Spring is traditionally seen as the best time to sell a home, when the weather is warming up and buyers become more active. However, there are a number of studies which have revealed that autumn is equally as good, if not better than, spring to sell a residential property.
We look at the reasons why below and provide some tips on preparing your home for a sale in autumn.
The benefits of selling in autumn
The primary reason why autumn can be an advantageous time to list your home for sale is that there are often less houses on the market at that time, so there is less competition.
As spring is the time when most home owners put their property up for sale, the market can become flooded with stock. An increase in stock can discourage buyers from paying premium prices because there are many other buying opportunities. In contrast, reduced stock in autumn increases competition between buyers.
Another benefit is that, by autumn, many buyers have recovered from the busy Christmas holiday season and are ready to focus on progressing their property search. Buyers may have made resolutions for the new-year to purchase a property and will actively start looking in the early months of the year.
Tips to selling in autumn
The key recommendation for selling in autumn is to list your property as early in the season as possible. The weather is still warm in March and people are inclined to go out and attend open houses. April is less favourable, because of the many national events which take place (Anzac day, Easter often falls in April, school holidays) and due to the fact that many families choose to go away at that time. Furthermore, as the weather cools down in May, buyers start heading indoors.
Sellers should be mindful of changes to daylight savings in some states in April, particularly when booking times for open houses.
The weather can be unpredictable in autumn, so care should be taken to keep the home comfortable during open for inspections. This might mean checking that both your heating and cooling systems are in good working order before arranging inspections.
Finally, thought should be given to the presentation of your garden. This might include planting flowers that bloom in autumn and ensuring that all dead growth and weeds are removed.
Conclusion
The real estate market is impacted by a number of factors, including the state of the economy, local supply and demand and interest rates.
However, consideration should be given to listing your home for sale in autumn, when less competition and mild weather can facilitate a speedy sale.
The legal process for selling your property involves some forward planning and preparation. Our team of property specialists can help by preparing the documentation and advising you on the process.
If you or someone you know wants more information or needs help or advice, please contact us on (02) 6621 2481 at Lismore, Ballina on 02 6686 2522 or Byron Bay on 02 6680 8525 or email [email protected].