Is there a particular time of year that is more favourable for selling your property than others? This is a good question that people who are selling their homes frequently ask. Knowing the optimum time to sell your property allows a seller to plan for inspections according to the season. It’s more crucial to understand why that time of year is better. Statistics suggest the best months to sell are October, November and December. This is if you’re in Sydney, Melbourne, or Hobart. It’s different in other states. The number crunchers reckon that sales in November are 6% higher in those three states. If that’s the case, what’s the deal? What advantages do the seasons provide in terms of improving the saleability of a home in the spring versus the autumn or winter? We looked into that same question to see if it was valid, and if so, why?
The Best Time To Sell Your Property
A seller’s market is the best time for you to sell your property. This type of market occurs when the number of buyers outnumbers the number of available homes. Bidders drive up prices, and houses effectively sell themselves (with a little help from the real estate agent). Markets favouring buyers and sellers run in cycles. Anyone serious about selling property understands this. However, a seller can’t necessarily wait until a propitious cycle rolls around before selling their house. Maybe there are pressing reasons for wanting to sell that won’t wait for the best possible conditions. If you are changing jobs and moving areas, or perhaps shifting interstate. Perhaps you have already found your dream home and need to sell so that you don’t miss the opportunity. Investors may have the luxury of waiting for the property market to boom, but they are the exception.
The law of supply and demand is immutable as always. But the sales graph spikes in spring for the aforementioned states. Brisbane, Adelaide, and Perth remain consistent, except that prices tend to be higher at the year’s end. Of all the states, Perth shows the lowest sales during winter. This data suggests that while those in Sydney, Melbourne, and Hobart might circle the months on the calendar, the rest can relax. Bearing in mind that while COVID-19 interrupted a lot of these trends, they’ve yet to demonstrably change them. Nevertheless, we have learned that while trends are shown broadly on a national and state-by-state basis, market conditions remain localised. As pleasing as this is to know, it still doesn’t explain why trends differ during particular seasons. To figure out why this might be, we will take each season individually to determine the best time of year to sell your property.
While sales grow as the weather warms, most experts say that March is the strongest month overall. Buyers have probably had time to think and plan over the holidays. The ides of March tend to augur a time for making big decisions. The sweltering heat has gone, the kids are at school, and buyers have settled into their work routine. It’s a tad confusing as to why March is considered the best month when, generally, it’s less busy for buyers than spring. But the heady period in-between has certainly given buyers a chance to regroup and attack the market afresh. The bank accounts are beginning to regain their balance now that Christmas and New Year’s have passed. Moving before the winter chill sets in is an apparent reason for individuals looking to relocate. This is a good time for buyers to see your house in all its earthy tones.
A canny buyer wouldn’t be put off by the cold. No, they’d get on top of the situation and head out to their choice property in a parka and gloves. Chances are they’d be the only ones inspecting the house or making an offer. You’d think this would give them an edge by being able to haggle for a sweeter price. But that’s not how the strange animal known as the buyer works. They’re seasonal creatures that adhere spookily to the moon cycles. As such, a seller isn’t inclined to stage their home. For one thing, their garden is threadbare, the skies are darker, and the cost of heating is a killer. Therefore, it isn’t so much the buyer not getting out to inspect houses as that they’ve got nothing to inspect. Yet, serious house hunters will brave the weather. Moreover, the seller can showcase the cosiness of their house.
Spring is when not only the birds and bees come out to play, but it’s also when buyers emerge from hibernation. And, according to all available data, they buy the most between October and December. In Sydney, Melbourne, and Hobart, to be precise. We don’t know why this pattern is exclusive to these three cities. There is, however, excellent weather for home inspections. The climate is warm and sunny, and the gardens are full of flowers. The heaters have been turned off, the windows are open, and spring cleaning has begun. What’s clear is that in the spring, listings are plentiful and frequently outnumber demand. During this time, sellers must be extremely competitive to make their homes stand out. If your house doesn’t stack up in winter, this is the season to showcase it. In a nutshell, spring is a buyer’s market and the season of the seller.
Summer is a bummer for the property market. Everybody has switched into holiday mode. What with Christmas and New Year’s around the corner, people are preoccupied with the distractions of the festive season. There are still keen punters who’re prepared to take advantage of the good weather conditions. Also, motivated sellers aren’t likely to let a little thing like a heatwave burn through their opportunity for a sale. Overall, though, the market took a break. Having said that, this is the right time to showcase your home if it is advantageous to the climate. For instance, if you live on the coast and enjoy an afternoon breeze, this is a benefit. And if your house is naturally cool, for whatever reason, and defies cooling costs, that too is a bonus. For the rest, it’s a matter of how you cool and decorate your home before showcasing it.
What The Boffins Say
Empirical studies support the contention of real estate industry experts that seasons influence buyers and sellers. Its research supports the belief that there are warm and cold seasons for the property market. This means that in hot seasons, prices tend to be “systematically higher” than usual. The methodology used by Monash University found that the trend favours houses above apartments. As such, the seasonal patterns show no marked change in prices for the median-priced apartment regardless of the state or city. The study found “higher abnormal” gains of up to 6% are made by sellers and buyers during particular seasons. This means there are demonstrably better times of the year to sell your property and to buy. However, it also came with the warning that changing economic and environmental factors may alter the reliability of these trends. The future may indeed hold changing conditions for the property market.
Different environmental elements influence the highs and lows of the local market in various parts of Australia. The wet season has an impact on the north. You’ll be at the mercy of the heat if you buy a residence in the Northern Territory. This could explain why cities in those three states, with their predictable weather patterns, follow a seasonal pattern. Regardless of the season, properties sell and consumers buy all year. Keep an eye on the local market to see how similar houses are selling in your area. Be mindful of local conditions. If the annual leaf-blower convention is held down the road once a year, it might be a bad time to host inspections. Staging your home in the best context of the given season is always recommended. Whatever time of year, Perfect Agent is here to help match you with the right real estate agent!