It has been one of the coldest, wettest winters for some time which has kept many buyers away from show houses, especially in the rainy areas, but better times are ahead according to the Seeff Property Group.
With the prospect of interest rate cut coming in the next few months, and with the warmer months approaching, it signals a good time to sell. Although the best time to sell depends on the circumstances of the seller, Seeff says it can be said that certain times of the year bring more buyers.
Sales data also shows that there is often a dip over the colder months with more transactions concluded in the warmer, sunnier months. When the weather is warmer people spend more time outdoors. Gardens and neighborhoods also tend to look better in summer. There is also generally a better mood, and people often want to start new things.
The summer months also coincide with the lead up to the end of the year. This lead up period usually sees an uptick in buyer activity. Families tend to look to move closer to schools or universities. Buyers who want to upgrade will also start looking from Spring if they want to purchase property by the new year.
People looking to scale down or retire will also now start looking at their options. The summer months are also usually a good time for selling in the holiday markets as more people start thinking about investing in their own holiday home rather than paying for hotel or resort stays. With the festive season looming, buyers may feel a sense of urgency to get their offers to purchase in as soon as possible so that they can settle into their new home before the holidays.
Sellers will also face increased competition with more property listings over the warmer months. Properties are now taking longer to sell, spending on average 12 weeks on the market, from around 10 weeks at the start of the year. Sellers must therefore consider the priorities if they are thinking of selling right now. Seeff says further that you should ensure you price the property correctly as you would not want to put people off by overpricing, it is simply not a good selling strategy.
Ensure the property is in a good sellable condition. Do not leave anything to chance, fix what needs fixing and clean what needs cleaning. Experience has shown that listing at the right time and correct price will lead to a faster sale, and achieve a higher price. Broadly speaking, it is still a buyer’s market. Sellers need to consider the factors which affect the selling of a house. These include the pricing, location, property condition, and market conditions. It also often hinges on choosing the right agent, says Samuel Seeff, chairman of the group.
A buyer’s market typically features more properties for sale and fewer buyers. When there is an oversupply of available properties and lower buyer demand, it tends to result in extended market times, price reductions, and seller concessions.
Quay1 Regional Manager, Christine Marsh, says selling a home can be a complex process, and avoiding common mistakes is crucial to ensuring a successful sale. Here are some pitfalls to watch out for:
Overpricing: One of the most common mistakes is setting an unrealistic asking price. Overpricing can deter potential buyers and cause your home to sit on the market for an extended period. Conducting a comparative market analysis and consulting with a real estate agent can help you set a competitive price.
Neglecting Repairs and Staging: Failing to address necessary repairs and properly stage your home can negatively impact its appeal. Before listing, make sure to fix any noticeable issues, clean thoroughly, and consider staging to highlight your home's best features and create a welcoming atmosphere.
Inadequate Marketing: Effective marketing is essential for attracting buyers. Utilize high-quality photos, detailed descriptions, and various marketing channels, including online listings, social media, and open houses. A well-executed marketing plan can significantly increase your home's visibility and appeal.
Not Being Flexible with Showings: Limiting showing times or being inflexible with potential buyers' schedules can reduce the number of interested buyers. Be accommodating and make your home available for viewings as much as possible to increase your chances of finding the right buyer.
Skipping Professional Help: Selling a home involves numerous legal and logistical steps. Working with a qualified real estate agent, lawyer, and conveyancer can ensure that all aspects of the transaction are handled correctly, reducing the risk of errors and complications.
By avoiding these common mistakes, you can streamline the selling process and achieve a successful and profitable home sale.