Are you worried about when to sell your property in Kenya? Well, that can be an overwhelming task, especially if you consider the involved process of finding the right buyer.
The demand for housing has increased due to the continuous population growth and migration to urban centres.
However, is there a correct time to sell property in Kenya? And what are the factors that determine the sale of properties in Kenya? This blog will shed some light on the best time to sell property in Kenya and the factors to consider.
Do you want to reach potential clients faster? Well, we are here to help you list your properties on our site for free. Just take some lovely photos of your property and upload them, accompanied by the description on our site.
The Right Time to Sell Property in Kenya
During the Seller's market
The seller's market is when properties are rare, and the buyers are many. It means that the demand is high and the supply is minimal. During a seller's market, property prices begin to rise, and the demand continues to increase.
When buyers are flooding the market, it's more likely that few buyers will bargain for the property prices. If a buyer is serious about acquiring property during a seller's market, they will use their chance of owning property through real bargains.
When selling your property during the seller's market, you will gain a higher return on investment than when selling during the buyers' market when there are many properties.
When the economy is doing good
It is also essential to consider the economic situation in the country. If the economy is doing well, it is an excellent time to sell, as more buyers will be in the market. In addition, a good economy translates to a better cost of living.
Furthermore, people can afford to save money. As a result, they will be willing to invest in buying properties to secure their future.
When the property's condition is good
It's always easier to sell a property that is in good condition. Most buyers like to buy something they will not spend more time and money repairing it. Therefore, it's a good idea to renovate your property before you list it for sale.
Furthermore, it will be easier to find a buyer, and you will get a good price for it. A property in good condition attracts buyers automatically, and you may not spend much on advertising your property.
When the current market value is higher
Most investors invest in real estate and give it time to appreciate before they can sell the property. That is the most significant way to earn higher returns on investment.
For instance, if you bought a property in Nairobi in 2015, you can sell it in 2023 at a very high price. The price differences are very high, which might have resulted from inflation over the years. Therefore it would be wise to sell the properties at a higher cost.
However, you should consider the property expenses over the years when determining your selling price. That's the only way you will earn real profits from your investment.
Factors to Consider When Deciding to Sell Property in Kenya
Market conditions in Kenya
This includes looking at the current prices of properties and the number of buyers or investors interested in the property.
Location
The location of the property and its amenities are important considerations. Properties in areas with good access to public transport, healthcare, and other amenities will likely attract potential buyers.
Properties capital gains
Considering the potential for capital gains is important when deciding to sell. Capital gains are significant if the property's location is likely to experience future growth. You can use growth as a selling point and avoid bargains if the site has the potential to grow.
What are the costs of selling the property?
It's more complex than many put it when selling a property. There are costs involved, such as the cost of hiring a property valuer so that you don't sell the property at a lower price and the cost of property lawyers.
What is the timeframe for selling the property?
Never sell your property when in a hurry. Once you show the buyers that you are desperate to make a sale, they will bargain to give you less than the actual value of your property. Therefore, take your time to find the right buyer who realises the value of your property.
Depending on the current market conditions and demand, finding a suitable buyer and completing the sale may take some time. Always set a timeframe of three to six months to sell your property successfully. That's enough time to find and assess your buyers. It's also a great time to allow you to do the required repairs to sell the property in good condition.
Conclusion
The right time to sell your property in Kenya depends much on the market and the property's conditions. When the property's condition is good, selling it during a seller's market is easier.
To get more potential buyers, don't hesitate to list your property on our site for free. We will gladly help you get a serious buyer without wasting much time. Add your property here.
Frequently Asked Questions
1. How do I decide it's time to sell my property in Kenya?
When the real estate market is booming, i.e., when buyers are many and properties are minimal. This time, you will sell your property at its deserved price. At this time, serious buyers have no time to bargain because they fear missing the properties.
2. What makes it hard to sell a property in Kenya?
A wrong location is always a turn-off for any willing buyer. If your property is in a very remote area with minimal or no growth, it will be very tough to resell the property. Therefore, before investing in real estate, consider good locations with high growth.
3. What makes it easier to sell a house?
If a house is in a desirable location and is in good condition, it will be easier to sell the property. In addition, your marketing strategies determine how fast you will sell the property.
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