Not a fan of house hunting in the rain? It seems most of Australia feels the same way, with the property market typically going quiet over the cold and wet winter months.
Come spring, for sale and for auction signs burst into bloom like flowers and the property market warms up faster than the temperature.
However, there are upsides and downsides to waiting till spring to look for a home.
Firstly, if you put your property hunter hat on in September / October you will be likely to have more variety to choose from. Many vendors spend winter readying their home for sale and then start their property marketing campaign when the seasons change.
The reason sellers execute this strategy is that it works in their favour. Gardens look more inviting in spring and as a buyer you are more likely to be able to picture yourself spending time on the verandah or taking a stroll to nearby shops, parks or beaches. It is premium properties with vast views and outlooks over water that tend to come on the market in spring because these views can be hard for buyers to look past.
When inspecting a house in spring, it is a good idea to ask about natural light and see if you can get an idea of how much sunlight comes through in winter.
What’s more, as a buyer coming out of a winter hibernation, you are not alone! There may be more properties on the market but there is also more competition amongst buyers. It is this pressure to be the winning bidder that pushes prices up. This is why it is so important for buyers to remember to stick to their budget, even if it means missing out on that dream property.
For agents, the spring season is a busy time. They are working long hours helping their vendors to prepare properties for sale and securing the next property to put on the market. If you have a lot of questions you may find it difficult to pin an agent down, which can be another downside of trying to purchase at this time of year.
At the end of the day, the right time to buy property is up to you. If you have a deposit ready and feel as though you can take on a mortgage – just go for it! You never know what time of year you will come across your dream home.
Contact LJ Hooker Home Loans for friendly advice on how best to finance your next property, no matter what season it is.