Gamble: when time is your friend
If you’re paying your mortgage on time – or better still, are unencumbered by mortgage – and time is your ally, then you would greatly benefit from holding out for a high sales price. In the end, there’s no pressure for you to sell. Markets run on a cycle, and after five or seven years, the value of your property might be higher than it is now. Or, maybe not.
Tip: Conduct market research to determine an accurate price you can look forward to for your property.
Gamble: if your property can’t be priced
There are properties that just can’t be priced. Their design, location, features or heritage may be so unique that they can only lure in a whole special breed of buyer. If your property is one of these, it would benefit you to wait for a good offer. Similar to a collector, the right buyer will see your property and fall in love with it and pay what they think is its value – despite the state of the market.
Tip: In an auction, use a marketing strategy that would have interested and participating buyers bidding beyond your expectations, bringing astonishing results.
Play it safe: when you have loans
If you have difficulty managing your mortgage repayments, then it would benefit you more to take a market offer than hold out for a higher one. While you might be tempted, you are likely to pay thousands of dollars’ worth of mortgage interest while you hang on for that elusive buyer. The outcome may even be no tangible saving at all.
Tip: Avoid more losses, divest your property and take charge again of your finances with your next economised purchase.
Play it safe: After a home upgrade
After a renovation, you’ve put your home up for sale, expecting top dollar. Odds are a house is only worth its purchase price, and if you’re slow to move, your freshly refurbished home will soon appear stale on the real estate agent’s books.
Tip: Utilise an auction strategy to boost buyer interest and create urgency.
Play it safe: if you have purchased elsewhere
If you’ve purchased property somewhere else, legal contractual after-effect of suspending the settlement can have massive financial fallout for you – you may be obligated to shoulder the interest and costs for causing the postponement.
Tip: Don’t abandon your game plan and try to offload your property as quick as you can. You have no time to be picky.
Whether you decide to sell fast or wait for a top buyer based on your property’s market value, never forget to weigh the cost to the gain of any decision you make.