Spring has sprung and it is a great time to get out of the house, but is it a good time to put your house up for sale?
Samuel Seeff, chairman of the Seeff Property Group says that while any time is the right time to sell if the market is active and your asking price is right, there are definite seasonal trends that can be observed in the property market.
Cold and wet weather for example often results in slower buying activity over the winter months compared to higher sales during the summer months, but this depends on the area. The summer months are often a time when more people are out and about looking at houses.
School holidays and the festive season are also a time when there are usually fewer buyer inquiries as people flock to the coast to enjoy their leisure time. On the other hand, the holiday season is busier for certain coastal markets as prospective buyers on holiday in the area use the opportunity to look around for a holiday flat or house.
According to Gerhard van der Linde, managing director for Seeff Pretoria East, Spring is viewed as a great time to put your house up for sale across most markets. According to Zillow.com from the USA, Spring is the best time to sell while Thursday is the best day to list a new property.
While there are always exceptions and it is highly area dependent and always best to speak to local agents in your area, van der Linde says that there are many compelling reasons to list your property during Spring.
South Africans are usually in a better mood when it is warmer, and sellers often achieve higher prices during the spring and summer months. With the approaching academic year, this is also the time of year when buyers who want to move closer to a school or university will actively look around for their new property journey.
Buyers often want to move before the end of the year or at least early in the new year which means they will now be actively looking and putting in offers.
This time of the year is also often when people start thinking about downscaling or upscaling, semigrating or retiring to the coast or country in the new year. That means they will start looking for a new home to match their intentions.
Those who are thinking of semigrating or relocating to another region, city or town will also likely look to get their offers in so that they can move early in the new year.
Tiaan Pretorius, manager for Seeff Centurion adds that properties present better during the summer months with gardens in bloom and swimming pools sparkling. When the sun is out, buyers are often keen to get out and look at houses so hosting viewings and show houses tend to attract more buyers.
Perhaps the most compelling reason for selling right now is that the current market presents the best opportunity to buy a house since 2007 with mortgage loan granting at the highest level and deposit requirements are at the lowest level, concludes Seeff.
Source: SA Property Insider