What is The Best Time to Sell Your Home?

A question every homeowner willing to sell their home wants to know is, “What is the best time to sell your home?” Like many questions in real estate, there is no straightforward answer. Selling a property can be tough, as there is always a worry about missing out on future gains or facing losses. The principle of supply and demand is of equal importance, which greatly influences the market type, the ideal time of year, and even the buyers’ interests in specific localities and properties. Before 2023, it was a common understanding that cooler months are the best time to sell a property. But since 2023, the trend has changed, and even the hotter months recorded remarkable sales. For instance, July 2023 witnessed a 6.6% month-on-month increase in sales transaction volume, whereas August 2023 saw an 8.1% increase. We are now into the second half of 2024, and the market shows no signs of waning. To understand the best time to sell your home, here are the indicators that reflect the right time to sell.

Indicators to Sell Your Home

There is no perfect formula for knowing the best time to sell a home, but these indicators can help you make a wise decision.

Property Valuation

An updated property valuation will help you decide whether it is the right time to sell your home. The location, size, overall condition, and recent renovations or upgrades all contribute to determining the value of your property. If the value has appreciated and meets the current market trends, it would be an ideal time to sell. For an accurate property valuation, we advise you to seek help from multiple real estate agents. Property valuation is valuable for pricing your property right and negotiating your terms with the buyers.

Supply and Demand

When there is a high demand and low supply, it is called a seller's market. If you want to unload a property during such time, you are one of few with little to no risk of getting lost in the market. Fluctuations in property supply and demand can provide valuable insights into whether to sell a property. The historical data and observing seasonal variations in demand can help you identify periods when the market favours sellers. It is essential to consider the availability of similar properties in the area. If comparable homes are oversupplied, achieving a desirable sale price may be more challenging.

Personal Circumstances

The best time to sell is when you are ready. So instead of “when”, start with “why”. Are you relocating, downsizing or reinvesting? Life events and personal desires can influence the decision to sell. For example: 

• A new job offer in a different location may necessitate the sale of your current home. 
• A growing family may require a larger home and sell the older one.
• Urgent financial obligations may also necessitate a sale.

Whether you are thinking of listing for financial or personal reasons, establish your why first. Your motivation matters more than the time of year. If you need to sell quickly or can afford to wait, your path to selling will differ—not just in how long it takes but also in how much profit you make.

Market Trends

Market trends are vital in determining when to sell your home in Dubai. Consult with market forecasts from industry experts and research the latest trends. Property Monitor provides valuable insights into Dubai's real estate market through real estate data analytics and market intelligence tools. 

After analysing the data from Property Monitor, it is evident that we are in a time of amazing growth and change as breaking records has become normal. Dubai's real estate prices have reached new peaks, rising 18% compared to the second quarter of 2023 and surpassing the 2014 record highs by 12%. This trend hints at the perfect time to sell your home. 

Some other factors related to market trends that can impact the sale of your home are:

Global Economy

When the economy is doing well, more people look to buy property, which can increase the demand for the properties. Conversely, when the economy is weak, fewer people may be looking to buy property, which can lead to lower prices. So, this could not be the ideal time to sell a house.

Time of the Year

Although recent trends have shown that summer no longer affects property sales and purchases, this wasn't the case before. However, Dubai's housing demand has been higher from October until March. Even though expats leave the country for the holidays, investors flock to the country for investment purposes.

Property Type

Some property types are more in demand than others. For example, villas continue to see an increase in demand (36% year-on-year increase) while apartments lag behind. The timing couldn't be perfect if you own a villa or townhouse and want to sell.

Conclusion

Dubai is experiencing a sellers' market as real estate prices rise, returns are good, people have faith in government policies, and the market sentiment is positive. So it is easy to predict the right time to sell your property. The current market conditions show encouraging signs for homeowners planning to sell their houses. 

Having a reliable real estate agent by your side is important to helping you navigate this overwhelming and often emotional process. Contact us today, and let the rest be in the hands of experienced professionals.

Please read: Are You Getting Ready to Sell Your Home? How We Can Help