Regardless of whether you live in the house, or it’s an investment property, all sellers ask the same question: when's the best time to sell your home?
For those homeowners who wish to find the right time – there's more than just the season to consider.
Is summer the new spring selling season?
The first consideration is that timing the real estate market can be challenging, and deciding when to sell your home is more than just about the bottom line. Traditionally, and according to research conducted by Domain, spring and autumn are the best times of year to put a property on the market. However, Charles Caravousanos, the director of Savills Cordeau Marshall suggests that the beginning of the year is a prime time to sell your home. This could be due to several factors; buyers are frustrated by the lack of properties on the market in the previous year and are ready for something new. It's also a time when many buyers are making resolutions – with homeownership being one of them. So, while spring and autumn see very high sales volumes, they may not actually relate to higher prices. When there are a lot of houses on the market, the supply is at its highest – meaning that buyers have more to look at, and may be more likely to look elsewhere.
So, what does this mean?
Don’t give too much credit to the calendar. The time of year can make a house appear more attractive; pools look better in summer, rose gardens in winter, and veggie patches in spring. But, typically, the median price of a house isn’t going to fluctuate too much depending on these factors. A good real estate agent will be able to put a buyer in the right place for a purchase regardless of the time of year.
If we're not putting too much stock in the calendar – where is the weight? The market. Market conditions are having a more significant impact on property prices, and factors influence these in each location – such as population growth, employment rates, and developments. As a whole, the market is about to reach a settling period, before evolving steadily across the next two years. The mistake many sellers will make is waiting and thinking that if they hold out, they will get a better price later.
Picking the right time to sell your home
The property cycle sees rises, falls, and stabilisations across the months, with value, growth, peak, and correction stages. The cycle is generally 7 – 10 years long and many factors contribute to it. All of this can get confusing, but there are 3 things sellers can do to pick the right time to put their property on the market.
1. Set a realistic price and find the right agent
Compare your property with similar others on the market and estimate your price accordingly. Research is an asset.
2. Present well
First impressions matter, and making a house look great is vital to the success of its sale. Declutter, clean, and spruce things up. This includes the right photography and online presence. Check out our blog on how best to stage your house for sale.
The right agent will help you reach the right buyers, and attract multiple people of interest to generate competition and stabilise your desired price. Targeting the right buyer is crucial.
If you’re not sure when or how to make your Place the right Place for the next buyer – get in touch with us today. Our team can help you make the market move for your next property journey.