Your search results

When Is the Right Time to Sell Your House?

Posted by Jayson Ang on December 31, 2022

| 0

TLDR

When deciding to sell your house in Singapore’s competitive real estate market, timing is crucial. Selling during a seller’s market can lead to higher profits due to high demand and low supply. However, factors like needing to buy a replacement home or recent refinancing should be considered. Ultimately, the best time to sell depends on your specific motivations, whether financial reasons, changes in family lifestyle, or stagnant property prices. Understanding your goals and the market conditions will help you make the most of your property sale.

Deciding when to put your house on the market can be a tricky decision, particularly in today’s highly competitive real estate landscape where home prices are reaching record levels, but with interest rates rising and warning signs of a looming economic slowdown.

Can You Really Time The Market When It Comes To Selling Your House?

No one could have anticipated that after the COVID-19 pandemic hit, housing prices would reach a peak like never before. It is notoriously difficult to predict the direction of price movement when it comes to buying or selling a house, even with transaction data. What is documented is merely a snapshot of the past, a moment in time which has already passed. Thus, the real challenge is gauging when prices will hit an all-time low or soar to unprecedented heights.

With condo resale prices reaching record levels and having climbed for 28 straight months, now may be the time to consider cashing out of your condo unit.

By 22 December 2022, the average psf price of a resale condo in the Core Central Region (CCR) stands at S$2,135, the Rest of Central Region (RCR) at S$1,601, and the Outside Central Region (OCR) at S$1,269.

Considering the current seller’s market, it could be a savvy move to sell your house now, as you have the chance to reap the benefits of higher prices and greater profit. On the other hand, if your house is an investment, holding off may bring even bigger returns in the long run. Ultimately, it all depends on what you want to gain from the sale of your home.

Why It’s Good To Sell Your House During A Seller’s Market

When supply is low and demand is high, a seller’s market emerges, and people are willing to fork out higher prices for what’s available.

1. You Could Possibly Fetch More Than Your Listed Price

Given the high demand and low supply of houses, you can maximise your sale price and profits by making your property stand out. With an abundance of buyers in the market, you can potentially sell higher than your asking price if your home is highly desirable and competitive. With the right marketing and showcasing, you can create a bidding war and attract multiple offers, allowing you to leverage the best deal possible.

2. You Can Unlock The Gains Faster

If you list your property during a seller’s market, you have a great chance of quickly selling it – even if it has a few undesirable features, such as being close to a rubbish chute or on a lower floor. This could allow you to capitalise on your gains even sooner!

When It’s Not Good To Sell Your House During A Seller’s Market

In a seller’s market, selling your house may be very tempting; however, you should always remain mindful of the next phase of your homeownership adventure.

1. You Need To Buy A Replacement Home

If you’re planning to sell your only home but don’t want to move in with your family or rent, you may need to purchase a replacement. Unfortunately, in a seller’s market, you might have to pay a hefty price for it. Before committing to buying the next home, make sure you can afford it, even if you have the sale proceeds and a home loan. Otherwise, it might be wise to put off the home-selling plan.

2. You Recently Refinanced Your Home Loan

If you refinance your home loan, you’re usually locked in for two to three years; selling your property during this time will incur an early redemption penalty, thus diminishing any potential profit.

Nevertheless, The Best Time To Sell Depends On The Motivation You’re Selling

Don’t be tempted to sell your house just because it’s a seller’s market and all your neighbours are unloading theirs; the best time to sell your house depends entirely on your reasons for doing so.

1. You’re Selling It For Financial Reasons

If you find yourself needing to sell your house due to financial difficulties, you may be struggling to make ends meet, or perhaps interest rates have risen, leaving you wanting to lighten your debt burden and downsize to a more affordable residence. Or, maybe it’s time for a change and you’re in the market for something newer that doesn’t require all the upkeep your current house needs. Whatever the reason, it’s best to sell the house quickly so you don’t miss out on the best possible price.

