If Prices Are On The Rise Shouldn't We Wait To Sell?

Leo Edwards • October 3, 2021

Understanding your options when it comes to selling is more important than ever. 

 We are currently experiencing rapidly rising property prices on the Bass Coast and fierce competition for houses is making it harder to buy and sell in the same market, leaving home owners with a sometimes difficult choice.

Do they put their property on the market and try to sell first and run the risk of not finding another home before their settlement or of further price rises? Or, do they buy first, and hope they can sell their existing property quickly and for a good price?

While this dilema is nothing new if you are currently thinking of selling, it will be a strong factor in your decision making process.

Senior research analyst Nicola Powell from Domain says:

"Last year sellers were more inclined to sell before they bought because there was so much uncertainty about prices. But, if you sell before you purchase what many may now be finding is that the market is running away with them and gaining in price. In the ideal scenario, your transactions are as close as possible, but that's not always possible."

Here at Inverloch @realty we are seeing some sellers miss their chance to buy back into the same market, that's why the sales strategy you adopt to sell you home is now so critical. 

Understanding your options when it comes to selling is more important than ever. By offering our clients three methods of sale - Private Treaty, Auction and Openn Negotiation we can advise based on your property and circumstances which method will provide you the best outcome based on your situation.

For example if you were to list your home today for $1,000,000 and the market keeps rising at 3% per month and your agent takes 3 months to sell your property, even if they sell it for the asking price you have actually lost a $90,000 market gain! if you were planning to buy a similar home the market price for that will now be $1,090,000.

Best advice in a rising market that we are now experiencing, choose a sales method that is proven to give you not only the best price but also the fastest result. Always check your chosen agent's verified online reviews on Google and Rate My Agent, and ALWAYS look at their list price to sale ratio.

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