It’s the million dollar question in real estate: When is the right time to sell your property?
Deciding whether to list your home for sale will involve many considerations, including the time of year and local market conditions, but MARQ Partner and Licensed Agent Justin Taylor says it all comes down to your own personal circumstances.
“The best time to sell is when it suits you,” Justin said.
“Sellers think seasonally, but buyers are out all the time. Only you know and understand your personal circumstances and reasons for wanting to sell.”
Justin said researching what stage the property cycle is at in your local area should be a major consideration, particularly in determining potential profitability.
And the property cycle – whether prices are rising, falling or are stable in your suburb – can also be a good guide to any decision-making about timing a potential sale.
“If you had to pick a couple of months of the year to try to avoid, unless you absolutely have to sell, you would probably try to avoid December and January,” Justin said.
“Obviously properties sell in those two months, but if you don’t have to sell, you’re probably better off waiting until everyone is back in their normal routine, when Christmas holidays are out their system, people are back at work and kids have started the new school year.
“Usually, the first week of February onwards is a good time to get cracking.”
Justin said the winter season often got a bad rap for transacting property.
“The myth is that winter is not a great time to sell, but the reality is winter is a great time to sell because there’s usually about 20% less stock in winter, and there aren’t 20% less buyers,” he said. “The number of buyers throughout the year generally remains consistent.
“Generally, in winter you have the same amount of buyers competing for less properties, which creates greater demand for the ones that are on the market.
“The other benefit of selling in winter is if you’re selling to purchase, by the time you’re ready to buy, it comes into spring and you have a lot more to choose from.”
Spring has traditionally been known as the peak selling season, enticed by gardens in full bloom, sunny days and a better ambience and brightness. Justin said people were often more motivated in spring and there was a better overall mood.