A question every homeowner wants to know, “When is the best time to sell your house?”
Like many questions in real estate, there is no straightforward answer. Various factors are at play, both within and beyond your control.
On the whole, your motivation to sell plays a crucial part in the process. Of equal importance is the principle of supply and demand which greatly influences the market type, the ideal time of year, and even the buyers’ interests towards specific localities and properties.
Here are five things to consider before you put that ‘For Sale’ sign out front.
1. Determine your why
The best time to sell is when you are ready. So instead of when, start with why. Are you relocating, downsizing or reinvesting?
Whether you are thinking of listing for financial or personal reasons, establish your why first. Your motivation takes precedence over what time of year is best.
If your circumstances press you for time or allow you to wait, your route to ‘sold’ will vary not only in terms of duration but, more importantly, profit.
2. It’s a seller’s market
A foolproof cue? A period of high demand and low supply, also known as a seller’s market.
If you’re looking to unload a property during such time, you are one of few with little to no risk of getting lost in the market.
Further, more buyers competing for limited properties means your home will sell for more. You are also likely to get multiple bids.
Want more tips on how to quickly sell your property? Read more here.
3. It’s an ideal season to sell
Taking the temperature of the market is one step. The time of year is another.
Unlike other markets where spring is the undisputed champion of seasons for selling a home, Dubai is unique. Where it’s sunny all year round, the market is just as active.
That said, there are marginal dips during the peak of summer and during Ramadan. The cooler months are more favorable in general. Even though expats leave the country for the holidays, tourists (read: investors) flock into the country to escape winter from home.
4. Location, location, location
Home prices, conditions and layouts—they can all be changed. The one thing you can’t? You guessed it.
The value of your property is tied to its location. Simply put, the location creates desirability, desirability creates demand, and demand in turn raises prices.
If you live in a coveted district or prices of homes in your neighborhood are on the rise, it’s probably a good time to sell.
5. Property Type
To get a pulse of what is currently on-demand, it helps to stay up to date with current market trends.
Some property types are more in demand than others. For example, villa properties continue to see an increase in demand while apartments lag behind.
If you own a villa or townhouse and are looking to sell, the timing couldn’t be more perfect due to the drop of inventory for sale.
When it comes to selling your home, the right timing can spell the difference between making a profit or a loss. Considering these key factors can help maximize your return and minimize your property’s time on the market.
To help you navigate this overwhelming and often emotional process, it is important to have a reliable real estate agent by your side.
That’s where we enter the picture. If you’re looking to sell or considering the prospect, let us help.