The underlying reasons for this preference are many and paint a compelling picture of the advantages that this month brings to the table. Let’s take a closer look at the factors and conditions that position October as the golden month for real estate.
Industry NewsSuper October: Real estate’s golden month
Next ArticleSuper October: Real estate’s golden month
With its unique positioning in the calendar and a series of influential market dynamics at play, October is becoming a preferred choice for those sellers contemplating the ideal time to showcase their properties to prospective buyers.
11 October 2023
An Ideal Interval
Marshall White Sales Director, John Bongiorno, points out that Super October serves as the perfect bridge post the September school holidays and before the year-end rush. “With families back in their rhythms and vacationers returning, the stage is set for proactive property decisions,” notes Bongiorno.
Weather Factor
October’s appealing weather offers properties an opportunity to shine. As the transition from spring sets in, sunny days become more frequent, making gardens come alive. Extended daylight hours provide a more substantial window for potential buyers to schedule and attend property viewings, ensuring homes are seen in the most favourable conditions.
New Beginnings
“There’s something innately satisfying about starting the New Year in a new home,” says Bongiorno. October sales ideally conclude by Christmas, giving families a fresh beginning as they usher in the New Year.
Efficient Settlements
Thanks to its strategic position in the annual calendar, October often results in shorter settlement periods. Many sellers and buyers aim to conclude transactions before the close of the year. This expedited timeline not only streamlines the property transfer process but also offers a smooth transition for both parties.
Economic Confidence
Albeit brief, the recent stability in interest rates casts a positive halo over the property market. Bongiorno observes, “With no imminent interest rate rises, potential buyers are confident, translating to dynamic property inspections and auctions.”
The Spring Effect
The fresh feel of spring often encourages buyers. The season, coupled with evolving property features post-pandemic, such as dedicated home offices or expansive outdoor areas, resonate with contemporary buyers’ preferences.
When examining the market at large, the potential of ‘Super October’ is evident. There’s a merging of factors – a stable market, rising immigration, and buyers adjusting to recent interest rate increases – that indicates a unique phase in the property domain. “Given the market’s foundation and shifts in buyer preferences, the current outlook is very positive,” notes Bongiorno.
While each homeowner’s situation is unique and the choice to sell can be influenced by a range of factors, history has consistently shown that October stands out as a prime month for property. ‘Super October’ creates a favourable marketplace that caters to both sellers and buyers. As the month unfolds, homeowners are presented with a golden opportunity. They’re well-positioned to tap into the unique blend of circumstances that come together, making this month truly exceptional in the real estate calendar.
