If you’re thinking of selling your home this year, your timing will no doubt have a direct impact on the sale price you are able to achieve. Let’s take a deep dive into whether you should sell now, in winter or wait until Spring. But first a quick overview of what’s been happening this year….
The first quarter of 2022 saw an increase in buyer demand with a decrease in stock levels however as we come into the second quarter, there has already been a surge of new listings come to market and a change in buyer sentiment. The dreaded FOMO has now been replaced with indecision. More to choose from means it’s more difficult for buyers to decide which property to go for and in what order. Having offers on multiple properties is becoming an increasing occurrence and in some cases buyers have forgone their 0.25% deposit paid on one property because they have seen another property they like better!
Over the next few weeks we are expecting the market to slow down for a number of reasons.
- Easter School holidays are just over 1 week away and therefore most families will either be away or in holiday mode.
- Traditionally the 3-4 week lead up to a Federal election is very quiet and we expect this year to be no exception. Although yet to be announced, the election is expected to take place sometime between 7th and 21st May which may coincide with the school holiday slow down.
- The talk of interest rate rises has made some buyers nervous. However a rate increase is inevitable and if anything should encourage buyers to buy now so they can lock in a reasonably low rate.
- The potential for a change of Government is sufficient reason for majority of people to sit back and wait and we expect a large portion of home sellers to take the lead in this regard.
However for the opportunists out there, the next 4-6 weeks could be the perfect time to capitalise on a reduction in stock levels as there will still be plenty of people who have sold their home over the last few months and NEED somewhere to live. We believe during this time the market will be driven by demand from genuinely motivated buyers looking to purchase quality property.
With that being said, the question still remains regarding Winter versus a Spring sale. Once again, it all comes down to a simple equation of supply and demand. Most people think selling in Winter is not a good time, and therefore there are less properties for sale. However buyer demand is expected to rebound post election which means lower volumes resulting in higher sale prices. Alternately, during the peak Spring selling period the opposite typically occurs. An increase in properties for sale provides buyers with more choice and once again the indecision creeps in resulting in less action and lower prices.
So if you’re thinking a Winter sale might be the way to go, you should be aware that not every property is suited to selling in Winter. Here are our top 3 things you should consider:
- Aspect – Does your property have a south facing yard? Does it remain damp during winter due to a lack of sunlight? If this sounds like you, a Winter sale may not be the best option. However if you cannot wait, you could try cutting back some trees and shrubs to let in more sunlight, or install a few skylights where possible.
- Heating – Make sure your home is warm and cosy during property inspections by switching on the heating or firing up the fireplace. The addition of pieces such as oversized floor cushions, throw rugs, designer beanbags and ottomans, all add a cosy element. Fire pits are also on the rise for the outdoor winter garden or courtyard. If your home is cold and unwelcoming buyers will think twice about coming back.
- Clean windows & gutters – Cleaning your windows and ensuring you time the open homes perfectly to maximise sunlight to the property is critical during a winter sale. Clearing out leaves and debris from roof gutters is also important as the last thing you want on a rainy day is for buyers to have to navigate their way through a waterfall to enter the house.
So if you’re thinking of selling soon, a Winter sale may not be as bad you think. The reality is it enables you to then buy in the traditionally busy Spring period, when more homes are listed for sale. With your sale done and dusted, you’ll have an exact budget to work with, and potentially pick up a property for less than you expected.
If you like this article written by our Vendor Advocate, and would like to know whether your home is suited to a Winter sale, please contact us and book in a time for a no obligation chat.
To find out how our Vendor Advocacy service works and why it costs you nothing extra, please visit us here.
