When planning a sales campaign, there are several important timing considerations we always take into account. We have repeatedly seen the significant impact these factors can have on every part of a property sale. We also know how much the right – or wrong – timing can influence both the selling experience and the final result.
Here we outline the key timing considerations you should think about when planning to sell your property.
When is the right time to sell?
Timing is everything when it comes to selling a property. The right timing can boost buyer interest, speed up the selling process, and drive up the final price. Whereas the wrong timing can mean months of stress, as your property languishes on the market, awaiting a savvy buyer.
So… how do you know that the time is right?
Unfortunately, there’s no simple answer to this, as it depends on several important timing considerations. Factors like the type of property you’re selling, and the state of the market, can impact your ideal schedule. Even more importantly, your personal and financial situation will also influence your optimal sales timeline.
Top timing consideration when planning to sell
Your personal situation
Why do you want to sell your property? If it’s for financial or logistical reasons, your sales timeline will probably be set for you. However, if you are planning to upgrade or downsize your home, you can be more conscious of other timing considerations.
If you are planning to buy a new property, you should aim to keep your buying and selling timelines aligned. This will help make the transition smoother, reducing the financial strain and minimising the need for temporary accommodation. That said, careful management is required to keep both selling and buying plans on track and in sync.
If there is some flexibility in your plans, you should also work out the timeline that would best suit you. As part of this, in addition to the other timing considerations listed here, think about your school and work commitments. Identify the times your family will be busiest with other things, and aim to avoid these.
Seasonal considerations
The time of year you sell will impact how your property presents and the type of buyer it attracts. In the warmer months, most gardens are in full bloom and there are more hours of sunlight for viewings. By contrast, the lower light of the colder months can feel cosier and create a more homely atmosphere.
Markets also tend to be more active in warmer months, with the spring selling season usually the busiest for buyers. While in winter, there are often fewer buyers around, but those that are, tend to be more serious.
It’s important to note here that there’s no “bad” season to sell – each has its advantages and drawbacks. As such, the optimal time to sell will depend on your property and when it looks and feels its best. And, whatever time of year you do choose to sell, there are ways to take advantage of the conditions.
Preparing your property
When setting your sales timeline, make sure you schedule a preparation period. How long this should be will depend on what’s required, so it’s important to carefully assess your property’s needs first. As part of this, consider consulting an experienced local agent on the improvements that would deliver the greatest returns.
At a minimum, you should plan for a deep cleaning and staging of your property, which usually takes 2 – 4 weeks. If you decide to renovate before selling, you should allow 1 – 3 months for minor changes (repainting, replacing flooring, etc.). If more major work is required, you may need to allow up to 6 months or more.
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Your sales approach and campaign timeline
How you choose to sell your property is also a major timing consideration. Sales methods with set dates (e.g. auctions) have clearer timelines, making them easier to schedule and manage. Whereas other methods (like sales by private treaty) are open ended and could take months to achieve an acceptable offer.
That said, on average, well priced properties typically take 2 – 8 weeks to sell, regardless of the sales method. There is then a settlement period, which is agreed as part of the sales negotiation, and is usually 30 – 90 days. This means that you can generally expect it to take 2 – 5 months to get from initial listing to settlement.
Market conditions
The state of the property market, both locally and more broadly, can also significantly impact your sales timeline. In times of high buyer demand and low supply, properties tend to move quicker, and competition can drive up prices. But when demand is lower and supply is higher, sales tend to take longer, and smarter campaign strategies are required.
Acknowledging this, when planning to sell your property, it’s important to understand how the market is tracking. As part of this, you should look into key market metrics, like recent price trends and average days on market. You should also check the number of similar properties currently on the market, and how these are performing with buyers.
To make sure you’re getting the most accurate and up-to-date information, consider working with an experienced local agent. They should be able to provide valuable, practical insight into the local market and help you interpret the relevant trends.
Flexibility is the key
While these timing considerations can help you determine when is best to sell, the sales process can be unpredictable. Even the best-laid plans can encounter unexpected challenges, and you need to be able to adapt and respond.
Maintaining a solution-focused mindset throughout the sales process should allow you to keep any challenges that arise in perspective. It will also help you navigate the ups and downs of the sales process, and the complexities it can involve.
Want more information?
Whether you’re thinking of selling or would like to discuss your timing considerations, Local Agency Co. can help. We have extensive experience supporting owners and investors to plan and execute innovative and effective sales campaigns. We’re also experts in identifying the optimal time to list a property to ensure it achieves the best result possible.
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