We all understand the market has changed. Prices have moved and buyers are harder to come by. Even still, prices are historically high compared to 3-5 years ago, meaning there is still an opportunity for most owners to sell their property and achieve a significant capital gain.

Sell now? Or hold?

The decision of whether to sell now comes down to this question: What else do you plan to do with the money?

Selling makes sense if freeing up capital will increase your freedom, reduce risk or liability, or allow you to invest in another asset like a bigger house, or a new business venture.

In short, selling is worthwhile if it allows you to do what you want to do.

Some owners with a mind to sell may choose to delay offering their property on the market and wait for buyer demand to improve, but it’s important to note that predicting market movements is extremely difficult. No one knows what is going to happen in future. Prices may fall or increase, or plateau for an extended period.

That’s why I would determine what’s right for me right now, instead of trying to predict the unpredictable.

Maximize your chances of success

Once you decide to sell, there are steps that can maximize your chances of securing a buyer in a reasonable period of time.

Step 1. Start preparing well before you offer the property on the market.

  • Rectify any outstanding issues with your association, if any
  • Take care of small repairs that would show up in a home inspection report
  • Freshen up paintwork in well-worn areas
  • Take a look at what else is on the market in your area
  • Review recent sales

Understanding the current market in your specific area will help you make informed decisions regarding your property. Never skimp on research!

Step 2. Look for an optimistic real estate broker with a plan.

Hire a real estate broker who understands the current market and can approach it with positivity. Avoid anyone who comes with a doom-and-gloom approach.

Step 3. Marketing strategy.

Decide on a marketing plan that will bring in buyers, but one that ideally avoids putting a cap on your potential sale price (at least at the beginning).

Step 4. Invest in marketing.

It’s all about standing out from the crowd. Use every promotional tool you can to attract buyers and keep them interested in your property until a sale is achieved.

Step 5. Be flexible.

Selling in this market can be a bit of a journey. Remember why you are selling in the first place. Trust the process and stay patient.

I would keep the big picture in mind when reviewing offers, and never allow negotiating pride to block the way of progress.