list now or hold for spring ...

i promised hubby i'd ask this question. i've got my own ideas but will not disclose and sway anyone.

talking to my pm today - i thought the tenants in our ppor were on 12 month lease that didn't expire til end sept, so were going to issue vacate notice for end of lease.

turns out tenants are off lease so we have to issue 60 day notice, but tenants can give only 14 days notice if they find somewhere else in the meantime.

also means we can give them notice at any time to tenants, including now.

our reno is only a final clean off going on the market. the market in the immediate area is hot - listings aren't even making it past the internet before being sold. however, it is also chilly this time of year being mid winter.

probably looking at 49 day settlement if we sell - so no matter how we play it, we might end up with a vacant house for a month or so, or end up homeless for a couple of weeks if we can't negotiate a 60 day settlement.

that's cool ... but the question is should we list now while the market is hot, or should be list in another couple of months when the weather warms up and people are more inclined to move - and hope that the market remains bouyant?

the big unknown is the fallout for interest rate rises.

to give some background - we are in inner ring cbd newcastle, low to mid $800k's.
I was thinking of suggesting you asked your agent but then I realised they want a signed contract NOW.

All things being equal I would be swayed towards the spring sale.
I don't know when the best time to buy and sell is, however you're talking about more people moving at Spring so more buyers. But won't there be more people selling too, so more on the market i.e. the ratio of buyers to sellers similar? Just a thought, if the market is hot right now in your area and interest rates are heading up, I'd consider maybe now.
If the market is hot now then wouldn't now be the right time to sell? The market may not be as hot in 3 months time and if what I'm reading from financial analysts comes true we're gonna be in for a rocky ride.
I would be taking advantage of the hot market too - how about listing and negotiating privately? The sooner you sell, the sooner you get to move onto your next project. :D
lizzie, listings are still in short supply and demand is still high in this area. Lot's of people do hold off until Spring. If everyone mostly does that, then you'll have a lot of other listings to compete with. It may be better selling now?

Who knows what the next 3 months will bring??:confused:
Hi Lizzie,

I would list now - when it's hot, it's your market.

As prop says, there are too many variables and so much uncertainty in the market now- who knows what will happen by the time Spring comes.

Regards JO
Lizzie, I was told it is generally easier to rent out properties in spring than winter. If demand is already high at the moment, then your property should be even more attractive in spring.
Lizzie, I was told it is generally easier to rent out properties in spring than winter. If demand is already high at the moment, then your property should be even more attractive in spring.

this is to sell - my gut says list now as who knows what a couple more interest rate hikes or government elections will do. just got to convince hubby who thinks the cold weather will turn people off. can't hurt to try.
.... just got to convince hubby who thinks the cold weather will turn people off. can't hurt to try.

The cold weather does not turn a hot market off. It went ballistic in Newcastle from about 1 July last year and hadn't stopped.

Suggest you take hubby along to a couple of OFIs and that may change his view when he sees the level of interest.
In Melbourne the winter months here are generally quieter from the perspective of stock available and also buyers. This weekend is an exception with around 1000 auctions listed before the school holidays start. Very similar volumes to Spring.

Whilst Spring may bring more properties to the marketplace, there is also likely to be more people out buying also. Think from the perspective of your intended purchaser. Perhaps they also think counter-cyclically.

I generally don't time my purchasing with the seasons. I buy when I'm ready and the deal stacks up, however if I were to buy, I would go for winter........perhaps purchasers are thinking that way now also.

Less activity about especially from owner occupier (PPOR candidates). If I were to sell, spring and early summer would be my choice, HOWEVER you have had good posts above from those in the know of your playground Lizzie and that includes your own knowledge of Newcastle.

Whilst there is an argument for micro cycles (seasons) within the macro property cycle, things can turn quickly.

Melbourne for example was white hot until end of April. Negative sentiment from PIIGS, Henry Review, Budget, Interest rate rises and the natural "running out of puff" of our market, has now seen buyers taking a more sedate shopping approach rather than the frenzy that was occuring.

If your market is hot, as it appears to be...........milk it for all it's worth.
i think i've convinced hubby. he was the one that wanted to hold off. i think it was the thought of a looming election - and that i pointed out we can just list on internet to start with - that swung him.

will talk to some agents about coming on friday to give their thoughts. still finishing off some light fittings, blinds and everything needs an inside/out clean (mainly windows and decking).
Depends on how desperate you are to sell.

If you're really needing to offload in a hurry, the sooner the better; list now.
If you're prepared to risk a small dip in potential sale price, then wait.
If you're happy to hold off and leave it till the warmer in the hope more people will come out to browse, then wait.
If it really doesn't bother you one way or another, and all you have to lose is time, then list now.

Simply because the sun is shining doesn't mean buyers pockets will be any fuller and/or they will be any more prepared to sign away money that they weren't prepared to part with when the weather was cooler!!! :eek: And as you said, if interest rates go up, the likelihood of a better price may actually go down.

Don't be guided merely on speculation...

The answer isn't in the weather forecast, it's in your motivation to sell. Let that be your guide!! ;)
+1 to sell now but only if you have decided that you definitely want to sell the property.

You and I both know in 5 years time it's going to be worth more then the price you will get today or in two months, hence my point in stressing make sure you definitely want to sell.

the plan was always to sell this one and pay off a slab on the ppor mortgage. means we'll end up with a $mil+ house with less than 15% lvr.

we borrowed 100% to buy this one, and the rental returns aren't enough to entice us to keep.

frees up some cash the townhouses to be built (much better returns) and reno's on ppor to be finished and increase it's value even more.
Good luck with it Lizzie!

We just sold one of our IPs for the same reason as you've listed. I'm so glad we did. We didn't need to sell, but we'd done a renovation not long ago, and it still looked really good, plus we wanted to get out of the apartment block. Anyhow, to cut a long story short, we set a new record for the complex, and since then the market has cooled off..... so glad we bit the bullet!

Keep us informed as to how it goes.