Now that the traditional Spring selling season is behind us for 2018, a number of Victorian home owners will now be considering selling in Summer. Some may live in areas where the warmer weather best suits their property’s features, (such as homes near the beach or with a pool), whilst others may have purchased a property in the past week or two and need a sale to complete that purchase.
Some people assume that the property market goes on holidays over Summer. However this is not accurate apart from the one-to-two-week period around Christmas and the New Year…and even then there will still be property sales being successfully negotiated.
In fact, as far as selling in Summer is concerned, a long-term study found that more than 20% of all Australian property sales take place in Summer. So if you are considering making this move, there are a couple of tips you need to consider.
First and foremost, you need to get experienced advice on what strategy is likely to be most productive for your type of property and local market. You need to be aware that timing is crucial when it comes to selling in Summer, not only in choosing when to bring matters to a head, such as selecting an auction date if that is your chosen method of sale, but also when to launch your property onto the market for the first time.
Secondly, focus on your specific property and local market, rather than being distracted by broader market news such as Melbourne’s auction clearance rate. An obvious example is that whilst the overall clearance figures may be down, the activity levels in beachside areas or popular holiday destinations can be very strong during December and January.
Another factor that many home owners overlook is that a seasonal shortage of property on the market can work in your favour. Not only will less competition mean that your property stands out, but it can create more competition among those buyers who may have already sold and are particularly keen to secure their next home within a short time frame.
Last but not least, be ready to negotiate even if you are planning to auction your property. In the past year it has become far more common for buyers to make offers before auction, just as more properties are selling in the post-auction period.
Of course, if you do have questions about selling in Summer or the property market in general, you’ll find lots of tips in our FREE book, Fatal Real Estate Traps Exposed. Alternatively, you can call the Customer Service team at Ian Reid’s Vendor Advocates any time on 9430 0000.