Article by Ceyda Erem
We’ve all heard the advice and read the headlines about how property dreams are made in spring. It’s supposedly the best time of the year to sell and buy, but depending on your circumstances, that may not be entirely true. If you’re about to take the step towards buying or selling your home but you’re still unsure if it’s the right move for you, a good old pro and con list can help you.
Buying in spring
When spring rolls around, everyone buzzes with inspiration for change and growth. Whether you’re a first home buyer or someone who’s been around the block before, here are a few things to consider before you make that big change and buy in spring.
More listings - The biggest pro when it comes to buying in spring is that you’re often spoilt for choice. Spring is generally the biggest time of the year to buy and sell property, meaning there will be a lot more houses on the market than usual. Not only will you have a wide range to choose from, but you’ll also be more likely to find something suitable to your needs.
Better weather - There is nothing worse than having to drag yourself through chilly, miserable weather to go see properties. You need to be in the best mindset to look at a home and feeling annoyed because you’re freezing isn’t a good way to go.
Sunny spring weather will also give you the opportunity to see a home in its best form. When you do your walkthrough, you’ll be able to see where the natural light streams in from and how much it livens up the room.
Home loan competition - Lenders will typically start rolling out competitive deals during the spring time because of the increase in buyers. This is why it’s important to shop around when looking for a home loan, as these deals are often reserved for new customers.
More competition - While you’ll find more listings during spring, you’ll also find more competition because of it. The tension felt at auctions can be quite daunting to first home buyers, especially if bidding wars erupt. This is why it’s important for buyers to not get emotionally attached to properties before they go to auction.
Overspending - In order to stand a chance during spring property season, you may need to be prepared to up your budget more than you anticipated. This is another reason why it’s so important to get the most competitive home loan rate possible. Every percentage point difference means more money for you, which you could be putting towards buying that home. But it’s also important to acknowledge the reality of having to walk away in order to keep your budget steady.
The pressure to move - This next con applies if you have children and you’ve given yourself a deadline to move in spring because of the upcoming summer holidays. You may feel yourself becoming anxious and worried if you haven’t been able to find the perfect property or you’ve missed out at an auction and time is ticking away. The key is making sure the pressure to move doesn’t cloud good judgement - you don’t want to end up buying a home just because it fit your xmas holiday plans.
Selling in spring
If you’re planning to sell your property as your fresh start to the new season, here’s a few things to consider when it comes to selling in spring.
More bidders - By choosing to sell in Spring, you’ll find a bigger number of potential buyers than other seasons, which often means the opportunity to score a higher price on your home.
Better profile - One of the biggest concerns you may have as a seller has is how your home looks to a buyer, as you’re going to need to make your home look as inviting as possible. For example, getting rid of those overgrown hedges in the front yard or giving the outside of your home a fresh coat of paint can make your home look more welcoming. By deciding to sell in spring you’ve already done yourself a massive favour and as long as the sun is shining, your home will most likely look its best in spring.
But if you’re stumped in terms of how to treat your home to an upgrade, check out our home selling guides for some DIY tips and tricks.
You can pick your buyer - While you’re relishing in the number of bidders you have on your home, it also means you can pick who you choose to pass your home along to, like a young couple looking to start a family or an individual owner. Of course, who you choose will most likely depend on the price they’ve offered.
The competition - The flipside of having more bidders is that you’re not the only person crossing their fingers, hoping to sell. This is where you may have to work a little harder to get a buyer’s attention. A great tip when it comes to attracting a buyer’s attention is to remove all personal belongings, like photos or trophies. That way, you’re letting the buyer immerse themselves into your home, giving them the space to plan their future.
If you’re really determined to give your home an upgrade, give buyers something they can’t refuse. Everyone is always looking for ways to save on their energy bills and installing solar panels before selling may be your secret to success.
You're buying in the same market - The biggest and most obvious thing you won’t be able to escape even after you’ve sold your home is the market. While it’s great news that you’ve managed to sell your home, it also means that you’ll be back in the market looking for your next one and are competing with other buyers. Again, here you’ll need to get up to speed on the latest home loan offers in order to get the best deal for your next home.
Buyers can get picky too - Not only do you have the competition to worry about, you also need to be wary of potential buyers getting picky. For example, if there’s anything in your home that needs to be repaired, a buyer may decide that your home is not worth it and move onto something else. This is why it’s crucial to spruce up your home beforehand by repairing any damages.
Need a little help with buying or selling a home? We’ve got all the answers with our home loan guides.Home buying guides