Many factors come into play when you’re thinking of selling your property, listing it in the wrong month or when the property market is not ripe for sellers could see you lose a whole lot of cash. You may be wondering then, when is the best time to sell a property in Australia? Well let’s break it down together.
Look at market conditions
The supply and demand in the local area plays a huge impact in how much you can get for your property. Over demand gives the seller leverage, while a lack of demand puts the ball in the buyer’s court. As a seller you’d want to list your property when demand is highest, if there’re more buyers than houses available, you will end up getting more for your home. One way to check out the market conditions is to see how many properties are listed in your local area, more importantly check to see how long they’ve been on the market.
If you see several houses that have been on the market for over 6 months, this is one indicator that the demand in your area is just not high enough. It could also be that the homes are in bad condition, over priced or badly advertised. You should always contact an expert in your local area who can usually give you the inside scoop on the housing markets. You can give us a call anytime at 07 5315 5411 and talk to one of our many experts.
Sell during the right season
A study carried out by RPdata.com stated that spring is the best time to sell your house in Australia. During 2006-2011 9.4% of homes were sold in March. Research also suggested that during the cooler months people are more likely to buy, compared to the summer, due to the intense heat combined with the Christmas holidays causing buyers to lose focus. The real estate industry is pretty quiet during January and February too, which can create a bottleneck for the following few months.
While it’s important to understand the external variables we’ve listed, you also have to take into account your own needs. The idea to sell your property at the best time is to get maximum value, but what about your personal circumstances? All of the following need to be considered when selling your property:
Do you need access to capital by a certain date?
Have you agreed to buy a home but need to sell your current home first?
Are you relocating for a new job that starts on a particular date and you must sell your home before then?
Are you facing a potential foreclosing and need to make a fast sale?
There’re dozes of factors that come into play when trying to figure out the best time to sell your house, and sometimes it’s very hard to quantify which factors to give more precedence. The team at Assets Agents have several decades of experience between them, if you need more information or top quality advice on when you should sell your property, feel free to give us a call.