Why You Should Be Looking To Get Your Property On The Market… Fast
It’s hard to believe, but just a few short months after the worst public health crisis in decades, the property market has exploded into life and home values seem to be rising for the first time in years. If you are thinking about selling, then you need to get cracking.
The Christmas season isn’t traditionally known as a great time to sell. But for more reasons than one, 2020 is proving to be the exception to the rule. Six months ago, things were looking pretty dire for real estate. The Covid-19 disaster was in full swing and the property market was flatlining as buyers and sellers everywhere were boarding up the windows, battening down the hatches until the crisis blew over.
Fast forward to November 2020 and things could not be more different. Buyers are out in force, Auction clearance rates are up, and home values appear to be on the move.
In any normal year, the onset of Spring would see a jump in listing numbers and sales volume in general, as the “Spring Selling Season” kicks into high gear. But in 2020, this simply hasn’t happened. The reasons for this could be multiple, however it is safe to say that the Covid-19 crisis has disrupted the natural order of things, and despite healthy buyer interest, housing stock levels have continued to dwindle.
But this is only half of the story. This decline in listing volume has coincided with a sudden influx of first home buyer interest stimulated by the latest round of government incentives including the FHLDS (First Home Loan Deposit Scheme), as well as record low interest rates giving home buyers access to some of the cheapest finance ever available. So while supply has remained low, demand has skyrocketed and as a potential home seller, this should be music to your ears.
There’s no question that the market is currently on a positive trajectory, but for how long? With the economy as a whole reeling from the fallout from Covid-19, some choppy waters could be on the horizon. While it’s unlikely there will be a market crash, a sudden influx of distressed housing stock caused by rising unemployment could put the brakes on, increasing average days on market and stunting price growth. This is one potential outcome of the imminent windup of the JobKeeper/JobSeeker programs which are due to finish in March, as well as a number of other factors brought into play by a turbulent financial and political climate.
So if you were planning to put your property up for sale in the new year, it might be worthwhile fast tracking your plans and getting it advertised now to take advantage of the “seller’s market” conditions.
‘Til next time, ciao 😊