EOFY - Is now a good time to sell?

With the barrage of COVID 19 restrictions finally starting to ease, we are fast approaching the end of the 2020 financial year and many of us are starting to think about ‘next steps’ come tax time. Such as …..Is now a good time to sell?

Everybody buys and sells property for their own individual reasons, some commonly being;
 

  • They have outgrown their current property or wishing to down-size
  • They just want a ‘change’
  • They are adding to their real estate portfolio
  • They are managing a relationship breakdown
  • They are buying their first home

The list can go on and on………

One thing is certain -  if you are ready to sell or NEED to improve your financial position, then simply sell! 

Don’t ‘wait’ for the market to get better - if the decision has been made to sell, then just engage the right real estate agent and work with them to determine the best campaign for your property, present it in the best light and remain reasonable about your reserve selling price. Consider what price range comparable properties in the area are selling for/have recently sold for and take that into account. Unless your property has major points of difference that add further value for your target buyer audience, then expecting a significantly higher price compared to similar properties is unrealistic and could potentially see your property stay stagnate on the market for too long with little buyer interest. Do your homework, trust your selling agent to guide you and keep your motivation to sell and expectations real!

Many people have held off selling for a month or few to wait for the ‘market’ to improve, only to find out the hard way, the situation that has led to their reason for selling has now worsened and causing even more undue stress and anxiety. Not good. So if you want to sell, if you have to sell…then sell!

There is no magic formula, there is no ‘best time’. The agent you engage to sell will do the best they possibly can to get you the best possible outcome at that time - it’s in the agent’s best interest as well as yours to do so and a reputable agent will be as invested in getting a decent result as the seller is.  No different to when you last purchased property, where the agent most likely did everything they could to squeeze those extra few dollars from you -  when it comes to selling, they will do so with a qualified buyer in your favour!

So if you are ready to sell, then sell.

The RBA have made no changes to the cash rate this month, as we predicted. So, as we all prepare ourselves for the new FY 2021 and gather all we need for tax time 2020, I am still available on 0438 041 111 or on email at peter@vinci.com.au for a confidential discussion about your home loan requirements. 

Please enjoy our articles this month … riveting reading for all!

As always, enjoy life, work hard, play safe and remember that we are always here to help you 

‘Take the Confusion Out of Lending’ 

All the best

Peter Vinci - 0438 041 111