Selling your property is a decision that you shouldn’t make impulsively. However, when you have already made the decision to sell in the near future, is there a particularly good time of year to sell your property? While there may be popular times to sell, it is not really possible to predict the best time to sell. You really need to consider your own personal circumstances before any external influences. However, there are some external factors that can lead to changes in the market. Such as lower interest rates, and government incentives, which can create a sudden high demand for property, and if the number of houses available on the market at the time is low, it can lead to a mini property boom which leads to higher sales prices. This is what the Australian property market has been experiencing lately and many people who were thinking of selling are rushing to get their houses ready for selling. Yet many are unsure how these external factors will affect the likelihood of attracting property buyers in the coming year.
While there isn’t a straight answer when it comes to the perfect time to sell your property, you can definitely help things work out in your favour if you clear about what your goals are, do your research so you know what to look out for.
Firstly it’s a good idea to hire a real estate agent to help you find the right time to sell your property, and if you decide to sell soon to take advantage of the buoyant market, they can help you find a buyer for you as soon as possible. Through a combination of marketing your property listings, open houses, and private viewings, a skilled agent can expedite the sale of your home so you can move out with peace of mind.
To help you out, here are a few other tips you should also keep in mind before putting your property up for sale:
Consider How Soon You Need to Move Out
Generally when there is a boom you need to consider whether you need to renovate or not before selling. Perhaps while demand is high, and the property available is low, it is more important to get the property on the market quickly, and that big renovation which would take many months may be a more risky option.
However, perhaps now that house prices have gone up significantly, the home of your dreams may be more out of reach and it may be better to stay and renovate, especially when the property valuation has increased and interest rates are low, it may be the best time to borrow to renovate and expand. For those who aren’t in any particular rush or urgent need of cash, perhaps putting off the sale and waiting for your home’s valuation to increase will eventually will result in more profit long term.
However, major life events—such as getting promoted at work or starting your own family—may require you to move to a new place of residence to accommodate such lifestyle changes. Either way, it is good to understand whether you are in a rising market, a flat market or a dropping market. In a rising market like now, it is important to find your new place quickly after the sale of your home, so the rising prices do not cost you money.
Generally, a property boom is a good time for people looking to ‘trade down’ or ‘scale down’ as they can maximise the difference in the price of the two properties, and conversely, in a property slump it is generally a better time to invest in property, that is, ‘trade up’ or ‘scale up’ as the difference is the two prices is minimised.
Wait for the Right Season Before Selling Your Property
When it comes to selling any type of property, it’s better to do so during certain months of the year. In particular, the spring and summer months are the best times to put your property up for sale, and there are several reasons why this is the case.
For one thing, the weather is generally more pleasant outside, so more people are going out to attend open houses and private viewings. Moreover, natural lighting and flowers make any property look better. The spring and summer months are also when people receive their tax returns, meaning they usually have more funds to spend on a house. Lastly, families find it easier to buy a house and relocate during these months as the children are on break from school, too.
That being said, selling your house during mid-autumn can be a good move as well. This is because many prospective buyers may be in a rush to buy new properties before the winter begins. If you can, avoid the late autumn and winter months when deciding to sell your property.
Avoid Selling Your Property During the Christmas Season
While many markets experience a spike in sales during the Christmas season, the same cannot always be said for real estate. If you’ve been meaning to sell your home, you may want to consider against listing it during this time. Chances are, everyone will be too focused on their own celebrations or vacations to look at houses for sale. Additionally, no one wants to work during the Christmas holidays, and that includes real estate agents.
So whether your property is unlisted or unsold by Christmas time, hold off first and use the time to regroup. Many real estate companies recommend taking your property off the market for the time being and changing agents if needed. You will know that it is time to hire a different agent if your property has been on the market for some months now and remains unsold.
Maximise Buyers’ Post-Holiday New Leaf Syndrome
After taking your property off the market on Christmas, you can either re-launch on Boxing Day or early in the new year before relisting it. This is because the market will see an influx of joyous property buyers who are fresh off the holiday season and determined to turn over a new leaf.
However, you need to be patient if you re-launch or list your home or office during this time. While December and January are slow months for sellers, sales start to pick up by February. This is when many buyers have taken the time to narrow down their choices and are now decided on which property they want to purchase. As the seller, being patient and forward-looking during this period definitely pays off.
In addition to your personal circumstances and the seasons, there are also unexpected incidents that may affect the real estate market. Pandemics, recessions, and other similar events can alter the best time to sell your home. If you are still apprehensive about timing when it comes to selling your property, it helps to do your research and to consult a real estate expert. While the market may fluctuate from time to time, having a professional’s assistance can make a huge difference when it comes to successfully selling your home.
Are you thinking of selling your house but not sure if now is the right time? Then get advise from our expert realtors, get in touch with Gerard Partners today!