The sun is shining, the flowers are blooming, the birds are nesting and the bees are buzzing, which can only mean one thing: Selling season. In fact there are signs that this could be one of the best seasons ever for sellers. There are a number of factors all combining to entice home buyers and investors – both international and domestic. Here we look at some of these factors and give you some tips on getting your home ready to sell to maximise your sale price.
Signs it Could be one of the Best Seasons Ever for Sellers
The sun is shining, the flowers are blooming, the birds are nesting and the bees are buzzing, which can only mean one thing: Selling season.
In fact, statistics from CoreLogic RP Data show that in just the first week of spring in 2015, the volume of auctions in our capital cities was at its highest level since May. Furthermore, there were over 430 more auctions then at the same time 12 months ago.
Late winter and early spring are two of the most popular times of the year to sell your home, as buyers emerge from hibernation and compete for the influx of homes on the market.The increased supply means greater choice for buyers, while the surge in demand can result in better prices for vendors. Win win! Sell your home in Chandler Az
Low Cash Rate
The current cash rate of 2 per cent has resulted in very favourable conditions for buyers (and therefore sellers). As the Reserve Bank of Australia’s Glenn Stevens noted: “Low interest rates are acting to support borrowing and spending”.
With home loan repayments easier to manage, the property market has been made more enticing for buyers, not to mention the omnipresent fact that the advantageous rates won’t last forever!
Weak Aussie Dollar and Share Market
A low Australian dollar is beneficial to those who are selling property, as it makes it more affordable for overseas investors. According to a report from the Commonwealth Bank, since 2011 the dollar has fallen from its peak of A$1.10 to below A$0.75 at the time of writing.
This has also affected the share market, with Mr Stevens noting that it has been considerably more volatile of late (associated with movements in China). Not only does this make property more appealing to international investors, but the added competition between buyers will likely push up your price tag.
Are Prices Nearing Peak?
A report from Propell has found that while almost all our capital cities have increased in value over the 12 months to August 2015, Sydney and Melbourne have been surging faster than any other, growing 19.8 per cent and 12.3 per cent respectively.
This has resulted in not one, but two records broken. Sydney’s yearly swell was the fastest of all time, while at 5.1 per cent, Melbourne took the crown for the speediest monthly incline.
However, the Propell research asserts that property prices are soon to stabilise, as banks begin to impose tighter lending conditions (particularly for investors). This highlights the benefits of selling your property sooner, rather than later.
Added Advantage of Selling in Early Spring
If you sell your home in the beginning of spring, amongst the (slightly) less competition, you will be in an enviable situation. Not only will you have beaten the rush, but you will have the rest of the season and summer to find your new home, during a period of strong supply.
All going well, you will have sold, purchased and moved into your new home all before the dust settles – not to mention, before the Christmas holidays. If you’re thinking about selling your home or you’ve already got it on the market, here are a few tips for preparing your home for open inspections: