Contrary to popular belief that the best time to sell a house is in spring or summer, properties do sell all year round and there are good opportunities, pros and cons of every season as outlined below.
But there are also other factors to consider such as changes to lending policies, interest rates, economic developments in your area and new or amended Government policies. These can all influence changes to the buyer market and therefore, opportunities for you as a seller which are also highlighted here.
AGENT DILIGENCE MORE VALUABLE THAN TIMING
Wise Up NZ has been tracking and monitoring real estate listings for a decade. We found those that ended up listed for sale a second time around, did not fail to sell the first time because they had been listed at the ‘wrong’ time of year. Rather-more, they were affected by other factors which were related to being ill-prepared or poor decision-making. A few had structural issues that require a high level of real estate experience, legal and technical knowledge. These home sellers would have benefited from better due diligence but likely didn't know all that was required.
The season is of less importance than how you go to market. For example, which real estate agent you choose and how competent they are at managing and negotiating a property sale, is what matters most.
If you do your pre-market due diligence, you have every reason to be optimistic about selling your house within a good time frame and at the best price, regardless of the time of year.
Selling a house is not something people do every day, so we have created a 5-step buying and selling a house guide to help you achieve the best real estate outcome possible and no log-in is required.
DOWNLOAD THE BUYING AND SELLING A HOUSE CHECKLIST FIRST - IT'S FREE
PREPARING TO SELL THIS SUMMER & AUTUMN2020?
If you want to sell your house this summer or autumn and need to get moving quickly, you will need to find the best real estate agents to get free property appraisals from first. Appraisal accuracy to determine how much your house is worth to sell is the big question needing answering so 'who' you ask to appraise your home will determine your fate.
2018 APAC Business Award winner Agent Finder NZ (est 2009) independently vets, eliminates and shortlists the most competent real estate agents throughout New Zealand. They also provide advice about what real estate commission and fees cost plus provide you a list of questions to ask agents so you can compare them quickly but objectively. It's a genuine and free service for Kiwi home sellers.
Needing to Sell your house fast
You don’t always get to choose when to sell your house if you're on a job transfer or have purchased a house before you planned to. (whoops)
You may need to sell your house fast but have concerns about missing out on the best sale price due to the time of year. You might therefore be considering renting your house out to capitalise on that ‘perfect month’ to sell down the track.
There are issues either way so for advice about when the best time sell your house is, you can connect with us via Live Chat now.
seasonal pros and cons for selling your house
Spring and summer see many more houses on the market and therefore a greater number of houses for sale competing with yours.
However, summer is considered the best time to sell a holiday home with holiday makers on the look-out.
Summer can also be a great time to sell a lifestyle block when the ground is dry and the grass greener.
If wanting to capture summer buyers, be aware that in December law firms are winding down and often run with skeleton staff levels in January. Start getting organised around September/October which gives you plenty of lead up time.
In autumn and winter there are often fewer houses on the market. Autumn can bring an added charm to a garden or setting, with gorgeous soft light and air making many beautiful autumn day highly charming. In winter, make your interiors warm and enticing to help give a good feel for that first impression. An appealing mood that no other season offers can be created in winter.
Simple, easy additions like adding a big vase of fresh flowers to the dining table can give your home an inviting lift even on the grayest of days.
Winter sun, home insulation and solar panels can be a real buyer magnet. Cold New Zealand winters can motivate people to up-spec to warmer, insulated homes and Winter/Spring is often the time when they start looking.
If your home is positioned well for winter sun, warm and insulated, this might be the best time to sell, when there are fewer properties competing with yours.
HOME STAGING ATTRACTS MORE BUYERS ALL YEAR ROUND
Buyers are often happy to pay a bit more to get the house they have fallen in love with and home staging is a no-brainer all year round.
Real estate agents report that home staging can add 10-15% onto an expected sale price due to the increased level of interest. This can often result in buyers competing against each other, enabling your real estate agent to negotiate the price upwards rather than downwards when you only have one buyer at the table.
GOVERNMENT & BANK POLICY CHANGES
Depending on whether you are a buyer, a seller or an investor, being aware of Government and bank policies affecting home owners and buyers can determine the best time to sell and put you at an advantage if you’re quick off the mark. For example:
NEW RENTAL PROPERTY INSULATION POLICY
The deadline has passed for rental owners to insulate their properties to the Government’s standard or risk a $4000 fine which gets paid to their tenants.
You can attract the attention of investor buyers by making sure your home is well insulated.
INTEREST RATE CHANGES
Interest rate reductions can quickly increase buyer activity. Investors are also adding to their portfolios when these events occur.
When loan to value ratios (LVR) and minimum deposit bank policies change, your house could fit into the first home buyer market. A change in bank deposit rules can result in considerable interest from this demographic.
UPSHOT ABOUT the best time to SELL A HOUSE
The best time to sell a house is not solely dependent on the season, but on the economy, whether you have planned, prepared and equipped yourself with the quality information that is available to you for free. For example:
- Do you know how much your house is worth to sell now?
- Do you know how to compare real estate appraisals?
- How do you know if a real estate valuation is accurate?
- Do you know how to negotiate real estate commission and fees?
- Do you know what to look out for in a marketing plan?
- Do you know how to determine what makes a good real estate agent, for your property type?
With little experience in real estate, most people don't excel in that area. It can go smoothly but it mostly doesn't. Selling a house can be complex and is not for the faint-hearted or inexperienced.
We hope this advice has helped give you a more balanced approach to timing your house sale.