With less than 8 weeks until Christmas, the window of opportunity for selling your home in 2022 is rapidly closing.
Many homeowners ask us: What impact will the holidays have on property prices? Will the market continue to cool into 2023, or will it start to pick up again? And ultimately, when is the best time to sell in 2023?
A price correction is underway in nearly every state and city as interest rates climb and consumer sentiment weakens. So, is it best to take advantage of the prices before they decline further? Or is there more value in waiting to see how the market holds up?
In any real estate market, knowing whether to sell your home now or wait until the market improves can be challenging. Depending on where you live, there may be some compelling arguments for or against. But, as always, it’s essential to gather all the relevant information and make an informed choice before deciding on your next ‘move.’
Whether you choose to sell now or wait isn’t just about current market conditions but also the urgency of your circumstances. For some of us, we needed to upsize into a bigger property yesterday, while for others, waiting for the market to rise might be an excellent incentive to release more capital before retirement.
There’s a lot to consider for anybody thinking about listing their home.
But don’t get overwhelmed! Team Etchells is always here to help! Let’s start with the basics…
Timing – when it comes to getting the highest possible price for your home, timing is the key. Generally speaking, the best time to sell is when there is a low supply of similar properties on the market in your area. Less to choose from creates more competition among buyers, resulting in a higher price for your home. The difficulty with trying to time the market perfectly is that you can NEVER predict when other homes nearby might be coming on the market simultaneously. That’s why it pays to be organised in advance, so you’re ready to go when the market conditions are right! The lead-up to the Christmas/New Year break is a great time to take care of those jobs around the house you’ve been putting off. This also ticks the box of tidying up and getting ready to entertain as the weather warms up and we all start to relax into the holiday season.
When NOT to Sell – knowing when NOT to sell is as important as knowing when TO sell. Our top tip is to get out the 2023 calendar and mark off all the public holidays, school holidays, and other holiday breaks, so you can discuss with your agent which dates and seasons are best for your campaign.
Property prices – Although difficult to predict precisely what will happen within the property market, with cooling prices comes opportunity. So, if you’re considering selling next year, we advise you to get in as early as possible to beat the New Year rush.
If you would like an assessment of the value of your property and a review of when is the right time to sell your home based on current conditions and the property market forecast, reach out to us now!
In addition to helping prepare your home for sale, we will also help guide you through the selling process, focusing on achieving the highest possible price for your home.
We love this game, and we would love to help you!
Donna Etchells - McGrath Estate Agents 