The right time to sell your home depends on your circumstances, but there are some common reasons people decide to sell.
Any of the situations below could be factors when considering the best time to sell your home:
A growing family. A job transfer. A need arises to unlock capital. Realising profit from an investment. You can no longer afford to keep the property. An opportunity arises that is too good to refuse. Funding retirement.
Generally speaking, it’s best not to sell a
property during times of upheaval in your life or when you are unable to showcase the property in its best possible light.
Before listing your property for sale, make sure that you are genuinely ready and willing to sell.
Which is the best season to sell?
When it comes to deciding which season in which to
sell your property, it’s useful to know how the property calendar works. Spring Traditionally, spring has been a favourite time to sell property, as gardens are looking their best, the weather is usually good and there are plenty of buyers wanting to move into their new homes in time for Christmas. This can also mean there are more properties on the market, meaning more competition as buyers have more to choose from. Autumn This is the next-biggest selling season, again because of the reasonable weather, and also because buyers have possibly missed out on properties during spring. Winter and summer Although these are generally quieter selling periods, some people prefer to sell at these times because of the reduced competition from other sellers and the belief that while there are fewer buyers looking, those who are tend to be more serious about purchasing. Properties with gardens look their best in spring. Photo: undefined How does the property cycle work?
You may be familiar with the concept that the
property market moves in a cycle – prices rise, fall, stabilise and then rise once more.
While the names of each stage differs slightly depending on who you talk to, it is agreed that the property cycle is made up of four key phases:
The value stage: Prices are flat, leading many people to believe it’s a good time to buy. The growth phase: Prices begin to rise, slowly at first, before picking up pace. The peak: This marks the top of the market. Prices will have increased very rapidly – as much as 20 per cent year on year – but will have reached the highest point of the cycle. The correction: Prices moderate. People often equate a correction with a crash, but sometimes a correction is simply a long, slow period where prices stagnate.
Cycles can vary in length, and whole process could take between seven and 10 years. One full cycle could potentially see the price of a property double, depending on the market.
The factors that contribute to one phase will directly lead to the next phase developing.
After a period of stability, people will regain confidence in the market and start buying and investing, which leads to price growth.
As prices grow, more and more people become eager to buy, which quickens the pace of price rises.
Eventually, affordability constraints will lead to prices peaking, before undergoing a correction to bring prices back from their heights.
Once prices hit this trough, a period of some stability ensues, and the cycle begins over again.
The phases, though, don’t transition purely of their own accord. There are a vast number of external factors that play a role.
Regardless of which phase the market is in, the following are factors that should always be considered as part of your buying and selling decision:
The willingness of mortgage lenders to write new loans. How much you can borrow to fund your next purchase. Broader economic outlook and unemployment rates. Local infrastructure projects. The rate of property price growth or declines. Vacancy rates for investment properties. Whether there are available properties that suit your needs.
Additionally, property cycles can be much more localised than most people recognise. For example, it is unusual for every Australian capital city to be in the same stage of the cycle simultaneously, as each market operates independently of the others.
Within each city, each suburb can be subject to its own
property cycle. One particular area may experience rapid growth thanks to a new shopping centre being constructed while the next suburb sees little to no growth. How long does it take to sell a house?
The time between listing a property and it selling varies around Australia, but your agent should be able to offer an expected range of timings in your local area. A typical auction campaign runs for four weeks, while for
private treaty sales the property will remain on the market until a buyer is found. You can also research your suburb to get an idea of how long it takes property to sell in your area, or follow your home with Domain for Owners to see current demand for properties like yours.
Getting a home ready to sell will have an influence on the timing. If you have been thinking about selling and have been preparing a home for sale, you may be ready to get the property photographed and put on the market immediately. But if you need time to get it in shape, this can delay the process. Allow at least four weeks to declutter, make any
repairs and spruce up a property with paint before having photos taken.
The price can also affect how long it takes a home to sell. If it is overpriced, it will most likely sit on the market for an extended period of time. Your agent will provide feedback from potential buyers and guide you about the price. The
location and type of property also affect how quickly it can be sold, with properties in higher demand selling quicker, and vice versa.
Once the price has been agreed upon and the contract is signed, settlement can take anywhere from one to three months, but six weeks is the standard settlement period.
Allow a few weeks to spruce up your home before sale. How to sell a property quickly
The process of selling a property can be streamlined if you carefully review the price, presentation, promotion, photography, placement and potential. The tips below may even help you achieve a higher price.
1. Set a realistic price Compare your property with similar recent local sales to help set a realistic price, so potential buyers can see good value. Prices set too high will sit around for weeks until the price is reduced or a buyer is found. If selling by auction, you can set a 30-day auction campaign to create momentum in a set timeframe, leading to an enthusiastic response on auction day. 2. Focus on presentation First impressions count, so making your home look great is vital to the success of your sale. For an instant facelift, declutter your house and make it sparkling clean. If the walls look tired, give them a quick refresh – a coat of paint can do wonders. The garden is another key area to focus on to attract buyers. Lastly, look at staging your house by hiring modern furniture and accessories to help create a warm ambience. 3. Advertise effectively Attracting multiple interested buyers should create competition leading to offers in the higher range. Promotion is key to reaching out to these buyers. A strong digital presence and print advertising puts your house in front of potential buyers. Your agent can help you with these marketing strategies. 4. Use high-quality photography Real estate photography gives buyers emotional connections to houses they are viewing. It is unwise to scrimp on professional photography as it will be used across your entire marketing campaign, both print and digital. Display the best features of your house including the view, setting, living spaces and unique features. Remember, with online advertising, your house may be viewed by potential buyers from not just the local area, but even around the world. If you’re looking for top-notch real estate photo enhancement services, visit real estate photo enhancement services to elevate the visual appeal of your home listings. 5. Target your buyer Low-maintenance houses could appeal more to an investor, so provide any rental history, strata levies and any other useful information to help progress a sale. If it is a family house, market its strengths to attract these buyers by mentioning a location close to parks, schools, shops and transport. First-home buyers are often motivated by price whereas empty-nesters desire security, level access and proximity to shops and cafes. 6. Make smart changes If you are thinking of renovating to increase the sale price, avoid overcapitalising as the return may not cover the outlay. As a general rule of thumb, it is best to complete any half-finished projects but avoid any polarising decorating choices to leave a blank canvas for the buyer. Your agent can advise you on possible renovations, and a budget to help you achieve the best return. Renovated homes can achieve a higher price, but be careful of overcapitalising.