If you did not already know, seasons play a very important role in the real estate market. Most of the home buying as well as selling activities take place during summers and spring, and tend to slow down during winter. Most people do not understand this concept and how it can make a huge difference to your deal.
One of the reasons why it is important to discuss the property market right now is because it summer is in full swing in Australia, which means that we should expect a lot of activity in the Sydney property markets. It is seen that in the second quarter of the year, existing home sales continue to rise with an average growth of 10% during the summers.
Why Housing Markets See More Activity during Summers
One of the reasons why more houses are bought during summers is because it is the season of weddings and is the time kids start their schools and colleges. In addition to this, house hunting is more convenient because the days are longer and warm. Since buyers prefer to buy homes during summer, they are willing to pay a higher price. This is what attracts a seller to put their house on the market, because they know that they will be able to maximise their profits.
Buying House in Summers
It is important you know that most of the people prefer to put their house on the market in the summer season because of melted snow and increased daylight. As a buyer, you should know that the houses listed in spring are more likely to see a price drop than others. It is recommended that you monitor homes that have been listed for a longer term as it will help you make some savings, if the value of the property falls. In order to put your best bid, you need to be very proactive. You will have to get preapproved as that will give you some leverage in the market. In addition to this, make sure that you check the interest rates at least once a week because of the unpredictable changes.
Selling House in Summers
As mentioned above, the best time to sell your house is during the summer season because that is when most of the buyers are on the lookout. Your main aim should be to quote a reasonable price so that you can get the maximum number of responses. In addition to this, you need to make sure that your house looks as presentable as possible. If possible, make use of some staging tips before having the open house because to maximise the interest of the people.
So, now we know that the best time to sell and buy a house is during summers, so prep up accordingly to get the best deal.