Our Month in Review - April 2023
The cooler weather is upon us this week, and Winter is on its way, bringing with it some typically cold, wet and windy days. According to the real estate calendar, and historically speaking, Spring (not Winter) has always been known as the peak and preferred selling season. Sellers have been known to hold off listing their homes for sale until the weather starts to warm up again. The long-held belief is that most homes present better when the sun is shining, and gardens are generally greener.
Indeed, it is the age-old question asked of real estate agents ever day: “when is the best time for me to sell my home” they say? The short answer is, according to our Director and Licensee Lauri Curtain, “when there are lots of buyers around and demand exceeds supply” (regardless of weather conditions)! Less stock obviously means less choice for buyers, which increases the demand for properties and the competition for them, which in turn not only boosts the likelihood of a sale, but also of securing a stronger selling outcome.
There are generally fewer properties on the market in Winter as compared to the warmer months, when the market can become flooded with stock, giving buyers endless options. According to recently REIWA.com data however, there were just 6,291 properties for sale in Perth at the end of last week (7 May), which is 2.5% down on the previous week (30 April 2023). Last week’s figure is also 7.7 % lower than sale stock levels seen just four weeks ago and a whopping 22.2% lower than they were during the same time frame last year.
With so few properties for sale and buyer demand still extraordinarily high, if you are considering selling, now (not Spring) may be the right time! With a median of just 14 selling days this month alone, these statistics spell the lowest number of properties available for sale and also number of days on market since June 2010! We also know that buyers are active all year-round, and that while stock levels might fluctuate, the number of qualified buyers in the marketplace remains sound.
Of course, it is important that your real estate agent adapts their selling strategy according to the season. Online advertising for example, becomes a more significant selling tool for attracting serious home buyers in Winter. Sellers often have concerns about the effect a wet and windy day will have on property photography, however our great mates at Crib Creative suggest shooting when it is cloudy, can actually be the perfect weather (consistent lighting, no harsh shadows, wet gardens are the prettiest) that will produce the best results!
From a buyer’s perspective, Winter weather conditions provide a great opportunity to see how the home holds up too, potentially exposing any faults with roofs and gutters or inadequate storm water drainage. If it is cold and wet on home open days, your agent might suggest shifting the focus on making prospective buyers feel warm and welcome. For example, if your home has a fireplace, comfortable furnishings, and cosy lighting, it might inspire ideas of cuddling up on the couch – permanently – in this exact room!
Lower listing volumes (fewer properties for sale) are also helping to protect the Perth property market from the forecast downturn over East due to interest rate increases. And as market conditions improve and buyer sentiment remains upbeat, well-priced homes fresh to the market are being snapped up in the early days of marketing, so if you are thinking of selling – or buying – property in the greater Fremantle area, now is the time to act!
And as always, to keep up to date with the Perth property market, feel free to drop us a line or register for C&CO Real Estate’s property alerts… Whatever your real estate needs, we do business with heart – and with purpose… #youlllovewhatwedo
