Best month to try and sell property

Hi All,

Just wondering if anyone has any thoughts on when is the best time to sell - I have a one bed apartment in an excellent southside location. Tenants are there until end of October.

My query is should I put on the market in November or try and get them to stay an extra couple of months and put it on the market in January?

How much are you getting in rent and what price are you looking for the apt, Mgt fees p/a, where is it and how old is the apt complex?

Hi no problem, looking to get as much as I can obviously but am yet to have it valued. However I did have a brief discussion with an agent who commented that as it has its own front door and parking for more than one car I can expect to achieve at the higher end of the one bed scale. Similar properties in the area are advertised at €235k.

Current rent is €1,100 per month, Mgt fees are €1,500 p/a, situated in Rathfarnham Village, about 20 years old.

Houses in that area are getting great prices but I don't know about apartments. It's an old apartment, however the EA is correct about the parking. The yield for an investor isn't great when everything is taken into a/c. Houses may be in short supply and selling well, but are people paying that money for 1bd apts? I'm not so sure.

TBH I'm not sure myself what its worth. All well in good someone advertising for a certain price but its only really worth what someone is prepared to pay!

I'm kinda hoping that as its older it might sell better because its bigger then the other newer apartments in the area, is situated in the village itself in a very small development and still has a reasonable BER of D2 - the other similar apartments for sale are BER Fs and Gs cauae they are even older then my apartment.

I suppose I am more wondering is November a bad time to put it on the market on the run up to Christmas?

Would I be better getting in a couple more months rental income and then putting it on the market in January 2016 or is there any seasonality to selling apartments any more?

I can afford to have it vacant for a certain amount of months when selling it but not indefinitely!

There is nothing wrong with showing your apartment while it is occupied provided you get agreement with your tenants.Perhaps you could give them a reduction during the sale period.
The end of the year is normally not the best time for selling but it will depend on price and demand.
Best of luck

Thanks noproblem and clonback for your input. Appreciated.

Hi Learner.

Sounds like not a bad apartment. You are right older is better sometimes, a more spacious apartment is better than stuff built during the boom.

And 1 beds are rare too. I was chatting to an old friend just last week who had moved back from Paris and was moaning at the lack of 1 beds in the city. They are also popular with single people or downsizing retirees. The parking and own front door is great too.

In terms of time of year, there is no perfect time and it's not so seasonal anymore but September is popular. There is usually a wave of property coming on now but it's been very quiet. Volume of property on the market is actually dropping so that's a good thing for you as a seller. Theres still demand but lack of supply so buyers are eager for anything that comes on.

Actually Oct/Nov is a good time. Everyone is looking now and although you won't complete before Xmas you would hopefully get it Sale Agreed and dates set for move in New Year.

RE: tenants. It's hard to view with tenants but a good agent will tell you what's possible. It's obviously handy to keep the tenants in so it's not vacant for months while the sale goes through. You just give them official notice but say they can stay until a closing date has been set. Try to have them move out a few weeks before closing. This gives them some certainty and time to find a new place.

There are 2 selling seasons Sept to Nov and Feb to May.

You could start the process between now and mid Oct, appoint an agent, firm up your own ideas on price, print a brochure, do some advertising, then start showing from mid Oct with tenants in place (not ideal) then really push for a sale for 5 weeks into early Dec. If that works great but if you haven't got a buyer lined up by then you will face at least 6 weeks of no rent and little selling activity.

Come Mid Jan you will more or less have to start the sales process again, and your apartment will be on the market then for 3 months already.

What about the budget, will you be liable for CGT, do you think it will be reduced in the budget.

If it were me I would try to hold off until Jan.

I'd have to disagree Cremeegg. There's no issue with getting a place Sale Agreed between now and Christmas. You won't likely complete but that can be done over into the new year. There really isn't selling seasons any more, I'd take advantage of the market now and not wait for the new year. Who knows what will happen in the budget and market sentiment in Jan 2016.

cremeegg said:

There are 2 selling seasons Sept to Nov and Feb to May.

You could start the process between now and mid Oct, appoint an agent, firm up your own ideas on price, print a brochure, do some advertising, then start showing from mid Oct with tenants in place (not ideal) then really push for a sale for 5 weeks into early Dec. If that works great but if you haven't got a buyer lined up by then you will face at least 6 weeks of no rent and little selling activity.

Come Mid Jan you will more or less have to start the sales process again, and your apartment will be on the market then for 3 months already.

What about the budget, will you be liable for CGT, do you think it will be reduced in the budget.

If it were me I would try to hold off until Jan.

Click to expand...

Cremeegg, no I will not have an CGT liability so not a concern for me.

I really do not want to view it when the tenants are there, their lease is up the end of October however they are aware that I intend selling the property and so I think they may move out early at the end of this month. If they do I think I will put it on the market immediately and then reevaluate at the end of January if no progress in selling has been made.