When is the best time to sell my property?
It’s long been thought that spring is the best time to sell your property to maximise revenue and ensure a swifter sale process – but recent research and new evidence are continually testing this theory. We take a look at the age-old (and often frustrating question) ‘When is the best time to sell your property?’ and explore a more rounded answer. As you may expect, it’s much more complex than narrowing down your window to a single season.
Why is spring often thought of as the best time to sell?
Many agents seem to repeat the mantra ‘spring is best’ – but why? During spring competition is actually high – as we emerge from our winter hibernation (when less of us are inclined to get things done) and start getting ready to take action for the warmer months. After a quiet period with less stock on the market sellers are keen to put their properties up for sale – and whilst there’s no shortage of buyers to be had, your home will really need to stand out amongst the crowd. There are traditionally ‘quiet’ times – but even during holidays sales can be made. It all depends on your property, your situation and your objectives.
What constitutes ‘the right time to sell?’
When buyers ask ‘when is the best time to sell?’ often what they mean to say is ‘how can I ensure that my property sells quickly and for the best price?’. It’s long been thought that timing has something to do with this – a notion that selling your property at ‘primetime’ will yield the best results. From one month to the next things can change – so timing is everything, right? The issue with this mentality is that a successful sale depends on many different mitigating factors – some of which are related to timing, some of which can be foreseen. Most however must be finely balanced – a further number are completely out of the control of both vendor and agent. According to realestate.com.au the best time to sell is ‘when both the vendor and property are ready’. So what does this mean?
Multiple factors influence the expected success of a sale
Factors that affect a sale are numerous – and their influence largely depends on your personal circumstances, property type and location. Levels of stock in the area and competition can be significant players in the overall process. If you need to sell quickly because you’ve already exchanged contracts on your next property, now is the best time. If you want to get the best possible price for your property, make necessary renovations and play it by ear – in this scenario, time is on your side. Demand is another factor that simply can’t be controlled – but it can be predicted. For example, if you live near excellent schools in a family-orientated neighbourhood, you can expect buyers to be looking to relocate before the start of school term.
How can I maximise my chances of success?
We always recommend a sensible approach – taking into account the needs and wants of buyers and making changes within budget to maximise the chances of success at each and every viewing.
If you’re considering selling your property, why not pop in and have a chat with one of our experienced specialist real estate agents today?