Real Estate Perth: How Winter Can Be A Great Time To Buy
Seasonal weather patterns do influence the real estate market. Real estate in Perth is no exception. February to April and then again from October to November are the peak selling periods for real estate in Perth. During these periods the number of homes sold can be up to 20 per cent greater than other months. Home sales are historically at their lowest levels during the mid winter period of July and August and the holiday months of December and January.
At the end of March this year the number of homes on the market was around 13,000, but this has jumped to more than 14,000 in more recent months. Overall real estate listings in Perth have grown by more than 30 per cent since January.
Home opens are a good indicator of market activity. In warmer months people are more likely to do inspections, while in winter the cooler conditions, shorter days and footy matches on the TV keep most people inside.
Despite fewer sales occurring in winter the average time taken to sell properties does not vary a great deal throughout the year. Fewer sales in winter is usually a result of fewer properties for sale.
Serious home buyers aren’t too concerned about the weather, but interestingly it seems that those who make a decision about buying in winter do so after visiting fewer homes.
Remember to adapt selling strategies during the winter months. Advertising can be more important in winter to attract the more serious home buyers. And if it is cold and wet on the day of a home open, it pays to take some sensible steps to keep the place warm, dry, well lit and welcoming. If necessary, have a stand for umbrellas by the front door and a decent mat to keep the floors tidy.
From a buyer’s perspective, a wet and windy day is an opportunity to see how the home holds up, potentially exposing faults such as leaky roofs or inadequate storm water drainage. Such a day will help a prospective buyer understand the heating needs of the home.
Homebuyers can also find the winter months more beneficial when negotiating on the terms and conditions for a property sale, because the market is slower.
The current Perth real estate market indicates that some asking prices are coming down a little. With many owners still keen to sell, winter could prove an ideal opportunity for first home buyers. So, if you’re in the Perth real estate market for a first home now’s a great time to find a more affordable home and negotiate a good deal on the sale price.
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!