Is Anyone Buying a House in December? The Best and Worst Times to Sell a House
The property market in Australia continues to run its own race, but will there be the same volumes of people buying a house in December? While there is no clear evidence to suggest any one month is better than another when it comes to selling your house, trends typically indicate a tapering off in sales before the Christmas period and into January. Then came COVID; not only turning the tables on almost everything we have ever known but also bringing with it unprecedented changes to the real estate market. The demand to buy property is peaking at levels rarely seen at this time of the year. So, is now the best time to sell?
Buyer interest driving demand
Cashed up Australians who’ve not been afforded the luxury of travel and spending on luxurious items are taking advantage of newly found freedoms and subsequently driving demand for property sky high. It is by no means a buyer’s market, however, with the landscape in a competitive space, sellers have much to gain from placing their homes on the market. If you are more of a traditionalist, you’ll most likely prefer to ride out the end of the year and take the next few months to get those all-important ‘ready to sell’ final touches done to your home. This is especially important if you are looking to upgrade and hoping what you pay isn’t an over-exaggerated price currently being seen due to this unexpected boom. Another perspective is that December is a time when many people take a short hiatus from work and consider their goals for the new year. They are generally available to do things they don’t usually have the free time to do, like look for a new house or buy an investment property. Ever had a work colleague who went on holidays and loved the area so much they decided to move there – or bought a holiday home? Being ready to take advantage of the festive buyer can give you a head start on the new year’s competition. Whilst timing matters, ultimately the best time to sell your house is when YOU are ready and you have all your ducks in a row.
Take time to understand your local market conditions
Only your local agent can give you the best advice as to current demand for your property. And when your agent is registered with RESO, not only are you equipped with the information on sales history and ranking but you know they have access to many potential buyers at their fingertips. It just makes sense to touch base with them first. Equip yourself with a solid indication of what your property is worth, plan out an approach to putting it on the market, and if all the stars align, take advantage of market demands which are most certainly in unchartered waters for this time of year.
Consider your own personal and financial requirements
If you haven’t yet had preliminarily talks with your bank or financial broker, now might be the perfect time to make that call. Being mindful of their limited operational hours over the Christmas and New Year period, ascertaining your borrowing capacity for future purchases will give you more confidence should the perfect opportunity to buy come your way. It’s also a smart idea to touch base with a conveyancer for all your legal needs. Having the right people aware of your plans and circumstances ensures you can make the necessary calls as soon as the need arises.
Identify what improvements are needed and get started
Whilst it’s not always essential to make improvements to your home prior to selling, chances are you’ve got a list of ‘nice to haves’ somewhere in the back of your mind. Sprucing up the garden, decluttering the interior, and even cleaning out the garage to give your home that extra sense of space can do wonders for first impressions. Remember that the new home owner will always look to add their own personal touches so don’t go overboard. Whilst there are differing schools of thought as to the best and worst times of the year to sell your property, remember that at the end of the day, you need to be comfortable. If you are looking to take advantage of current strong market conditions and if you’re considering selling sooner than later, NOW is the time to get your agent on board. Who said nobody’s buying a house in December?