How to time the property market to sell.
Looking to sell your property? While you may not have complete control over when you put your home on the market, there are some timing factors you should keep in mind to maximise your home’s value.
Now, each day seems to feel as unpredictable as the last. Many continue to wonder when the best time is to sell, and if their property will receive maximum value. Although some circumstances are out of the seller's control, some external factors should still be considered, which can assist with unforeseen surprises. Here’s where to start.
Setting your objectives
A good first step in deciding when to sell a property is to be clear on the objectives and results that you hope to achieve by selling. Through research, understanding what is currently happening in the property market is an important step in familiarising with the property cycle.
The property cycle is a sequence where house prices rise, fall, stabilise and then rise once more, typically over seven years. Understanding where the cycle is at when looking to sell can help manage the expectations and possible outcomes that can be achieved.
It is also important to consider the price of similar properties in the local area, how many properties are selling, and how long they have been on the market. According to realestate.com.au, on average in Australia, it takes around 30 days to sell a home, but it can take longer. Keep this in mind when setting expectations.
Market conditions and the impact of COVID-19
The lasting impact of COVID-19 on the lives and businesses of Australian's has certainly made it more difficult to know when or if it is a good time to sell.
The good news is, according to CEO of Belle Property Peter Hanscomb, there are plenty of buyers in the market and property is still selling right across the country.
“There has been a lot of coverage about the impact on price, but prices are improving; in fact, some of our local offices have had record-breaking results. The biggest reduction we’re seeing is in stock on the market, so if you were thinking of selling there are plenty of buyers raring to go and the competition is sky-high because of the limited properties available and demand in lifestyle locations. In market conditions like this, you can be almost certain you’ll get the outcome you’re after,” says Peter.
Consider the selling season
Generally, spring has been a favourite time to sell as there is an influx of buyers before Christmas, as well as milder weather so gardens and exteriors look green and lush. However, the demand from buyers throughout the summer has continued to increase.
“Summer and winter have typically been quieter selling periods, but it’s important to keep in mind that the best season to sell can also be determined by your property’s location and design.
“The key is to use the seasons to your advantage to bring out the best in the home’s features,” says Peter.
“If you are in a coastal area, summer may be one of the best times to sell as the weather will contribute to the look and feel of the home. In a regional area, you may do better in autumn and winter when you can showcase the warm elements of the home and play on the interiors bringing in natural light or lighting a fire.”
Getting the right advice
Now more than ever, it is important to lean on the experts for advice and guidance around when to sell and how to best handle the property market.
“While conditions are good, uncertainty for homeowners looking to sell is quite high, so the best way to reduce that and back yourself during your sale is to have the best people supporting you,” says Peter.
“Our offices are open right around the country, offering virtual and online services where we need to and where it makes our clients feel comfortable – make sure you contact a local agent to see what is possible.”
For more information on how to time the property market, reach out to one of your local Belle Property office or agents today.