For Sale sign outside residential property.

Should I Sell My Property? The Pros and Cons of Selling Property in 2022

The housing market in Perth and the surrounding suburbs have been challenging to say the least. While Western Australia saw less extreme changes in the housing market than other parts of the country, it has been a climate that favours sellers.

Although the real estate market has calmed, it is difficult to predict what is coming next. The uncertainty about prices and interest rates has many property owners in Western Australia unsure if they should sell their homes or when to sell an investment property.

Selling your home is a huge consideration. Even though this is still a seller’s market, you may be asking yourself, “Should I sell my property now?” An overview of the pros and cons of selling your home in 2022 can help you get an idea regarding selling your home or investment property.

Selling Property in a Seller’s Market

Although interest rates are higher and housing prices have levelled off, these changes are not extreme enough to negate the recent boom. While experts are quick to say the market will flip soon, the fact remains that you are considering changes in the here and now.

Tips for Selling Property in a Seller’s Market

  • Price Your Property Fairly – The temptation to try and “make a killing” when selling in a seller’s market may be great but resist the urge to put an outrageous price tag on your property.
  • Look for Preapproval – You may receive some unrealistically high offers for your property but keep the preapproved offers in your sight. If you accept an exceptional offer from a buyer who is not preapproved, the deal can fall through, leaving you to put your property back on the market.
  • Think Twice Before Renovating – In a seller’s market, you stand a greater chance of selling your home ‘as is’ or with a few issues that a buyer will overlook.
  • Watch Out for Contingencies – Anything added to your contract that gives a buyer a way out can leave you high and dry.

Aerial view of Perth suburban cityscape.

Pros of Selling Your Home in 2022

There are several advantages to selling your home now.

  • Cash Offers are Still Available – Cash offers are a way to sell your property without concern for the financing falling through. These offers made up about 1/3 of sales at the height of the property boom and are likely to continue in the foreseeable future.
  • Interest Rates and Home Prices are Rising – Rather than deter home buying, the rising rates and prices create a sense of urgency. Potential buyers are eager to lock in rates before they rise again.
  • The Market is Still Competitive – Prospective buyers will still compete with each other to get their dream house. It is to your advantage to entertain all reasonable offers with financing or cash backing them. While you may not get offers for thousands over your asking price, you still stand to gain a good profit.
  • The Suburbs are Still Hot – The most recent migration from the cities to the suburbs showed us that buyers want amenities like public green space, larger homes, pools, and outdoor kitchens. Take advantage of this particular trend while it is still viable.
  • Buyers are Making Concessions – Buyers are cooperative and making concessions with the hope of sellers accepting their offer. Some property owners saved a good amount of money they would have spent on repairing and renovating because buyers asked for nothing.

Cons of Selling Your Home in 2022

There are two sides to every coin, and selling your home in 2022 is no exception.

  • A New Home May Not be Best for You – Hearing about the property boom and imagining the hefty profit you could earn make selling your house tempting. However, selling for the sake of selling is a poor decision.
  • Is this Move Profitable – Depending on your situation, selling your home and moving may end up costing you more than staying in your home. This is especially true if you have been in your home for a short period.
  • Refinance Recently – If you were among the many who refinanced recently, you would stand to gain more if you stay in your home and build equity before selling.
  • You Will Need a New Home – Selling your home for a sizeable profit is fantastic. However, you will need a place to live. This means you will join the throngs of hopeful buyers searching for their next home. You will also spend a great deal of your profit on securing a new home. Unless you are sure of your next home, think carefully.
  • Request an Appraisal from Zest Realty.

Knowing what your home is worth is necessary when you are planning to sell. Your home may have a hidden value that you may not have thought about until it came up in your appraisal.

When Zest Realty conducts your selling appraisal, you can be confident that the amount of your home’s value will be more accurate than many online real estate sites. Our free sales appraisal can show you the value of your home and help you decide if this is the right time for selling property.

If you are still deciding whether this is the time to sell property, the experts at Zest Realty can help you. While no formula will tell you straight away that selling property is the best move, the team at Zest Realty can help you make sense of the prevailing factors that can guide your decision. Our experts also offer you end-to-end service, so you do not have to search for information (which often happens when selling property privately.) Feel free to contact us for more information or to schedule an appointment.

*Please Note* The material presented here is for informational use only. It is not legally binding real estate advice and should not replace a consultation with a real estate expert.

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