Spring is the perfect time to sell your house – right? After all, it’s that regenerative time of year when everything feels fresh and sparkling. The trees are in blossom, leaves are outlining branches and gardens are a riot of colour thanks to the spring plants popping up at just the right time. It is traditionally the busiest selling season in the real estate year.
However – it’s a bit like choosing the perfect time to be pregnant – there isn’t one!
Why does timing matter? – I am so glad you asked.
The right time for you to sell your home can depend on a number of factors.
How is your suburb looking?
Do a bit of homework. Check online or walk through your neighbourhood. Look at what is happening in the real estate world in your suburb – how many houses are for sale right now? Are they similar homes to yours? Do they have the same number of bedrooms and bathrooms, a similar block size, are they of a comparable age, is their presentation similar to yours, have they been renovated – and so on. Carrying out this current market research will better inform you, and your potential buyers.
Is it a buyers’ or sellers’ market?
If you are in the middle of the spring selling season, the chances are there are similar homes to yours for sale, which means you are in in a buyers’ market, with strong competition from other sellers. Buyers know that if they don’t buy your home, there are more for them to choose from. As a result, buyers don’t have a strong sense of urgency and a minimal fear of loss. When reversed, scarcity can create the perfect buying storm, driving sale prices up and letting sellers dictate the market. Which one would you like to sell in…?
Before you list your home for sale think about your area and potential market now. What’s your competition, will you be the only 4 bedroom, 2 bathroom home for sale in your suburb?
The difference that getting the timing right can make
You may think that the timing could not possibly make a big difference, but I’ve found that having the only family home for sale in a Canberra suburb, in fairly original condition, in the middle of winter, has seen a sale price of $905,000 while an upgraded, partially renovated home on a similarly sized block, immediately opposite, has sold for $835,000 only a month later.
So, when IS the perfect time to sell your house?
Apart from some traditionally accepted ‘no sale’ periods such as from Christmas to mid-January and once a general election date is called (coming up next year dear Reader) the best time to sell your home is when it’s best for you.
And don’t forget, if you have to sell, even if it’s not at the perfect time to sell your house, the chances are you will be buying and selling in the same market, so you could capture a bargain!