Spring can be the best time of year to sell but, subsequently, it can also be a frenetic time to buy. Regardless of which camp you fall into this season, read this before making a move.
Two out of the top three months for property sales occur during spring.
Sales figures produced by Professionals reveal that traditionally the months of September and October were the two busiest months for real estate sales, followed by March.
Property sales tend to surge during the spring months because many people hold off making a decision to purchase a property during the winter months.
In addition, people who are relocating at the start of the calendar year, such as teachers, tend to buy a property during the spring months rather than wait until the last moment to purchase a new home.
During the spring months, there is also strong activity by investors who generally decide to purchase additional investment properties after they have completed their tax returns for the previous financial year.
For home owners, the spring months therefore represent an excellent time to list their property for sale because there are significantly more buyers in the real estate market.
Timing is everything when selling a home, which is why property owners should list their home for sale during periods when buyers are more active in the real estate market.
If anyone is considering listing their property for sale during the next six months, they should bring their plans forward and take advantage of the strong buyer demand during the next two months.
Property buyers wanting to purchase a property during the spring months had to be highly organised because of the increased competition from other people wanting to buy a home.
Research is critical to finding a property in the current housing market. Use newspapers and the internet to draw up a shortlist of 10 properties that meet your price, location and property type criteria. This research needs to be done on a daily basis as new listings come onto the housing market every day. With well-priced properties selling within days, buyers need to be able to quickly identify a home that meets their criteria.
Property buyers should also use a reputable real estate agent, which can be a powerful tool in finding a property. Select a real estate agent who specialises in the neighbourhood in which you want to live and the type of property you want to buy.
Real estate agents have niches, and usually they are in a particular area. Find out which agents sell the most homes in the area you want to live.
Once you have found an investment property, ensure you are in a position to purchase the property. It is therefore important to get your finances in order and talk to a mortgage broker or direct lender about becoming pre-qualified for a loan.
A home buyer is in a much stronger negotiating position if they have finance approval when making an offer. Knowing how much you can borrow will also narrow your search because you will know the type of property you can really afford.
You should also make your first offer your best offer – many property buyers lose out on their dream property because their initial offer is too low.