With the warmer weather rolling in, you may think now is the perfect time to sell your home. In the past spring has been the peak season for selling your home, and it is not just because of the weather. Here are the top things you need to know about buying and selling in the spring season.
THE 2019 SPRING MARKET
Throughout 2019 we have experienced an everchanging market, however, we are slowly starting to see housing prices creep back up compared to the 2018 spring market. Buyers are back and they are experiencing ideal buying conditions. This is due to a few factors, firstly, the recent federal election result and tax incentives have helped improve market confidence. Alongside this, we have had two interest rate cuts, making it easier for more buyers to get a home loan.
These recent interest rate cuts have allowed home buyers to borrow more with lower repayments, making them more confident when entering the market. Getting approved for finance has also gotten easier and we will start to see an increase in investor lending.
In the last 12 months, Realestate.com.au has noticed a significant increase in searches. This was in direct correlation with the announcement of the interest rate cut and it just confirms that buyers are there and they are in a favourable position to purchase.
In order to help capitalise on market demand, we may also start to see a spike in properties going to auction.
As the mercury starts to rise and the days get longer, more buyers are getting out and about on weekends. The warmer temperatures also work wonders for your property presentation and street appeal. The gardens look greener, the plants and flowers are thriving and the days are longer. Due to these factors, we will start to notice an increase in open home attendees, in turn helping the sale campaign. To use this to your advantage, try and get as many weekend inspections scheduled as possible.
With the increased buyer activity, you have the potential to get the best price for your property. On the other hand, if you are a buyer, you may find yourself paying a premium price for a property in the hope to secure it. Make sure you do your research and evaluate the market before you even list your property. Assess recent and comparable sales in your area to help you determine an accurate list price.
As a vendor it is also important to assess your competition, what does your property lack in comparison? Is there a possibility that you can address these issues without over capitalising?
For buyers, if you have your heart set on a certain property there are some tips to ensure you have the upper hand.
- Monitor the interest on the property: How many people are attending the open homes? Is there much interest online?
- Look in sister suburbs: You may find a similar property in a neighbouring suburb for a better price. You may be further from the city, however, it may be worth it in the long run.
- Compromise: In an attempt to save money and avoid offering more than you can afford, don’t turn your nose up at the properties that may need some minor fixes. A lick of paint and some yard maintenance is extremely inexpensive and easy enough to do yourself.
OTHER CONTRIBUTING FACTORS AND TIPS
Some other things to consider when buying and selling in the spring market are:
- Focus on presentation: What are the things that will give your home an instant lift to make it more desirable? Try and go beyond the interiors, clean and declutter, inspect and address all maintenance and give the house a bit of a freshen up (lick of paint, replacing fixtures and hardware, etc.).
- Prioritise your marketing: Vendor paid marketing is extremely important and it can make a major difference when listing your property. Listing your property on major real estates sites such as Realestate.com.au and Domain is vital in today’s market. If you are wanting to have an extra edge over your competitors, have a chat with your agent about a social media campaign or a video.
iThink Property has a team of real estate agents in Ipswich and Toowoomba offering property sales and property management services. With a passion for people and property, iThink Property was conceived with the notion of building a team of good people to work in a real estate brand that did things differently. iThink Property focuses on transparency, communication, innovation and teamwork and has become a leading independent brand with unique points of difference. So whether you are thinking of buying, selling or renting, think iThink Property.