Housing prices were down again, declining 0.5% in September 2018 and 1.6% for the quarter, according to the CoreLogic Hedonic Home Value Index.
The Report continues, home prices have dropped by 2.7% since the national index peaked a year ago. Hardly a collapse, and a slower pace of decline compared with the past housing market decline (June 2010 to Feb 2012) when national housing prices dropped by 3% over the first 12 months, dropping 6.5% from peak to through.
Regardless of the market slowdown, sellers still can take advantage of many opportunities that would allow them to get the best possible price for their property.
When is the right time to sell?
Several factors can help you determine the right time to sell your home.
Number one is research. Potential sellers should study similar properties to theirs that have been sold recently. This will help figure out the price for the property and you’ll become familiar with the demand for housing in the area.
Demand from buyers in the market remains strong, and a declining supply means sellers have the chance to get top dollar for their property.
At present, for sale properties are down 10% compared to the previous year and properties being sold are down 25%. Also, it’s taking longer for properties to sell, giving buyers more time to make the right decision and sellers more time to get the sale price that is acceptable to them.
Is there a certain time to sell?
Traditionally, the best season to sell is spring, with plenty of homes coming onto the market during the warmer weather when the gardens are blooming and everything smells great. However, seasonality is just one aspect that influences the sale of property. Sellers also need to look at the supply and demand aspect.
Here is a good guide on when to sell:
Buyers consider natural light important. If your home is located where there is abundance of sunlight all-year round, then sell during winter when competition on the market is less intense.
If your property gets a little bit of sunlight during winter but more light during summer, then don’t give in just yet and wait for the right time. If your home is fronting west and has insufficient insulation or without air-conditioning or fans, then the best time to sell is during autumn or spring.
Do your homework
Real estate experts advise to go for it if a good opportunity presents itself, whether the market is up or down. To help you sell for top dollar, find an agent who is very familiar with the market in your area. Agents will appraise the price potential of your property by studying a variety of factors including location, amenities, condition, other conveniences such as parking and outdoor spaces, and recent sales of comparable homes in the suburb.
Experts recommend getting three different agents for a valuation. Agents continuously observe the market and study similar properties. Call Annette Pinkerton today for yuor free market opinion and appraisal on 0418447856.