It’s hard to believe we are already half way through Spring and there are just over 10 weeks until Christmas – this year has definitely flown! If you’ve been thinking of making a move however all the doom and gloom in the media has made you nervous and unsure about the timing, you are not alone. The usual peak ‘Spring selling season’ has yet to eventuate as many homeowners are also taking the wait and see approach. This has resulted in a lack of good quality homes on the market.
As you are no doubt aware, the main driver of the property market is supply and demand. When supply is low and demand is high, prices increase – and vice versa. This is obviously fuelled by things such as increases in interest rates, inflation and general market sentiment. The truth is, demand began to decline around April of this year and continued throughout the winter months causing a decrease or correction in property prices. Vendors were faced with the harsh reality their homes were no longer worth as much as they had hoped and they had to either meet the market or hold off and wait a few years until conditions improved.
However it would appear this downturn is about to stabilise with buyers now comfortable with the fact that higher rates are not actually going to impact them as much as they had thought. More buyers have entered the market and while some are looking to grab a bargain, they are finding with limited supply that competition is higher than they expected. The most desired and sought after types of properties that are still achieving great results are those requiring little or no work to be done prior to occupation.
So if you’re contemplating selling your home between now and Christmas is it such a good idea? We look at the pro’s below.
- More buyers have been waiting to enter the market in the second half of this year thanks to the media spruiking there will be better buying conditions. Their loans are approved and they are ready to buy – both from a financial and emotional perspective.
- The current lack of properties for sale mean they have less to choose from which means they may end up paying more than they had expected.
- Many buyers are keen to secure a property a prior to Christmas so they can relax over the holiday break. This will often mean they are willing to pay that little bit extra for peace of mind.
- If you sell prior to Christmas and have an extended settlement, it means you can take your time looking for your next home. Buying between Christmas and New Year can often reap rewards as there are less buyers looking and any properties that are on the market at that time can often be picked up at a discount.
With a good agent, a clever marketing strategy and our help as your Vendor Advocate, you can actually capitalise on the time of year to achieve a price higher than expected.
Whether you are buying or selling over the next few months one thing is certain, there is a huge psychological benefit to getting the deal done by December 31. House selling and hunting is tough and knowing you can head into the New Year with a new home, or cash in the bank is an enormous motivation.
Before you speak to the local real estate agents, get in touch with us to learn how our Vendor Advocates can help you choose the right agent, prepare your home for sale and maximise your sale price in the current market – all at no extra cost.