Do you have plans of selling your condo unit? The present might imply that this is the right market; however, is it really the perfect time for you to sell yours?
If you have bought your own condo unit four to five years ago, you might come to conclude that now is a good time to sell it. This decision might be predisposed by the condo prices in your location coming to a high. Aside from having an increased selling price, condos that were purchased in the past might have increased their current value as well. Yet does an increasing condo market imply that you should wait much longer to have the prices even climbing higher or sell your condo unit now? This is the most common dilemma most condo owners are currently facing.
So, should you or should you not sell now?
According to recent real estate statistics in terms of condominiums, now is indeed a good time to sell. Having an increased condo unit value implies that if you will be selling yours now, you can invest more of your higher profits in buying another property that is new. This, thus, allows you to continuously have your equity growing. If this is how you see yourself dealing with your own condo unit and its future, then you can most definitely benefit from selling your condo unit now so that you can also make the most out of the increasing value of your new property.
This plan might not work for other condo owners owing to the fact that they think that choosing not to sell their condo units now might make their value continue increasing. For them, by waiting another year, they could get a higher resale value. But then, they tend to forget that the rest of the condominium market is also increasing in value. After a year from today, you will be getting higher asking prices than what you get today. This will just turn your investment into a less profitable one as time goes by.
Also, you have some impending price corrections. When you look at how successful the prices are going up in the condo market, you are sometimes led to think that these prices might suddenly come to a drop. Price drops can be quite difficult to tell. Even so, you have to remember that having increased growth then having it decreased will make the impact of the decrease much softer.
For instance, you get an earning of 15% with the increasing condo market, it will eventually lead to a 10% decrease, but still you are able to get some 5% from it. This basically means that with the current high growth rate of the condo market, you can always expect the prices to be going down to that you have initially paid for.
At the end of the day, what you should keep in mind is that though now is a good time to sell your condo, this is not reason enough that you should really do so. Yes, it can be the perfect opportunity if you have been thinking of selling your condo for some time already. However, you should not be rushing things. As a matter of fact, if you have plans of selling your condo in the current market, this is also the perfect time for you to grow your investments and equity. So, you better buy a new property now before you get to sell your old one.