Most of us buy a home with the intention of staying in them for a long time. That’s why we spend quite a bit of money renovating it to look perfect. However, when opportunity comes knocking to reap a decent profit from the sale of your home, you may not want to pass it up.
It’s 2023 and the market is still hot and while we can’t say for sure how much longer it is going to last, here are the 5 reasons why you should sell your home today to get the best price.
1. You need a bigger or smaller space
Let’s get the obvious one out of the way. You should sell if you NEED to sell.
Perhaps you bought your home when you didn’t have kids, and now you’re running out of space for your growing family and their growing collection of books and toys. Maybe your adult children have all flown the nest and you no longer need that much space. Either way, you either outgrew your home, or your home outgrew you. This is when it’s time to “right-size” your home.
The good news is that your next home would be more suitable for your needs and it will provide significantly more comfort after you’ve completed your sale and bought your next home.
What’s the most important thing here is to not make your intentions clear to potential buyers. If there’s an immediate need to sell and move, buyers sense an ability to negotiate down your asking price so that they can close quick.
2. Frequent Flyers
The silver lining amongst the slight annoyance (and a ton of wasted paper).
You definitely have received the occasional flyer in the mail from multiple property agents trying to get leads. However, if you see a sudden spike in the flyers distributed, it may point to a seller’s market. This is especially telling if you frequently get flyers tucked into your gate frame itself from multiple agents, all from different agencies.
In this case, it may be a good idea to start your own due diligence. The first step would be to have an understanding on the valuation of your home and how much it can fetch in today’s market.
Typically this happens when a BTO flat has reached it’s 5-year Minimum Occupancy Period. It is usually at this time that homeowners stand to make the biggest annualized return on their property. Simply because it is the newest possible flat available in the market without needing to wait for one to be built.
3. Volume of viewings
Are you seeing a lot of new faces popping by the neighbourhood accompanied by someone with a lanyard? Do they appear to be checking out the area with curious faces? If you spot multiple instances of these, your area could be seeing a rise in property viewings.
If you can find out which unit is up for sale, take a quick note of the number of people that come at different times throughout the day (especially on a weekend). This will give you a rough idea on the demand the units in your area has.
Economics 101 says that the higher the demand, the higher the price people are willing to pay for it. It may be time to drop us a message to validate the demand and the number of transactions that has occurred for your area.
4. Many of your neighbours are moving out
A great indicator on whether or not you should sell would be to see what your neighbours are doing. While typically adopting herd mentality is not advised, the identical collective thought of a number of people can justify taking a similar action. The market is driven by collective action, and if the collective action is to sell, it may worth checking this out.
One other way to keep yourself updated is to regular check property listing websites like the one here at Ohmyhome. Alternatively, you can check on completed transactions (as sold units won’t show up on property listing sites anymore) via these 2 links. HDB’s Resale Flat Prices here, and private property resale prices here.
5. There’s a buying opportunity
No one sells their home without buying another (unless the plan is to go off the grid in the jungles of the Amazon).
If you have your eyes on a new property purchase that tickles your fancy like a new launch condominium in a great area (there are over 30+ New Launch Condos coming this year), you may want to unlock your existing resource which is likely stuck in the built up equity of your current home.
This is when you take the next big leap in your property journey. Many HDB homeowners with aspirations to own private property can be tempted to sell and buy a fancy new home with a fancy new name. It makes a great “Asset Progression” plan to build generational wealth for you and your family.
Building Your Asset Progression Strategy
This strategy can take a lot of detailed planning with an expert on your side. This is why we recommend you contact our Super Agents to plan this with you. Putting pen to paper on the exact steps you need to take to achieve a new chapter of success for yourself and your family.
And at only a 1% commission to sell your home and absolutely no cost when planning to purchase a new private property, you can start on the best foot forward and have more cash on hand to put the down-payment on your next home.
Drop us a message on WhatsApp or fill up this form and let’s make 2023 the year you make the best property decision that your future you would thank you for.