When to Sell?
- Posted By Courtney Simpson
When to Sell?
It is a long held belief that the best time to sell property is toward the end of the year, in the spring/summer period. While the current high demand, low supply of residential property combined with low interest rates is fueling a stronger than normal winter period, making this winter a little different, it is still fair to think that the end of the year will be where you will achieve strong results in property sales.
According to research conducted by Realestate.com.au, prices are statistically stronger in October, November and December. This could be caused by a number of factors, including the fact that there are more auctions in spring, as the weather warms. Homeowners want to sell their home and present it as best they can to get the best results so it makes sense that this time of year is best. In general, properties are fresher, gardens are thriving and the appearance of quality properties is a greater incentive for buyers to spend more.
The decision to sell and when to sell will always be yours to make as the homeowner. However, statistics are always a great guide, combined with your own experiences with property, advice from property professionals and consideration of the current economic conditions.
We are in unprecedented times when we consider the current low interest rates. The Reserve Bank has indicated that it will hold rates at these low levels for another couple of years, however banks are independently increasing some of their rates on home loan products. How much they do this and how quickly remains unknown.
What impact will this have on buyers in the market? What impact will this have on mortgage holders?
Interest rates and where they are heading will impact upon the market, without a doubt. As we have seen the impact of low interest rates and COVID conditions such as closed borders and travel restrictions, we will also see impacts of increasing interest rates at some point. There are many things to consider before you sell, when is the best time to sell is a good place to start.
If you are considering selling your home in the coming spring/summer market, now is the time to start preparing your home and finding an agent that will get you the best results. Courtney at NPI is always available for to discuss your property needs. She is an experienced agent and property manager who achieves great results, providing you with great service before, during and after your property transaction.