Getting the Most out of the Spring Property Season

Spring is just around the corner. It will bring longer days and warmer weather – but more excitingly, history tells us this is the season for bumper property activity.

Vendors emerge from a winter slumber, bringing their homes to market after a subdued few months. Buyers are out in force too, lured by the influx of listings and spurred on by the feeling of momentum in the air.

But there are things both those purchasing and those selling need to do to make the most of the spring property season.

If I’ve said it once, I’ve said it a million times – before you start shopping around and getting excited about the home of your dreams, it’s crucial you get your finance sorted.

Pre-approval is the most useful tool you can have in your arsenal.

It gives you certainty, helping to guide your search by setting a clear budget and spending limit so you’re not wasting your time.

It also speeds up the process after you sign a contract, saving you a lot of time, stress and uncertainty in the lead up to settlement.

It also shows an agent that you’re serious and ready to move.

And it’s absolutely essential if you’re heading to auction. You will be buying without the safety net of a finance clause so you’d best ensure you have access to adequate funds before you raise your paddle.

The best way to ensure your pre-approval is in order is to draw on the experience of a specialist mortgage broker. You must ensure you’ve got your borrowing affairs in order well before the spring selling seasons kicks into gear.

If you know the suburb or area you’re keen to buy in, do some research on which real estate agents are the most active in that patch.

Then, begin networking with gusto.

Reach out, explain what you’re looking for, be clear about your expectations and timelines, and get yourself on their radar. Stay in touch with them to make clear that you’re seriously looking and keep yourself front of their mind when listings materialise.

You’ll get on their mailing lists to hear first about any new listings, which should give you a head start on the rest of the market.

They’ll also likely phone or text you about anything interesting that’s coming. And by knowing what you’re after in a home, they may even link you up with colleagues at their agency who might have an opportunity in another suburb you hadn’t considered.

Those agents you form relationships with could also bring to your attention any pre-market and off-market opportunities that arise. They might have a client who wants to test the waters before launching with a bang, or they might have a home that needs to be sold quickly and discretely.

By being persistent and clear with your communication, you could open up some potentially exciting doors.

Become obsessed with all things property, but not just the cosmetic. Get your head around what makes markets tick.

Research a suburb’s current level of supply – that is, the number of available homes – and its demand, or how many buyers are in the market. Many data houses produce great statistics on listing numbers and views per listing so you can track trends too.

Look at price movements both recently and over the longer term to get a sense of where values are sitting currently.

Dig into the demographics of a suburb to get an idea of who your neighbours will be and explore whether there are any interesting developments, improvements or infrastructure investments on the horizon.

Become a sponge and absorb all the information you can about where you’re looking to park your cash.

The same goes for sellers. Be aware of the market you’re listing your home in, including how many other vendors are hoping to nab a buyer, and how deep that pool of purchasers is.

For those preparing to list their home, it’s important to understand that not all real estate agents are created equal.

Sure, they all play the same game and are bound by the same rules and restrictions, but some have savvier marketing and sales strategies or are hungrier than their counterparts.

Find out who works in your area. Do research on agents with lots of sales and good price results and then search for reviews from their former customers.

Ask your shortlist for referrals from those who’ve worked with them recently.

When you’ve found your agent, ask them for their advice on the best method of sale. Are auctions proving fruitful lately? Or are timid buyers dictating a move to more traditional private-treaty campaigns?

Is the home you’re about to sell up to scratch compared to what else is on the market in your area?

When competing for a buyer, it’s important to make a strong first impression, so take the time to prepare your property for sale.

Does it need a lick of paint? Are there bits of neglected maintenance that could scare off interested parties? Are there small but impactful changes you could make?

Ask your agent for advice on what you might be able to do to get your home in tip top shape. Maybe the floors need a sand and a polish. Perhaps the garden has seen better days. Maybe your furniture is too big (or small) for the space and might steal the focus.

Consider having the property professionally styled, letting a specialist guide you on how to best present the place.

The Spring selling season is an exciting time of year for property market participants, but prior planning is key to success. It’s essentially you get ready early for what’s about to come, and that time in 2024 is right now. Relying on smart advice from experienced professionals like an experienced mortgage broker is a more certain path to success when sales activity heats up like the weather.