When is it the right time to sell?
Deciding to sell a property, especially if it’s your home can be difficult. Once you do decide to move forward you know that you have to contend with the fact that in Malta, there are plenty of properties for sale at many different price points. It can be a confusing and stressful experience. Whatever the reason you want to sell – either because the nest has become empty, or because the family is growing, or perhaps you’re moving to another country – one thing is sure: you want to sell your property at the best time to secure a good return on investment.
How do you make up your mind?
But what if you are still thinking about selling? Most of the time the answer is very easy to get to. Ask yourself these questions:
- Is selling your home something you have discussed too many times?
- Do you end up deciding, every single time, not to sell, after all?
- Do you find yourself having the same conversation again every couple of weeks?
If your answer to the above three questions is ‘yes’, then your answer is very clear: you’re not satisfied with your decision not to sell. It is only when you’re happy with your decision that you stop talking about it. So, if it’s been on your mind for a while, then why don’t you take the plunge and seriously start thinking about selling?
Is it the right time for you to sell your property?
Once you decide to sell, you need to plan before you put it on the market.
The first thing you ought to do is go round your home and see if there is anything that requires attention: a leaky pipe causing mould to grow on the wall, any light fittings needing replacement. The less work a prospective buyer has to do, the more likely they are to want your property.
Next declutter and clean the home. A place always looks better when it’s clean and tidy. If the walls haven’t been painted for a long time, then redecorate before selling.
Lastly, you need to prepare yourself emotionally for the sale. Detachment and lifestyle changes are directly linked with selling. Detaching yourself from a home where many memories were made over the years is very hard. However, you should be able to part with it and allow someone else to dream of making it their own. Once you have accepted to let go of your home, you must look forward to a lifestyle change, inevitably brought about by living in a different place.
When is the right time for a good sale?
So, now that you have decided to sell you need to become aware of a few market factors that will affect the sale.
Real estate in Malta, like in every other country in the world, has its peak seasons, where demand and prices are at their highest. It’s obvious that the Christmas period with its social gatherings doesn’t leave much time for house-hunting, and summer in Malta is too hot to be driving along the streets to view properties. Generally, the largest number of sales happen in spring, because the weather gets warmer and the days longer.
The kind of property you are trying to sell can also make a difference. If you are selling a property that is perfect for first-time buyers, then there is a chance that a couple of months into a new year, which symbolises the turning of a new leaf, will get young individuals searching for something to call their own. If your home is large enough for a growing family, however, then they might start looking in the autumn, around October, right after the children have gone back to school. For families, the start of the scholastic year is a time for many fresh starts.
Whatever the season, try to time your listing. If you’re targeting first-time buyers who might start looking at the beginning of the year, try to list right before peak season. Don’t list your property in December or on New Year’s Day, as there won’t be too many buyers around and you run the risk of your property listing getting old. Similarly, if your home is suitable for families, think of listing in mid-September so that the property would still be ‘fresh on the market’ by the time the buyers start looking around in October. People use the ‘Newest first’ sort feature on websites, and you want yours to be there at the top.
When is it not the right time?
Apart from avoiding festive periods, and the summer months when everyone is abroad and enjoying their time al fresco, there is another time when one should simply avoid selling and that is if there are works going on in the area. If you know about a planned big road project or lots of development going on in your street, for example, it is recommended that you let the dust settle before you put your property on the market. Buyers find it difficult to deal with the unknown, and if they see that there is plenty of disruption, they will lose interest. Waiting could also work in your favour as there is a big possibility that the works, when finished, will make the area more attractive, increasing the value of your property.
How much to ask for?
This is another tough question. Asking a property consultant to help you with a valuation is never a bad idea and you can always do your own homework on asking prices in your area. A quick online search for ‘property for sale in Malta’ will soon reveal homes like yours. Take note of the size and asking price and you should start getting an idea of what to ask for. Understanding how many properties like yours are available and the prices being asked will also help you to work out if the current market is working more in favour of buyers or sellers.
A few last thoughts.
One final tip. Check with the bank and confirm that they can lend you the money you may need for your next purchase. That way you will know where you stand financially – how much you can spend, and what portion of it will be covered by the sale of your existing property.
Selling your property with the right advice.
Life is too short to live with regrets. If selling your property means you are one step closer to your next dream home then pluck up the courage, get the house ready and start welcoming prospective buyers.
At Zanzi Homes, we have more than 240 specialists who are dedicated to helping buyers and sellers achieve their dreams. We list thousands of homes and properties every year and our commitment to approachability and professionalism makes us the place to go to if you are selling your property in Malta and want reliable guidance.
You can find out more about us at https://www.zanzihomes.com/