Right Time To Sell
Identifying the right time to sell one’s property is quite a difficult task. A series of factors need to be taken into account when deciding on whether to sell a property or to hold on to it. Potential home sellers can certainly be in pole positon ahead of the rest by arming themselves with the right knowledge on how to time their sale better to reap more profits.
“The best time to sell a property is when there is strong bargaining power. It also means that demand is more than supply. If you read my book co-written with Tony Yap, we have found that the best time to sell your property is during the first and second cycles when the demand line is above the supply line. This will enable you to get the best price and generate the most profit,” shares the Co-author of Buy Bricks Sell Bricks Caleb Chin.
Chin also urges home sellers to understand the importance of location as most people prefer to buy properties in good locations.
“We must remember that the main core of property investment lies with the location. Homebuyers and property investors tend to look for a good location first before deciding on the purchase of the property.”
SELLING YOUR PROPERTIES AT A LATER DATE
On the other hand, if you hold on to any property long enough, you will see noticeably good ROI (Return of Investment) when you sell it in future, suggests Chin.
“It can be harder to sell now because the market is more competitive – with many property agents getting more skillful in selling properties. Furthermore, there are even more advertisements featuring lower priced properties in the same area,” he says.
CONSIDER BUYING AND FLIPPING YOUR PROPERTIES
Contrary to current widespread opinions, Dr. Peter Yee, Property Investor and Author of bestselling property book You Can become Rich in Property opines that now is also a good time to buy and flip properties. He says this is because it is a sellers’ market whereby negotiation is stronger on the sellers’ side. This will enable investors to get the best deal from selling their properties.
Yee adds that there are also balance stocks from many developers which can be sold off to investors seeking to buy and flip properties at this moment. This is especially true for some of the buyers who bought properties at less strategic locations and are looking for a better deal for their next property purchase.
In conclusion, ascertaining the right time to sell a property is necessary. This way, you will have maximum buyer demand and will be more likely to achieve a premium price.
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