It has been one of the coldest, wettest winters for some time which has kept many buyers away from show houses, especially in the rainy areas, but better times are ahead according to the Seeff Property Group.
With the prospect of an interest rate cut coming in the next few months, and with the warmer months approaching, it signals a good time to sell. Although the best time to sell depends on the circumstances of the seller, Seeff says it can be said that certain times of the year bring more buyers.
Sales data also shows that there is often a dip over the colder months with more transactions concluded in the warmer, sunnier months. When the weather is warmer people spend more time outdoors. Gardens and neighbourhoods also tend to look better in summer. There is also generally a better mood, and people often want to start new things.
The summer months also coincide with the lead-up to the end of the year. This lead-up period usually sees an uptick in buyer activity. Families tend to look to move closer to schools or universities. Buyers who want to upgrade will also start looking in Spring if they want to purchase property by the new year.
People looking to scale down or retire will also now start looking at their options. The summer months are also usually a good time for selling in the holiday markets as more people start thinking about investing in their own holiday homes rather than paying for hotel or resort stays.
With the festive season looming, buyers may feel a sense of urgency to get their offers to purchase in as soon as possible so that they can settle into their new home before the holidays.
Sellers will also face increased competition with more property listings over the warmer months. Properties are now taking longer to sell, spending on average 12 weeks on the market, from around 10 weeks at the start of the year.
Sellers must therefore consider their priorities if they are thinking of selling right now. Seeff says further that you should ensure you price the property correctly as you would not want to put people off by overpricing, it is simply not a good selling strategy.
Ensure the property is in a good sellable condition. Do not leave anything to chance, fix what needs fixing and clean what needs cleaning. Experience has shown that listing at the right time and correct price will lead to a faster sale, and achieve a higher price.
Broadly speaking, it is still a buyer’s market. Sellers need to consider the factors which affect the selling of a house. These include the pricing, location, property condition, and market conditions. It also often hinges on choosing the right agent, says Samuel Seeff, chairman of the group.
A buyer’s market typically features more properties for sale and fewer buyers. When there is an oversupply of available properties and lower buyer demand, it tends to result in extended market times, price reductions, and seller concessions.
How to price your property to sell
Appointing the right real estate agent to partner with is important when selling your home in a tough market, but it’s equally important for sellers to take an active role in the process as there are numerous things a homeowner can do to significantly facilitate the sale.
Find the right agent
Good agents are worth their weight in gold, but the wrong agent can just as easily scupper a deal. Interview at least two agents and don’t be won over by the highest valuation received, especially in a tough buyer’s market when the highest valuation is usually not the best valuation. Rather select an agent based on their skill sets, their local market and area knowledge, the company’s marketing ability, and their track record in your neighbourhood.
Touch up – but don’t over-upgrade
Quick fixes always pay off, but you are unlikely to see a return on investment for major makeovers just before selling. Make sure all fixtures and fittings are working, replace broken door handles, and fix leaky taps. If possible, give the interior and exterior a fresh coat of paint, but stick to a neutral palette so that the new homeowner can add their personal touch and splash of colour.
That said don’t underestimate the importance of the kitchen! It is the heart of the home and it’s the one room where you can splurge a little more when touching up - and recoup most of the money. If you have a little extra cash, buy one quality stainless steel appliance because when people see one high-end appliance, they assume all the others are also good quality. It will also update the kitchen nicely.
Professional photography
With so many properties on the market at the moment, you need to grab potential buyer’s attention and the best way to do this is with quality photographs that show your home to its best advantage. A meager selection or pictures depicting mess and clutter will ensure your home attracts very little interest.
Ask your real estate agent if they can do virtual or video tours as well as this will allow potential buyers to get a more immersive experience of your home and it will make it stand out from the rest.
Have a look at your property ads online and compare them to other similar properties in the area. Particularly examine the photos, what the lead image is, how big the rooms look, and also read the property description. If yours doesn’t stand out from the others, ask your agent to amend the advert.
Be show-ready
You never know when your buyer is going to walk through the door and it’s very possible that he or she will want to view it at short notice. Don’t leave dishes in the sink, make sure the bathrooms are always sparkling and that bedroom floors are sock- and underwear-free. Yes home viewings can be a pain, but the sooner you let prospective buyers view your home, the sooner it will sell, so be flexible.
