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Tougher lending conditions and higher loan repayments are causing many investors to ask themselves whether or not now is a good time get out of the market and cash in.
However, before you go to sell you need to consider whether or not it really is the right time and the best option for you.
Firstly, you need to ask yourself why you are considering selling. Is the property becoming a financial or emotional burden? Do you feel like it’s no longer working for you?
Sometimes news reports of what’s happening around the country can scare property owners, but keep in mind that property markets differ drastically from state to state, and even from suburb to suburb, and there are a lot of variables to factor in.
Even if you are making a small loss now, you need to ask whether or not you think this will correct itself over time.
In general, the longer you can hold onto a property, the more profit you stand to make. Figures from CoreLogic’s Pain and Gain report for December 2015 show that the average length of ownership for homes that made a gross profit was 10.1 years. Homes which sold for more than double their previous purchase price were owned for an average of 16.9 years. This data shows that time can be a rewarding factor when it comes to the property market.
But while it’s generally recommended to hold onto property for as long as possible to make the most profit, everyone’s situation and property goals are different.
The best advice is to talk to a trusted advisor that has knowledge and experience you can trust and rely upon. Knowing when to exit the market is a tough decision to make, so get some guidance to help you make the right decision based on your financial goals.