PREPARING YOUR MIND FOR SALE
Before you put your property on the market, take some time to think about what selling will mean to you – emotionally, mentally and financially. Deciding to put your property on the market is often the easiest part of selling. Many people find that they are not actually prepared to sell when the first offer comes in. The reality of letting your property go can be more confronting than the imagined prospect, and the moment to sell may come sooner than you expected.
The saying; “time is money” is never more true than when you have a property on the market. Quite often, the first offer received is the best one. The buyer has likely been looking for longer than you’ve been planning to sell; and they know what they want. When they make an offer on your home early, it demonstrates that they’re eager, and that your property ticks all of their boxes. Waiting months for a better offer might mean you lose the best one. Hesitation may equal compromising the final sale price.
Even if waiting yields a slightly higher offer, you can almost be certain that the increase in sale price does not cover what it has cost you to hold onto the property. Making your next purchase as early as possible is your wisest financial choice, and selling early will give you the necessary cash flow to do this.
Regardless of the state of the market; you face holding costs, depreciation, or interest on land, depending on what you’re selling. Buyers begin to value old buildings less than the land value, because they know they first need to remove the buildings before enacting their plans for the property.
So don’t be caught off-guard. Before you sell, get into a selling mindset and be ready for the eager buyer. The vendor who is ready to jump at the first offer is often the vendor who will secure the best price. Ask yourself – “what would I do if I had an offer in the first minute of being marketed? Would I be ready?” Think about your changeover costs and the timelines. Know all the comparisons. Prepare your mind for sale.