Now that the Spring of 2019 is officially behind us, and the strength of the rebound in the Victorian property market during the past six months has become clearer, many Victorian homeowners will now be weighing up whether to ‘seize the day’ by planning a Summer sale.
Some people make the mistake of assuming the property market takes a holiday during Summer. However, apart from the two-week period around Christmas and the New Year, there are still sales being made. Indeed, the warmer weather can help emphasise the appeal of some properties, such as those near the beach or with a swimming pool.
In fact, what many people don’t realise is that studies have shown that that more than 20% of all Australian property sales take place in Summer. When you consider that a larger than usual number of home buyers will miss out on finding a property in the remaining weeks of December, and will therefore be keen to find their new home as soon as possible in the new year, there are strong arguments for planning a Summer sale while the supply of new listings is at its most obvious.
Keep in mind that you need experienced advice on what strategy is likely to be most productive for your type of property and local market. Timing is crucial when it comes to selling in Summer. This includes picking the right opportunity to launch your sales campaign, as well as choosing the right time to bring matters to a head, such as selecting an auction date if that is your chosen method of sale.
It is also important to focus on your local market and the features that are specific to your property, rather than being distracted by what is happening in the broader Melbourne market. For example, whilst activity may be slow in some parts of the state, activity levels in beachside areas or popular holiday destinations can be very strong during December and January.
As we mentioned earlier, a Summer sale can be a great time to capitalise on a lack of competition from other sellers. 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.
Of course, if you 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.