With less than 7 weeks until Christmas, the window of opportunity for selling your home in 2021 is rapidly closing. Many homeowners have been eager to capitalise on the boom market we are currently experiencing, however due to the recent lock down some have been a little slow getting their property to market.
With the end of the year in sight, many homeowners are asking us: What impact will the holiday break have on property prices? Will the market continue to climb into 2022 or will it start to slow down? When is the best time to sell in 2022?
With these questions in mind, we’ve put together a list of the top 3 thing you need to consider if you’re planning to sell next year.
- Timing – when it comes to achieving the highest price for your home, timing is everything. The best time to sell is when there is a low supply of similar properties on the market in your area. This means buyers have less to choose from, which creates more competition among them, resulting in a higher price for your home. Currently, this lack of supply has been a major driver of the exorbitant price growth we’ve seen this year across Sydney’s property markets. The difficulty with trying to time the market perfectly however is you can never predict when other properties close by might be coming on the market at the same time. That’s why it pays to be well organised so when the market conditions are right, you’re ready to go at the push of a button. The lead up to the Christmas/New Year break is a good time to take care of those jobs around the home you’ve been putting off. Don’t leave it too late though as finding quality tradespeople can become very difficult at this time of year.
- When NOT to Sell – knowing when NOT to sell is almost as important as knowing when TO sell. When planning your sale, make sure you bring out the 2022 calendar and mark out all the public holidays, school holidays, Easter breaks etc so you can work out which dates are best for your campaign. Now that Sydneysiders are free to move around the state and overseas, it is predicted there will be an exodus over the upcoming holiday break and spilling well into 2022, of people who are tired of being stuck up at home.
You should also take into consideration the timing of the upcoming Federal election which could happen anytime from March to May. For at least 2 weeks leading up to the election, the market tends to go very quiet as buyers seem to sit on their hands and await the outcome. So this is definitely one to mark off in your calendar and steer clear of.
- Property prices – the last 3 months have seen a significant rise in property prices due to the low number of properties being offered for sale during lockdown. However, since ‘Freedom Day’ on October 11, we are starting to see signs of the price growth slowing as more properties hit the market. Although difficult to predict exactly what is going to happen with property prices, the feeling is stabilisation will continue into the early part of the New Year, with a slight correction in the latter half of 2022 and a possible decline of around 5% in 2023. So if you’re thinking of selling next year, our advice is to get in as early as possible to beat the New Year rush, and make sure your campaign doesn’t start during the lead up to the Federal Election.
If you would like an independent assessment of value for your property and a review of when is the right time to sell your home, feel free to reach out and book a call by clicking on this link.
In addition to helping prepare your home for sale, we will also help with choosing the best real estate agent and guide you through the selling process to keep the agent honest and focused on achieving the highest possible price for your home. Click here for some further information on our Vendor Advocacy service.