The importance of knowing when to hold and when to sell your property
Category RealADVICE
"Many people often only move when they need to due to their jobs, family, or other responsibilities, and, in this case, the best time to sell your property is as soon as possible. However, if you are interested in selling your existing home and moving into a new property and aren't restricted by any time constraints, sometimes it's better to wait for an opportune time to do so." says Gerhard Kotzé, CEO of the RealNet property group.
"The decision to hold onto your property or sell it is not a simple one. It will require you to analyse your finances, research market trends, and assess all of the possible risks. Just like with any other investment, the age-old saying of buy low, sell high will always apply, but timing this to get it right is no easy feat."
"Ultimately, everyone wants to sell in a seller's market, where demand outstrips supply, and there is an abundance of qualified buyers looking for homes, as this is when you have the best chance of selling your home at a higher price."
"Strangely enough, certain times of the year also seem to bring more buyers. The industry typically sees a notable dip in the colder months and an increase in the warmer months. This is likely due to a few reasons, as gardens and neighbourhoods are usually in better condition around these times of the year, and people are in better moods when it's warmer."
"The summer months also line up with the end of each year, and this encourages many families to start looking for homes so they can settle down before the school year starts."
"However, it's important to bear in mind that if you're selling your primary residence, you'll also need to purchase in the same market. This could mean that any extra profits you might have earned could end up going towards the next property you purchase."
"If your reason for selling your home is due to the fact that you can no longer afford your monthly repayments, then it's better to sell as quickly as possible regardless of the market. The longer you hold onto a property you can no longer afford, the worse the consequences will be. The sooner you sell, the sooner you have a chance to financially recover and avoid being blacklisted and harming your credit score."
"All in all, the best time to sell your home will mostly come down to your personal preference. However, it's always best to consult an experienced Property Practitioner before making this decision."
Author: RealNet
