Sales data often show a dip in activity during the colder months, with more transactions occurring when the weather warms up. Warmer weather encourages people to spend more time outdoors, and gardens and neighbourhoods tend to look more appealing during this time. There’s also generally a better mood, with people feeling more inclined to start new ventures.
The summer months also lead up to the end of the year, which typically brings an increase in buyer activity. Families looking to move closer to schools or universities often begin their search in the spring. Buyers looking to upgrade their homes may also start looking at properties to settle into by the new year.
For those looking to downsize or retire, this period presents an opportunity to explore their options. The holiday market also tends to see increased interest, as people begin to consider investing in their own holiday homes rather than renting resorts or hotels. With the festive season around the corner, there’s often a sense of urgency among buyers to finalize purchases and settle into a new home before the holidays.
Sellers, however, should be mindful of the increased competition during these warmer months. Properties are taking longer to sell, now spending an average of 18 weeks on the market, compared to around 14 weeks earlier in the year. For those thinking of selling, it's crucial to set the right priorities. Pricing the property correctly is essential, as overpricing can deter potential buyers and is not a successful strategy.
It's also important to ensure the property is in good, sellable condition. Fix any necessary repairs and make sure the home is clean and presentable. Experience shows that listing at the right time and at the correct price tends to lead to a quicker sale and a better price. Generally, it’s still considered a buyer’s market, meaning there are more properties for sale than there are buyers. This situation often results in longer market times, price reductions, and seller concessions.
Sellers need to carefully consider factors such as pricing, location, property condition, and overall market conditions. Choosing the right real estate agent is also crucial. In a buyer’s market, there’s typically an oversupply of homes and lower buyer demand, which means sellers need to be strategic in their approach.
Selling a home can be a complex process, and avoiding common mistakes is crucial for ensuring a smooth and successful sale. One of the most common errors is overpricing the property. Setting an unrealistic asking price can deter potential buyers and cause the home to remain on the market for too long. Conducting a comparative market analysis and consulting with a real estate professional can help set a competitive price.
Neglecting necessary repairs or failing to stage the home properly can also negatively impact its appeal. Before listing the property, it’s important to fix any noticeable issues, clean thoroughly, and consider staging to showcase the home’s best features.
Effective marketing is another key element of a successful sale. High-quality photos, detailed descriptions, and a multi-channel marketing approach, including online listings and social media, can increase the home’s visibility and attract more buyers.
Additionally, being flexible with showing times is important. Limiting viewings or being inflexible with potential buyers’ schedules can reduce interest. Making the home available for showings as much as possible increases the chances of finding the right buyer.
Lastly, skipping professional help can be risky. Selling a home involves various legal and logistical steps, and working with qualified professionals—such as real estate agents, lawyers, and conveyancers—can ensure that the process is handled correctly, reducing the risk of errors and complications.
By avoiding these common pitfalls, sellers can streamline the process and increase their chances of achieving a successful and profitable home sale.
