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Advice on the right time to sell your house

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With the shortage of property available at the moment, many homeowners may be more inclined to put their property on the market and take advantage of the current conditions. “Inventory shortages have pushed both demand and property prices up with several areas throughout the country experiencing multiple-offer situations,” Adrian Goslett, Regional Director and Chief Executive Officer of RE/MAX of Southern Africa is quoted to have said.
“Greater numbers of buyers are showing the necessary affordability levels to purchase property, however in several areas there are just not properties available to them. There is currently a backlog of buyers waiting for property, which means that when homes do go on the market they are snapped up in no time. In the current market, sellers are now in the driving seat when it comes to negotiations,” Goslett said, adding that although deciding to sell is still a big decision which needs to be weighed up carefully, taking into consideration several aspects such as lifestyle and finances.
Goslett added that selling a home often means that the seller will become a buyer in the same market, so it is important that they take some time to make sure they are ready to move on from their current property.
To assist homeowners with the decision, Goslett provided a few signs that will give the homeowner insight into whether they are ready to sell. Normally the number one reason that homeowners decide to put their property on the market is because their family has grown to the point where their current home no longer meets their needs.
The needs of a family changes as it grows with the arrival of new members. There is also the matter of children outgrowing shared spaces or rooms. Other situations could also mean more space requirements, such as in-laws moving in or a family member needing a home office. “All these factors will play a role in the decision to move on and find a home that can accommodate the changes,” Goslett said.
While property prices throughout the country are seeing a gradual upward trend, certain areas are seeing a much higher percentage in growth than others. A homeowner within one of these property price hotspots might be more inclined to sell, especially if they have been undecided about selling up to this point.
If the homeowner is no longer managing with the maintenance or upkeep of the property, perhaps it is time to move to a smaller home that requires little or no effort to maintain. “While some homeowner’s family situations may require them to move in a larger home, others may already have a large home, but have children who have moved out. If the expense and maintenance is becoming too much and more time is spent trying to maintain the home than enjoying it, what’s the point. It might be time to let go of the larger property and purchase something that is more practical for the homeowners’ needs,” Goslett advised.
While home equity evaporated during the recession years and many were forced to hold onto their homes, for many homeowners the recovering property prices have brought equity back. According to Goslett, homeowners who have not had their homes evaluated for some time should have it appraised and research to see where that leaves them financially. With a positive home equity, selling is always an option.