When to sell
One of the most common questions we get asked as estate agents is when to sell your property. Whether selling an investment property or a family home, timing can have a huge impact on the result in a sale. With so much advice available and so many opinions out there we’re going to sift through some of the top ideas and provide some clear advice around when to sell.
Go by the numbers
Firstly, the best advice that we can give is make sure to sell when there’s a good market for your best result. How do you know if it’s a good market? Some indicators we can easily see are clearance rates and inspection attendance. Going on the numbers can get you armed with some data to inform your selling decisions. Some great tools exist to quickly find this information online. For a quick guide to our area check out realestate.com.au’s clearance rate data.
https://www.realestate.com.au/auction-results/east-maitland-nsw-2323
https://www.realestate.com.au/auction-results/newcastle-nsw-2300
Our clearance rates are currently at over 85%. This is a great sign for sellers indicating that the demand for property is high. High demand for your property will generate competition among buyers which drives up your sale price. As a guide, clearance rates above 70% would mean it’s a great time to sell. Anything lower and you should talk with your agent to discuss a plan to get more competition out of the market.
Another indicator might be attendance at property inspections. Take a quick drive around your suburb on a Saturday morning and check out some local sales. Do these inspections have a lot of attendees? Is there a line out the front door and up the street to view a property? A visible crowd can do a lot to bring up the sale price of a property.
After a period of growth
One of the best indicators of when to sell is the change in median property prices in your area. If inspection attendance and clearance rates are up for a sustained period, property prices should change as a result. You can look at market data to indicate if your local property market has experienced a period of growth. Getting the best sale possible for your property means selling at the peak of property prices.
The rise and fall of property prices are often discussed in the media. Great sources of data and analysis from CoreLogic, Domain.com and Realestate.com and many other industry specialists can provide a wealth of information. While this can be confusing all these sources can show you a trend graph that simplifies the data so you can see for yourself if the timing is right. If you’re deciding when to sell your property just look for a period of extended growth – a graph that points upward. You can then be confident you will be achieving a great result for your sale.
To make it a simple as possible to decide, we have built our very own property market tool. Simply enter in your address and see the latest up-to-date market data presented and price trends. No need to subscribe or download. This is our free tool for sellers to help make the most informed decisions possible. Head over to our online property value estimator to arm yourself with the latest data for free.
Is spring when to sell?
Its no secret that springtime is when the property market booms. There will be a higher number of properties on the market due to the good weather that draws a crowd. Gardens will also be looking their best which can show a property in its best light. If your property is set amongst lawns, gardens and flowers maybe think of spring when considering when to sell.
Natasha McElwaine, managing director of McElwaine Real Estate explains why spring has such appeal.
“Certainly there is no question that spring brings an aura of new birth in nature and all things so we see it from a unconscious view that we want something new and fresh and it symbolises a new start and a new journey in life.”
“Buyers want to relocate and get settled before the first term of school, before jobs start up again, and to get organised in general for the coming new year,” she said.
According to industry figures, spring is often the time when the allure of a better lifestyle becomes a strong selling point. Houses are looking at their best with blossoming gardens, warmer days and the feeling of possibility and excitement is in the air.
When makes sense for you
Of course, the best advice that we can give is to be sure it makes sense for you. Deciding to move or sell can be necessary for so many reasons outside of the getting the best price. With all these factors coming in to play, make sure the timing fits for you when deciding when to sell. Consider if you have the time and attention available to sell your home. You want to be able to give your sale the attention and care it needs working alongside your agent to get the best result.
You may also consider if there are outside pressures that make you want to sell that may be more important to you than your final sale price. If you need extra money to retire, or are looking to let go of the extra work of a larger property or move closer to have more time with family these are important factors that can out weigh the final selling price. Even if the time of year, or market indicators are not pointing to the best result, if its time for you a great agent can help you rest easy- assured you will still achieve a great sale and find freedom in those other areas of life.
Consider an updated appraisal
As always if you’ve been trying to decide when to sell and need some help please reach out to us. The first step is to book an appraisal so you can know what to expect. We will discuss with you the value of your property in the current market. You’ll also go over current market conditions and sales and marketing strategies to navigate your property to its best sale. We always encourage sellers to organize their appraisals as soon as they are considering selling to get as informed as possible before making any big decisions.
