Selling Property: Is Spring Really The Best Time?
Contrary to popular wisdom, it’s not always about following the spring sale trend.
The vast majority of real estate agents will advise sellers to schedule their auctions for the traditional spring sale season when buyers are out in force. But this isn’t always the smartest strategy. Here’s how to decide on property sale timing that’s right for you, rather than following the crowd.
The pros and cons of selling in spring
There are some good reasons why so many agents will advocate for selling your property sometime between September and November. Gardens tend to look their best at this time of year and the days are longer and sunnier. Even more significantly for sellers, buyers expect more properties to come onto the market over spring, so they’re primed to attend as many auctions as they can to find that perfect home.
The fact that buyers are out in force means more attendees per auction, resulting in more bids to drive up that final sale price – a compelling argument for planning a springtime auction. But there is a downside to following the crowd. More properties on the market means more choice for buyers and increased competition from the other sellers in your market.
The benefits of selling outside peak period
While more competition is almost always positive at auction, there are also arguments to be made for selling while the market is less active during autumn and winter. Fewer properties on the market means buyers who are on the hunt will have a greater sense of urgency behind their bids.
The cooler months can also be a great time to show off the cosier aspects of your property. Summer buyers won’t be nearly as focused on factors like energy-saving insulation or efficient heating. For those selling a unit, autumn/winter can also be a great time to sell as competition with houses is lower.
Are there times of year to avoid?
While timing your sale is ultimately a personal decision, we rarely advise any seller to plan an auction in late December or over January. A low turnout is almost guaranteed during this period, with buyers focused on Christmas preparations, family obligations and holiday plans. Holding off will give you a much better chance of boosting attendance and driving up your final sale price.
The best sale timing for your property
One of the major benefits of selling in Sydney’s tightly held eastern suburbs is that buyers are active for the majority of the year. Many are focused on finding property in one or two key areas and prepared to make their move whenever that property comes onto the market.
As a seller in a suburb like Woollahra, Paddington or Randwick, you can set your own timetable to a large extent. When making your final decision, it’s important to weigh up these factors:
- Your property’s best time of year: Forget the trends – when does your property come into its own?
- Your own financial needs: Make your move well before any financial pressure forces your hand to retain maximum negotiating power.
- Recent market trends: Are prices rising in your area, stabilising, or about to begin a downward trajectory?
Rely on expert advice
The timing of your sale is at least as important as the presentation of your property and the real estate agent you choose. So don’t make this decision in a vacuum. Gather advice from property experts in your area about how the market is behaving, what changes might be in store and what buyers are most focused on.
To talk to us about timing your sale for maximum return, get in touch today.