Traditionally, spring is classified as the busiest time in real estate. But when it comes to selling property, autumn is often more favourable.
Well, this is because spring is when home buyer’s typically get out and about after being cooped-up over winter. So while they’re willing to have a look at property, this doesn’t mean that they’re willing to start negotiating and will sign on the dotted line. In fact, most buyers are more interested to see what’s on offer, rather than committing to a purchase.
The Spring Real Estate Market
Competition is stiff in spring. There are lots of homes on the market because many home sellers have been waiting for the weather to warm-up before selling their home. This means a greater selection of homes for buyers to choose from. More choice, often means more deliberation and greater negotiation, and possibly a lower price for you.
Autumn, however, presents a better time for buying and selling property. This is providing that you’ve prepared yourself well and that you’ve considered all possibilities before you enter the market.
Buying in Autumn
As a buyer, you should start researching the market at the beginning of spring. This will allow you to narrow down the suburbs or areas that you’re interested in and to then watch sales for a number of months. Watching sales gives you a good understanding of what is classified as ‘top’ and ‘bottom’ dollar and how much room there is for negotiation when it comes to buying.
Autumn buying represents opportunity. Always research and compare property for a longer, rather than shorter timeframe. Narrow down your selection during spring. Then, see what Autumn has to offer. Usually the market glut has subsided and rather than being presented with a vast quantity of homes, you’re left with quality listings.
Selling in Autumn
If you’re seeking to sell, then most real estate agents will suggest listing your home in the closing weeks of January as many home buyer’s have leave over Christmas and January, and this is when most will conduct property market research because they have more time on their hands. This research typically lasts 1 to 3 months before a buyer will be confident enough to make an offer.
Putting your home on the market in the last month of Summer, and in the lead-up to Autumn, allows you to capture buyer interest. As those buyer’s who’ve already conducted their research and who are more interested in buying will be more willing to consider your property.
If you’re selling a property in Autumn then use your outdoor areas as draw-cards. Make them well presented and of interest to buyers. Also freshen up your property inside. Clean walls and floors. Fix items that are broken and repair fixtures and fittings.
Looking to buy a new home this Autumn? Then contact eChoice and find the right home loan for YOU before you buy.
Written by eChoice