When to sell your home
When should I sell my home? It’s a question we get asked often. And when you know selling your home is on the cards, the next most weighty decision you’ll need to make is when.
Perfectly timing the top and bottom of the market is a challenging task to attempt, influenced by many variables that even real estate and economic experts often get wrong, and certainly can’t predict.
Although timing is greatly influenced by the personal factors in your life, there are some important questions you should consider when determining the right time for you to sell your home.
What is my motivation for selling my property?
If you're an upsizer seeking more room to live, or are downsizing to a more manageable space, then there’s a very good chance that making your move in the same market generally won’t make much of a difference to the outcome.
In fact, upsizing in a softened market can make more sense, given that transaction costs like stamp duty and sales commission will be somewhat reduced to what you might pay in a peaking market.
We generally advocate selling when the time is right for you, whether that be to propel your retirement funding, accommodate your growing family, or better suit your changing lifestyle needs as they arise.
What time of the year is the best to sell my home?
Once you've decided to sell, it is worth considering where you are in the calendar year.
Ordinarily, it is better to avoid listing properties for sale during significant holiday periods such as Christmas, Easter, and school holidays, and this is because you want to reach as many potential buyers as possible. With a portion of potential buyers likely to be disengaged, unavailable, or occupied with other priorities, many are temporarily diverted away from actively searching for a home during significant holiday periods.
Although the impact of this is greatly dependant on your buyer demographic, and some counter arguments can be made - such as less properties, less competition - being able to successfully place in the view of as many people as possible throughout a sales campaign is a key component you’ll want to ensure you can achieve.
We’ve all heard about “selling in Spring”, a common misconception that is often thought to be ideal, and while it may be beneficial in some respects, the real benefit of selling in spring is generally limited to the pleasant weather the season offers, with sunshine motivating buyers up and out the door, and presenting homes in their best and brightest, really helping people to forge emotional connections with what they’re seeing.
Whether you’re across politics or not, having an idea of where things are moving on a State and Federal Government level can also have an effect on your decision to sell. When a government election is forthcoming, there is sometimes an element of uncertainty amongst buyers (and sellers!), dependant on the proposed policies of major parties, and the impact these might have.
How many comparable properties are for sale?
When it comes to selling, the principles of supply and demand are strongly at play and the ideal environment for a seller is of course less competition when it comes to comparable properties available.
Timing a marketing campaign when there is less stock for buyers to see may have notable advantages to your sale. A great example of this was seen during the 2021 lockdowns when some undeterred vendors proceeded with the sale of their properties, and were rewarded with record prices simply as a result of the substantially reduced stock levels and continued, high demand from buyers.
Although there is no golden rule or perfect time to sell your home, it is still important to think about what your goals are as a seller, and the best route to achieving them.
We are in tune with the market at any given time, and partner with you to help guide and execute a successful sales campaign - no matter the timing, or your goals.
