Local property market update: Six tips for anyone selling a home this summer
Raine and Horne Murraylands’ Michael Cox and Casey DeMichele offer some dos and don’ts for selling a property over the Christmas-new year period.
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Murray Bridge’s property market is still hectic, with dozens of people attending many open inspections and properties routinely selling at well above their advertised prices.
In fact, house prices in regional South Australia have risen by 17.7 per cent in the past year and 40.2% since the COVID-19 pandemic began, and now sit at an all-time high, according to Proptrack.
With that in mind, you might be thinking about selling your property over the summer.
But is the Christmas-New Year period a good time to sell?
Or would you be better off waiting?
The team at Raine and Horne Murraylands have a few tips you might like to consider.
New year, new you
The new year is a popular time for new beginnings, says senior property consultant Michael Cox.
Workers often start new jobs and families might look to move closer to new schools.
That can make it a good time to have a property on the market, but…
There may be delays at Christmas
It’s worth bearing in mind that the professionals you will depend upon during the sale process, from lenders to conveyancers, are likely to close for a week or two over the holiday period.
The team at Raine and Horne will do their best to assist during the holidays, but delays in the sale process should be expected.
“Settlements can’t occur during that period, so you may need to either have everything organised beforehand or expect to settle in mid-January,” sales consultant Casey DeMichele says.
What would normally be a four-week settlement period might stretch out into five or six.
Of course, one demographic is likely to be active at Christmas time…
Certain properties will appeal to tourists
If you own a property on the riverfront, or in an area which typically gets heavy tourist traffic, more eyeballs on your property over the summer could help you achieve a favourable result, Michael says.
“Anything river-based, if you can get it on the market for the Christmas-new year period, that’s when you’ll get the most traction,” Michael says.
What about everyone else, though?
The market tends to get crowded in February
Many sellers are motivated to get organised in January, perhaps after making a new year’s resolution.
That means there can sometimes be a glut of properties in February.
“It’s not a bad idea to get in ahead of that to avoid the competition,” Michael says.
A seller who gets organised before Christmas, and gets a property on the market in January, might be able to attract a bit of extra attention.
But if you plan on having your property photographed in December…
Get photos taken before you put up your Christmas decorations
In today’s hot market, the odds are good that your property will sell relatively quickly.
On the flip side, though: what will a buyer think if they find photos of your house, with Christmas decorations up, in February or later?
That tree and those lights might make your lounge room look cosy in December, but they will age badly by mid-January.
So, in summary…
Don’t delay – give Raine and Horne a call
“It’s a really critical time of year to be organised,” Michael says.
“If you’re thinking of heading down that path (selling during the Christmas-new year period), but still not quite ready to, make a phone call and have a conversation with us anyway.
“Get the ball rolling.”
The team at Raine and Horne Murraylands are here to help you with advice on any real estate matter.
Visit www.raineandhorne.com.au/murraylands, call 8532 3833 or drop into the office at 4 Seventh Street, Murray Bridge.
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