There is no hard and fast answer to this question, but if you want to generalise, the answers are “when you are ready” and “always buy and sell in the same market”.
It really doesn’t matter what time of year it is, there are always people looking to move, it is just that at certain times of the year there are more transitions and transactions happening, that it is busier and there is more competition – for both buyers and sellers. The month lead up to School holidays factor as quite busy times of the year, as buyers looking to be able to settle into their new homes during the break especially if moving interstate or to different suburbs that require a change of schools. Easter and Christmas can be a little bit quieter in activity as people’s focus can move to other things such as family gatherings and work parties. However Boxing Day is the highest viewing day on realestate.com.au every year! The thing is though, the serious buyers that have a need to buy are still out in force all year round!
To be ready, if you are looking to buy, make sure you have already spoken to a broker or bank, know your budget, and have a pre-approval in place so that the time needed on your offer for finance approval can be shortened. Research the areas and style of home you are looking for, and have a clear idea of what price the type of property you are looking for generally sells, so you can make fast, informed decisions. Nothing worse than hesitating to do additional research and missing out on a suitable property time and time again.
If you are thinking of selling, have your local agent come around and give you a written appraisal, and make sure they give you evidence of similar properties that have recently sold or are currently on the market to demonstrate how they came up with the appraisal price. Other questions you should ask, are around the strategy they suggest, as well as a marketing package to suit your property, strategy and circumstances. All agents now charge different commission rates in Queensland since the deregulation, and there can be a wide variation in fees. Don’t be scared to ask the agent why they charge the rate they do. Sometimes the cheaper agents are not as highly trained or experienced as the agents that charge a slightly higher percentage, and service levels and extras that the agencies provide also vary widely, so find out what they will do for you. It is important to remember that the most affordable agent, is the one that leaves the most money in your pocket at the end of the transaction. So ask for testimonials or proof that the agent has a track record of achieving better results if they are charging a higher rate.
Why buy and sell in the same market? Well, whether you are in a boom or a downturn market, if you buy and sell at the same time it all balances out, and there is definitely less risk involved!
Call or email Rebecca Herbst for a no obligation sales appraisal and strategy for you home – 0417 644 840 or email rebecca.herbst@century21.com.au