8 Signs You Are Ready to Sell Your Home
1. Ready or Not?
Real estate is one of the most popular topics of conversation in Australia. Everyone wants to know how is the market performing, what prices are being achieved in your local area and what’s happening with interest rates. Perhaps you are contemplating selling recently but haven't been able to decide if the time is right. At LJ Hooker, we’ve helped a lot of people sell their homes over the years and know the key indicators of when you might be ready for the next chapter in your property journey. So let’s take a look at whether now is the time for you to move on to something that better suits your current needs.
2. How much money do you have or need?
This may sound obvious but this is an important starting point in deciding whether to go to market. Spend time evaluating your finances to determine whether you have enough money to afford the upgrade you are dreaming about. Or if you're a first home buyer, have you saved enough of a deposit? Perhaps your motivation to move is to downsize and free up some money so you can enjoy other parts of your life more. Maybe it is time to sell and invest in the business you have been dreaming about starting. Whatever the reason you need to understand your financial position in deciding whether now is the time to move or stay put.
3. Your neighbourhood has seen a massive price rise
Have you been lucky enough to live in a suburb that has seen a price hike - certainly many parts of Australia have seen this! Strong capital growth can indicate whether it is the right time to sell and buy something better suited to your needs. It may unlock the ability to upgrade, free up money to travel or allow you to move closer to lifestyle activities you enjoy. Understanding your local market is important, specifically, look at what homes similar to your own in your neighbourhood are achieving. Get in touch with your local LJ Hooker agent who will conduct a market appraisal and indicate what kind of price you can expect to achieve when selling your home.
4. Your family is expanding
If you've added a few kids and perhaps a pet or two to the family unit, then upgrading to a larger home is a natural step. You might find you need more bedrooms or a bigger backyard. Perhaps you want to move to an area that has better lifestyle offerings such as parks, a friendly family neighbourhood, and access to good schools. Even if you don't have children, buying a home near a good school is great for resale. Typically, it is better to sell your home before buying a new one. By doing so, you will have the funds ready and will know what your budget is. You will also be able to make a larger down payment on your mortgage and avoid having to juggle two mortgages at the same time.
5. The kids have left the nest
The other end of the story - is that the kids have moved out of home and you no longer need so much space. Wouldn't it be nice to free up some money so you can travel and do other things with your time rather than cleaning the large family home? Downsizing doesn't have to mean downgrading. We’ve compiled an e-book on this very topic which you can find here. It provides a roadmap for realising your downsizing dreams.
6. The Neighbourhood isn't for you anymore
Does your current neighbourhood suit your lifestyle? If you are an active outdoors type - can you access the great outdoors near your home? Do you love the café lifestyle but are miles away from anywhere decent so have to travel for ages to indulge your passion? Figuring out what you want in a neighbourhood is a good step forward and an easy way to assess whether your current suburb ticks the boxes. It could also be a good time to consider whether you should buy in the country or the city.
7. Hating the office commute
Are you tired of the long commute to work each day - consider moving closer to where you work could be an option. It will free up those hours spent in traffic or public transport - just think how much more time you spend doing the things you like! If you can work remotely, it is important to set up your own office space, so you can close the door and walk away at the end of the day. This may mean upgrading to a property with a designated study or a spare bedroom which you can convert into your workspace.
8. A fresh start sounds fabulous!
We're often told the Australian dream is owning your own house, with two kids and a big backyard. But times change, and with it, so do our dreams. Nowadays, lots of people prefer to own an apartment or a more compact house close to the city. You don't have to subscribe to what you're told is the right type of property, because one size doesn't fit all!
And remember that LJ Hooker can be there every step of the way, helping you to sell your current property and buy your next home. We have an established network of experienced agents right throughout Australia.
When you find the home you want, you'll feel it in your bones. If you know exactly what you want, have the funds to get it, and understand the process, we'd say you're ready to move forward and sell! Good luck!
DISCLAIMER - The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.