2. There Are Changes In Your Family Lifestyle That Require You To Change House

Maybe you’ve added another addition to your family, or your two children no longer want to share a room, but your current home is too small for this. Or, maybe your house has stairs and you’re already fed up with climbing them up and down. Selling your current house for the funds needed to buy a new one seems like a sensible solution, yet you’d rather put up with the issues than wait for prices to rise before taking the plunge.

3. Your Property Price Have Been Stagnating For The Longest Time

The location of this house might be ideal, but unfortunately, the price has been stagnant for quite some time and there’s no indication of any imminent developments in the vicinity that could lead to any substantial increase in the value. Perhaps it’s time to put this property on the market and invest the funds in a more profitable asset, such as a property near an upcoming transformations.

You May Also Like …

Mandarin Top 5

5 Top Reasons Why Chinese Love to Invest in Singapore Property Market Today

Jayson Ang – May 23, 2023 –

Here are the top 5 reasons why Chinese love to invest in Singapore's property market today. 1. Political stability: Singapore...

All Buying Tips Opinion Selling Tips

Is Lifelong Renting a Viable Option in Singapore?

Jayson Ang – March 6, 2025 –

TLDR In Singapore, while the majority aspire to own homes, a small segment opts for lifelong renting, driven by personal...

Mandarin Top 5

Top 5 Reasons : Why Do Singaporeans Still Flood The Property Market?

Jayson Ang – August 25, 2024 –

Singapore, a thriving city-state with a robust economy and a strong demand for real estate, has always been an attractive...

Mandarin Top 5

Top 5 : Advantages of Owning a Luxury Condominium in Singapore for Long-Term Investment

Jayson Ang – February 23, 2025 –

Singapore, a thriving global city-state, has become an attractive destination for real estate investors. Among the various property types available,...

Mandarin Top 5

5 Singapore Property Investing Myths Debunked

Jayson Ang – July 6, 2024 –

In the world of property investing, misconceptions can lead to poor decisions and financial losses. In Singapore, there are several...

All Blog Posts Buying Tips Opinion

7 Lesser-Known ‘Minor’ Condo Problems That Could Lead to Major Issues Down the Line

Jayson Ang – October 11, 2024 –

TLDR When choosing a condo, it's crucial to look beyond MRT station proximity, developer reputation, and price. Overlooked details can...

All Buying Tips Opinion

Bayshore: Reinventing the Experience of Living by the Beach

Jayson Ang – May 4, 2024 –

TLDR When deciding on buying or selling property in Bayshore, consider the recent developments and potential future growth. With a...

Mandarin Top 5

Top 5 Factors : Singapore Real Estate Investing vs Stocks and Bonds: Which is Better?

Jayson Ang – October 23, 2024 –

Investing is an essential aspect of wealth creation and financial planning. With a plethora of investment options available, it can...

Mandarin Top 5

Singapore’s Real Estate Market: Disproving 5 Common Misconceptions

Jayson Ang – February 25, 2024 –

Singapore's real estate market is a complex and dynamic market that can be difficult to navigate for new investors. With...

All Opinion

Budget 2024: What To Expect For The Singapore Residential Market?

Jayson Ang – February 18, 2024 –

TLDR In 2025, owner-occupiers of residential properties can benefit from property tax relief based on the Annual Value Band. Retirees...

All Blog Posts Buying Tips

Downsizing From A Spacious 4-Bedroom Condo To A Cozy 2-Bedder: How I Chose A Condo Over A HDB

Jayson Ang – April 28, 2023 –

TLDR Mdm Sim's decision to trade her four-bedroom house for a two-bedroom condo is explored, highlighting the benefits of right-sizing....

All Buying Tips

What Are The Key Factors That Contribute To Property Valuations And Why Are They So Crucial?

Jayson Ang – October 23, 2023 –

TLDR Understanding property valuations is crucial for both buyers and sellers in the real estate market. Property valuations involve two...

Mandarin Top 5

Top 5 Surprising Benefits of Investing in Singapore Real Estate for Foreigners

Jayson Ang – October 27, 2024 –

Singapore, a thriving city-state in Southeast Asia, has become an attractive destination for foreign investors looking to diversify their investment...