One of the most commonly asked questions of any real estate agent is: “When is the best time to sell my property?”
Whilst it has traditionally been thought that Spring is the best time to sell a home - this is an outdated concept, especially in a strong property market. The right season depends on a variety of factors; the weather forecast not one of them! Your local property market will determine the best time to sell more than any month in particular.
The suburban Melbourne property market is largely auction-driven, with minimal activity during summer, school holidays and long-weekends. However the property market in Melbourne’s inner city never sleeps – it’s all year round.
This is due to the ever-increasing popularity across all demographics of buyers for low-maintenance, high-density city homes and the relative affordability of apartment living. This allows sellers to sell when the timing best suits their personal needs in the majority of cases, a huge advantage in these busy modern times.
Any potential seller should consider the local supply and demand at the time of selling, and this needs to be hyper-local when selling in the inner city: more than just suburb and area, what is the buyer demand for your actual precinct, street and building? Selling a property is never in isolation and the level of competition for your home can be the difference between a fast sale at a premium price and a slower sale at market value.
Another consideration should be the likely target buyer for the property. Who is likely to buy your home and what would be their motivation? A studio apartment will attract a different type of buyer than a four-bedroom penthouse and the timing of a sale should reflect this. For example, owners of larger apartments that may appeal to families would be best to time their sale to avoid disruptions to the start of a school year, whereas an investment property attracting an above market rental return may be best sold with the existing tenant in place.
Before deciding to sell, investors would be wise to consult their financial planner or accountant to understand the possible tax implications from the timing of the sale. Deciding to sell in one financial year versus another can often result in a different amount of money left in your pocket come tax time!
The easiest way to start the process of selling is to contact an agent, according to Lucas Sales Director Chris Henson. “When deciding to sell, the first point of call should be to touch base with a reputable local property expert. They will be able to tell you the current market demand for your type of home, the number of similar properties on the market and the average time to sell. This will give you a good feel for the market and help guide your decision.”
To find out more about the current property market or for an up-to-date value of your home or investment property, click here or call 9091 1400.