Spring Buying Season (Ultimate Guide)
Commonly recognised as a time of bloom, this spring season also applies to the property market. During the 2015 spring season, fresh listings, that is homes not listed within the last 6 months, were up 25.6% in Sydney and 15.7% in Melbourne according to Domain. Take note: now could be the best time to spring into a new home!
1. Why spring is so popular?
Like seasonal clockwork, as the weather starts to warm up, so does the property market. Spring is considered the busiest time of year for the real-estate market in Australia with 40% of yearly sales occurring according to Landgate data. Buyers can enjoy a wider selection of properties compared to the colder months, whilst sellers can also rejoice with increased attendance at open houses.
2. Buyers: great time to buy
As the spring sellers are drawn out of hibernation with the warmer weather, buyers begin to be spoilt for choice. With an increased selection of homes popping up, you can afford to have a narrower scope on what you are looking for in a home, ideally finding a property that is the perfect fit. Although beware, the tight competition from many other buyers in the market can ramp up prices, so there may be stiffer negotiations on the buying price.
The approaching school and working year also means that family homes in safe areas will be a sizzling hot buy, so get in early with realistic offers.
3. Things to know as a seller
Keep in mind that if you are planning to sell your property in the busiest season, so are many others. Flooding of the market can be an issue during this time so ensure that you have given your home a competitive advantage. Going into summer, a new buyer will be looking at using the outdoor areas of the house – make sure you have these areas looking lively and clean so a prospective buyer can visualise using these spaces.
4. Do your research
Whether you’re buying or selling, an important tip is to do your research before you make a decision. As a buyer, investigate the zoning for public schools and also consider exactly how much you want to spend. Sellers on the other hand have to know the market they are selling to and in addition, price their properties correctly. It is best to consult a real-estate agent whilst considering these things and get their advice on the most effective time to list the property. If you miss the wave of fresh buyers, the property could go stale – so it is best to define an exact time to put your home on the market in order to receive the best result.
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