Q: I need to sell my home but was a bit disorganised getting everything ready last year. I’m finally prepared but now I’ve missed Spring I don’t know when I should sell. What do you think about selling in summer?
A: Spring is typically known as Australia’s peak property season but that doesn’t mean it’s the best time for you to sell. More sellers mean more competition because buyers will have more choice, so you’ll need to do more to make your property stand out from the crowd.
Summer – in particular late December and January – will be quieter than other months because a lot of businesses like real estate agents, solicitors and mortgage brokers shut up shop at this time of year, so that’s definitely a factor to consider.
For families, summer is also the start of a new school year which can be a busy enough time as it is without throwing a new home into the mix.
The fact is, there will be buyers and sellers at all times of the year, so there are other factors you should consider when deciding when to sell your home.
Location of the property
If your home is by the beach, a sale before summer could work in your favour if buyers are enticed by the benefits of the location from day one. Investors might think differently and try to bag a bargain in winter when interest in coastal locations isn’t as strong.
Urgency to sell
If you need to sell then you need to sell, and you shouldn’t delay putting your place on the market just because of the time of year. If you aren’t in any rush and the time really isn’t right, you could always consider renting out your property until the market picks up.
Type of property
Who will your home appeal to? If it is a family home maybe summer won’t be the best time because of long school holidays and a new school year starting. If it will appeal to a younger or much older demographic, then this mightn’t be an issue.
State of the market
Predicting the market can be difficult even for experts, but it is worth considering. A local real estate agent can give you a guide on how other similar properties are selling, average time on market, recent sales prices, and so on.
If houses prices are low and it’s a buyer’s market, you should also consider interest rates. If you also need to buy, then lower prices and interest rates could work in your favour. The threat of interest rate rises can have a softening effect on house prices, but with rises to the RBA cash rate unlikely, this shouldn’t be of much concern.
You need to do what’s right for your circumstances. I suggest you do some research, take a look at our free Home Selling Guide and speak to a few different local real estate agents to get their expert opinion before making a decision. You might also be interested in these tips on how to get the most out of your property if selling in autumn or winter.
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