the property showing at its best?
Making sure your property is presenting at its best to determine how much it will achieve. Firstly it will look good in the photographs. Secondly, it may result in generating a higher price. If you can, consider doing any necessary home improvements that will instantly add value to your property. But either way there is no excuse for a quick run round repairing leaking taps, straightening the blinds, tightening the door handles or touching up the paintwork. It will really go a long way to creating a good first impression and warranting a good price tag.