Is it a good time to sell your property?

Seeff unpacks what the current market challenges imply for potential sellers

The current state of the real estate market presents some challenges for potential sellers. Samuel Seeff, chairman of Seeff Property Group, reports that there are fewer buyers in the market due to the higher interest rates and cost of living.

However, this does not mean that you shouldn’t make a move to sell your property. Seeff is here to offer some insights into the situation and guide you to a decision that suits your circumstances.

It is important to note that the property market remains relatively stable despite the challenges. Although properties are taking longer to sell and there is pressure on asking prices, the situation is manageable. Seeff urges sellers to consider their unique needs and situation before deciding whether to sell or wait until the real estate market is performing better.

Should You Wait to Sell Your Property?

The perfect time to sell doesn’t exist. Waiting to sell will not guarantee a higher selling price, and it’s a risky gamble if you choose to wait for a better offer. This waiting could also mean that you have to pay more for a new house in the future, as that price could climb along with your own property’s selling price.

However, Seeff understands that sometimes, you don't have the luxury of waiting. Personal reasons such as downsizing or relocating might mean that selling now is your only option, while for some sellers renting out their property could be a viable alternative.

Two Things to Consider Before Selling Your Property

Before you sell your property - whether this week or a year from now - consider the following to make an informed decision and eliminate any surprises.

• Set a realistic asking price. In a market where demand is waning, and buyers are scarce, it's critical to price your property accurately if you want to attract the attention of potential buyers. Seeff recommends that you price your property in line with the going rates in your specific area to maximise its appeal.

An overpriced property is like a ticking time bomb, driving potential buyers away and causing your listing to languish on the market.

• Consider your area. The area in which you’re selling your property plays a big role in the success of your sale. Suppose you're fortunate enough to be situated in a sought-after location with top-notch schools, amenities, and transportation links. In that case, you may have a distinct advantage over properties in less desirable neighbourhoods.

Even in the face of economic turmoil and rising interest rates, a high-demand area can help you sell your property quickly and efficiently. In contrast, selling in an outlying area with little to offer (for example, no schools) can be an uphill battle.

Every month, thousands of successful sales transactions are easily completed across the country. But before you decide, you must clearly understand your local market and the current selling conditions. By thoughtfully evaluating these factors, you'll be empowered to make a decision that suits your unique needs.

Contact our experienced Property Practitioners for guidance in making a wise and successful sale.

If you would like to conduct further research, we encourage you to read our blog on tips when selling a house.