When is the best time to sell?

It’s the age-old question. It is probably the most commonly asked question by potential sellers. A common answer that a lot of real estate agents will give you is ‘now’. However, this answer is generally motivated by an agent’s self-interest. Each person has different goals and needs when selling their property and each property is unique, so there is no one-size-fits-all answer. When
the goal is to maximise sale price, the below factors should always be considered when deciding on the best time to list your property.

Supply / Demand

Essentially the best time to put your property on the market is when the demand is high
and supply is low. ie. When there are many active buyers looking to purchase and not
many similar properties for them to choose from. This, of course, increases the
competition for your property and will drive the price up. Keep an eye on the local
market where your property is located, as well as the types of properties on the market.
If there are many properties sitting on the market that are similar to yours, it may be
best to wait until the market becomes less saturated. However, often the supply could
be high whilst demand is even higher, for example during springtime. In spring there are
generally more properties on the market but also more buyers out in the marketplace,
meaning the demand often matches or exceeds the supply creating a frenzy of buying
and selling and is often a great time to sell. Similarly, if the area has a low amount of
properties on the market that are similar to yours, and almost every signboard in the
area has a ‘sold’ sticker slapped on it, you can assume that the market is in very high
demand and stock is low, making it a great time to list and have buyers compete for
yours.

Target Market

One of the most important things to identify when assessing the best time to sell is your
property’s target market. Who is the predominant buying group that your property is
going to attract? Will it be young families, first home buyers, investors or downsizers? It
is important to understand your target market. Different types of buyers will search at
different periods of the year. For example, families looking to purchase a home will most
likely not be actively going to open homes during the school holiday period so it would
be best to avoid listing around the school holiday period unless of course, you are selling
a beach house. Many investors will search for their next investment property at the end
of the financial year for tax purposes so if your property is a tenanted investment
property, it may good to wait until the end of June if you can. Try and pick a time when
your target market will be most active in the marketplace.

Special Features

Last but certainly not least, has your property got anything that will make it more
appealing during a particular season? For example, a luscious flower-filled garden will
look its best during springtime when the beautiful colours are in full swing and the
aromas of the flowers fill the noses of the passing buyers. Or an enticing sparkling pool
during Summer time when buyers want nothing more than to dive straight in. Even in
winter, the crackling noise and warmth of a fireplace will ooze appeal. Pick a time when
your property’s best features will truly shine.

At the end of the day, the best time to sell your property is dependent on you and your
circumstances. Sometimes life has foreseeable events that prevent us from having the
privilege of choosing a specific time. But if you do, consider your property’s special
features, its target market, and the general demand and stock levels in the area. Get
professional advice from a local expert, for some honest and helpful advice on when is
the best time to sell for you, contact Anthony today for an obligation free chat.