Things to consider when selling in spring

The spring selling season often proves to be quite a busy period for real estate agents. The warmer weather seems to draw prospective buyers out of the gloom of winter and reinvigorate their search efforts for a property to purchase, while many sellers will have used the colder months to prepare their properties for a September sale, in order to successfully relocate by Christmas time.

I think it is fair to say that the residential property market across Australia has been somewhat subdued over the course of 2011. However, a couple of factors may well see a flurry of activity in real estate sales across spring. Interest rates were left on hold for September and at this point economic conditions don't suggest that the Reserve Bank will elect to lift them when they meet in October and perhaps not in November either.

A tight rental market and rising rents may also see first home buyers looking to re-enter the market this spring. And for New South Wales, add to this the decision by the state government to remove first home buyer stamp duty exemptions as of 1 January 2012 (with the exception of new properties), which may likely see first-time buyers move to take advantage of the scheme before it ends.

Despite the potential for increased buyer numbers, it is also common for spring to see an influx of properties placed on the market. This means that vendors need to put every effort into ensuring their property stands out from the competition.

While many sellers will spend significant amounts when preparing a property for sale, such an investment may not be necessary. There are various ways to improve your property fairly cost-effectively, including with a fresh coat of paint, bringing your tired winter garden back to life by planting colourful flowers and greenery, and giving your property a thorough spring clean, both inside and out.

With a considerable number of properties on the market in spring, vendors must also be prepared for the possibility that they will need to negotiate on price in order to achieve a sale. To form an educated expectation about the price your property may be likely to achieve either through auction or private offer, buyers should look at data regarding comparable sales in the area, which can be readily obtained from sources such as RP Data. Your agent should also provide reliable information and work with you to set a reasonable price that the market will comfortably rise to meet.

If you do have to settle for a final price that is lower than your expectations, this may not be too much of an issue if you subsequently go on to buy a property yourself in the same market.

For all of those vendors out there preparing to sell, I wish you the very best of luck. In my experience, the vendors that achieve the best result in a timely fashion are those who list with agents they feel able to trust and listen to the advice of that agent about how the market is responding to their property.

For further advice about selling your property this spring, please don't hesitate to drop into any of the hundreds of Century 21 offices around Australia to talk to an experienced property professional.


Disclaimer: The opinions posted within this blog are those of the writer and do not necessarily reflect the views of CENTURY 21 Australia, others employed by CENTURY 21 Australia or the organisations with which the network is affiliated. The author takes full responsibility for his opinions and does not hold CENTURY 21 or any third party responsible for anything in the posted content. The author freely admits that his views may not be the same as those of his colleagues, or third parties associated with the CENTURY 21 Australia network.