Timing can be a crucial factor in the success of selling your property. The season at which you decide to place your home or investment up for sale can influence not only your asking price, but how long it takes for a buyer to make a winning offer.
When is the Best Time of Year to Sell Your Home?
Autumn is often seen as one of the best times of year to sell your property in Melbourne and wider Australia. It makes sense when you stop to consider it – the heat from summer has started to subside, holidays like Christmas and New Years have all come and gone, and people from all walks of life are settling into the new year, ready to take on new adventures. In fact, many might prefer to make a move before the grizzly winds of winter roll through!
Listing your property in the winter months from June to August can offer several advantages to certain homeowners, despite the wet and often dreary weather. The number of listings are usually lower than the warmer months, making your property more front of mind for potential buyers – and with a balance of supply and demand in your favour, you may even enjoy a quicker sale or higher asking price.
Similar to the autumn months, buyers are more energised to review the housing market as they break out of the grizzly grey clouds of winter. As the sun shines through once more, the flowers and trees of your property will open up and blossom, offering far more aesthetics when you make your listing.
It is likely that many other people will have the same thinking which means the number of listings is usually highest from September to November, with rising competition among sellers.
Australia is a beautiful country and it sure turns up the temperature in the summer months! This can be an opportunity to show buyers the perks of any outdoor areas you may have such as an outdoor area ripe for entertaining on balmy evenings or a patch of lawn for children to play under a sprinkler over the warmer months.
It can also be a great time to sell with the Christmas and New Years holidays coming over the horizon causing a sense of urgency amongst buyers to buy before people take time off over the Christmas break.
Other Factors Influencing When to Sell Your Home
Selling your home is a big decision, and there are more factors to consider outside of the time of year, including:
- The current housing market conditions: This is perhaps the most crucial factor to consider when deciding whether to sell your home and there can be perks and downfalls to both. If the market is hot, prices may be stronger but so will be competition. When the market is cooling off, you may find a drop in prices but that you’re one of few houses on the market causing more interest in your property.
- Your personal finances: Take a close look at your finances and see how much equity you have in your home. If you owe far more than your home is worth, then selling may not be suitable for you.
- The cost of selling your home: Several costs are associated with selling a home, including real estate commissions, closing costs, and repairs/updates that may need to be made before putting your home on the market. Be sure to factor in these expenses and look at how much money you’ll walk away with from the sale of your home. If it’s not enough to cover your next purchase or rental, then, it may be worth reconsidering.
- Your timeline for selling: Are you in a hurry to sell? Or can you afford to wait for the perfect buyer in a better selling season? Different homes may suit different selling seasons and these factors are best to be taken into account.
- The condition of your home: Take an honest look at your home and assess its condition. Does it need any major repairs or updates? If so, you may want to reconsider selling as-is or making the necessary repairs/updates before listing your home.
- Your personal situation: Are you moving to a new job? Getting divorced? Having a baby? Your personal situation should also play a role in your decision to sell (or not).