Why is winter a great time to buy, sell and rent property?
Winter has historically been regarded as the slow season when it comes to property, but in actuality, the coldest season provides a wealth of opportunities when it comes to snagging a deal and getting your house set up to either live in or rent out.
While we might not experience the billowing gales or sheets of sleet that imprison our northern hemisphere neighbours indoors, winter can still be a trying time for Australians. Whether it's low temperatures or drizzly weekends, it's easy to let the bad weather get you down. One way to bring a little bit of cheer to the season is to step up your search for the perfect property. It may be your first home, or a third investment property to rent out, but either way, there's plenty about the winter market to warm even the coldest days of the year.
In this article, we'll take a closer look at why winter's a great time to buy, sell and rent out property.
Renting out a property in winter
If you've got a property that's ready to be rented out, winter's a great time to get it on the market. The most important reason why you might want to do this is to avoid getting caught up in the flood of new rentals that hit the market during the summer months around the New Year – one of the most popular times to move. This time period is often targeted with people changing jobs or being on holiday and therefore having more time to move. The middle of the year provides similar opportunities though, with school and university holidays presenting plenty of chances to snag new tenants.
Alternatively, if you already have tenants and the end of the lease is coming up, winter is a great time to start talking about an extension. After all, for most people the thought of uprooting during the colder months isn't particularly appealing, so you have a chance to get the next agreement ironed out quickly, and ensure your investment remains successful.
It's not just renters who are looking to stay put during winter.
Sell before the silly season
Of course, it's not just renters who are looking to stay put during winter, and many buyers retreat from the market for a few months until the sun comes back out. This can actually have a great effect on the property landscape, with a much less hectic atmosphere than during the so-called 'silly season' of October to December.
Realestate.com.au describes this warmer period as being dominated by the so-called "fear of missing out", which can easily lead to missed opportunities for buyers and sellers alike.
Bargain buys during winter
Perhaps the biggest benefits of winter's impact on the housing market are those that can be reaped by potential buyers. The more relaxed landscape makes it more likely that house-hunters can nab themselves a great property that might otherwise get pushed out of their price range.
Heading along to viewings during this time can also be a practical decision, as you'll be seeing properties during what is arguably their least flattering time. This makes it far harder for any issues such as leaks of draughts to hide behind the veneer of good weather. Plus, if a house manages to take your fancy on a bleak, drizzly day, just imagine how it might look when the clearer months roll around!
Ultimately, whether you're looking to buy, sell or rent out a property, there's no reason to feel as though you should wait. There are always opportunities in the market, and with the help of a buyer's agent from Cohen Handler, you can make sure you get the best deal possible.