Understanding the best time to sell your property
Whether it's shares or property, timing an asset sale to achieve the best price possible is often a challenging assignment.
Also real estate isn't like the sharemarket, where it's possible to sell a few stocks here and buy a few stocks there to take advantage of short-term price movements. Rather, the vast majority of people sell their homes because they have no choice.
It may be that a new bub has triggered the need for a larger home, or the last of the tribe has moved out and the homeowner is now lording over an empty nest that is simply too big to maintain.
Alternatively, a property sale may be activated by a family break-up, a marriage or an interstate or overseas job transfer.
Or it's been prompted by a lifestyle choice to move from the city to the coast or the bush. A move to an aged care facility or a death can also spark a property sale.
Once a decision to sell a property is taken, maximising the sale price is vital and often involves recognising prevailing market forces.
For instance, with the premium end of the market (above $10 million), the falling Australian dollar is initiating some big sales.
A lower $A makes local prestige properties more financially appealing to cashed-up international buyers and Australian expats.
Homeowners in popular coastal holiday haunts are also now enjoying the green shoots of a post-GFC recovery. Whether you're a local in a holiday town, or someone who's lucky enough to own a holiday home, if you've been considering selling, now could be a good time to make a move.