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Real Estate Perth: How Winter Can Be A Great Time To Buy
August 1, 2010 by man
Filed under First Time Home Buyer Michigan
Seasonal weather patterns do have an influence on the real estate market. Real estate in Perth is no exception. The peak selling periods are generally late summer and early autumn from February to April, and the Spring months from October to November. 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 a lot of people in doors.
Despite fewer sales occurring in winter the average time taken to sell properties does not tend to change. Fewer sales in winter is usually a direct result of fewer properties for sale.
Those who are serious about home buying 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.
As we pass through the winter months it’s important to adapt selling strategies too. 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 a great opportunity to see how the home holds up, potentially exposing any faults with leaky roofs and gutters or inadequate storm water drainage. Such a day will also help a prospective buyer understand the heating needs of the home.
Because the market is slower, homebuyers in Perth can also find the winter months more beneficial when negotiating on the terms and conditions for a property sale.
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.
