Why Sell Your Home This Winter
Winter offers a host of often overlooked advantages to selling a home and, coupled with current market conditions, can be harnessed to optimise sale value.
Whilst sellers may gravitate toward perceived advantages of displaying a home in the warmer months, buyers’ motivations on the other hand are not seasonal and more often tend to be dictated by life factors such as personal finance, work relocation or changes within the family situation. Demand is fairly consistent year round, while supply fluctuates, which can translate to less homes available for sale and reduced competition for sellers during winter.
Just like the share market, the property market is influenced by the actions of individuals who, naturally, may have preconceptions of a particular season’s impact. In spring, more homes are generally available for sale due to prevailing perception it’s the best time to sell, so significant opportunity also exists for winter sellers to take advantage of the reduced stock levels.
While buyers are motivated to purchase year round, their desired attributes in a potential home can be subject to seasonal variation. Marshall White Boroondara agent, Zali Reynolds explains, ‘Winter is great for period homes as they often feature cosy formal living areas and fireplaces which attract people looking for intimate spaces as opposed to summer when desire shifts to fresh open spaces.’
Some homes featuring particularly spectacular pools and gardens may not garner the positive reception they might in summer, as winter buyers may focus on the associated maintenance requirements rather than lifestyle benefits.
It’s worth bearing in mind however, the market for substantial and quality family homes in the inner east is always strong, due to the area’s exceptional lifestyle opportunity. Modern, landscaping designs can also bolster a property’s allure; many easily maintained contemporary gardens present well year round. Automated, self cleaning pools can also remove any concerns over winter maintenance.
Opportunity exists for sellers and buyers considering a move this forthcoming winter to take advantage of the current position of the property market, in particular interest rates which remain at historically low levels.
“Winter is great for period homes as they often feature cosy formal living areas and fireplaces which attract people looking for intimate spaces as opposed to summer when desire shifts to fresh open spaces”.
The current Governor of the Reserve Bank of Australia, Philip Lowe, has recently confirmed the next shift, although not immediate, will be in an upward direction. Established in late December 2017, the banking royal commission and its ongoing investigations are making an impact on the market too, with tightening restrictions on bank lending criteria in many cases. Recent analysis of Melbourne’s auction success rates during the 2018 March quarter shows a marginal decline in comparison with previous years.
While not cause for concern, these factors seem to imply the market is moving back into equilibrium and demonstrates good reason to sell during a period where traditionally limited stock, or homes available for sale, is available.
A strategic winter sale positioned to take advantage of both the current market conditions and the tendencies of the individuals who make up the market could enhance sale values. Should you require advice on any aspect of selling your property, contact our Marshall White Sales Team for assistance. For more information contact us on (03) 9822 9999.