Many sellers use the colder months of winter to prepare their property for a spring sale, but there are plenty of considerations prospective vendors need to keep top of mind.
The spring selling season usually proves to be a busy period for the real estate industry, as the warmer weather draws prospective buyers out of the gloom of winter and reinvigorates their property search, says Paul Mylott, general manager of CENTURY 21.
“I think it’s fair to say that the residential property market across Australia has been somewhat subdued over the course of 2011,” he says.
“However, a couple of factors may well see a flurry of activity in real estate sales across spring.”
A tight rental market and rising rents is the first thing sellers can bank on, as it may prompt first home buyers to re-enter the market this spring.
“For New South Wales, you can 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 see first-time buyers move to take advantage of the scheme before it ends,” Mylott says.
Despite the potential for an increased number of buyers in the market, Mylott points out that it is also common for spring to see an influx of properties placed on the market. This means vendors need to put every effort into ensuring their property presents at its best and stands out from the competition.
“Many sellers will spend significant amounts when preparing a property for sale, but 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,” he says.
“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.”
Mylott adds, “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.”
To form an educated expectation about the price your property may be likely to achieve, Mylott recommends that buyers look at data regarding comparable sales in the area through sources such as RP Data.