If you are thinking about selling your property but you are not in a rush to do so then it may well be worth waiting for this year to pass first. Experts like Ali Ata in the industry have been speaking about this of late, and it is in the wake of the pandemic that selling your property makes little sense. There is no doubt that the last 12 months have been tough on everyone, and although things are opening up there will be a lasting impact in many aspects of life. One of those is the real estate market and here is why not may be a little too early to think about selling your property.
Imminent Crashes in Price
Whilst price crashes may not be guaranteed around the world, there are going to be many places which see drops in the price of real estate. Naturally when you are selling your property you want to get the absolute most out of the sale and that is why it is going to be better to wait. Many experts suggest that the drop in price will be temporary, and that is why waiting for 6-12 months should be enough for things to once again pick up.
Ultimately we are going to see less buyers in the market based on the simple fact that people don’t want to take financial risks which aren’t necessary. This means that finding buyers for your property is going to be harder than usual and that is just hassle which we don’t need. Bearing this in mind, it is important that you hang on and use this time to perhaps add some value to the property and to make the place more salable on the whole.
Another issue which you are going to have here is that there are many people who are having to sell their homes, and this is going to create more competition. Given the fact that there are also going to be less people buying, this is the worst kind of market in which you should be looking to sell the property. This again is why the best option for you will be to hang on and wait it out, until the market changes and becomes less competitive. There are many who simply cannot afford their homes any more and this is why they are forced to sell now.
This may actually be frustrating for you given that there could be some good opportunities to buy low cost properties, but the reality is that whatever you save on the purchase, you will have likely lost on the value of your home. Adding the hassle of the sale to this is exactly why it just isn’t the smartest move right now to look at selling your property, unless you absolutely have to.
Wait it out for 6 -12 months, do some work on the property and then look at how you may be able to sell it in the coming months.