I hope you are taking advantage of extra time at home with your family…
Personally, working from home is not my cup of tea and home schooling is a lot more challenging than most of us thought but Prep kids are due back to school on Monday so I am looking forward to normality being with us once again.
With Open Homes reintroduced this week and the restrictions of COVID-19 easing fast I thought it would be an opportune time to provide you with some insights to the current and upcoming property market.
The Current Market
There is distinct lack of stock on the market currently and prices are still firm. There was an every so small increase in price growth last month, where we all thought initially perhaps pricing would fall, thankfully it did not.
Traditionally, each new season brings a new round of buyers to the market, often with fresh reasons for purchasing specifically this time of the year. Usually, as these new buyers come to the market, the homeowners who have been hesitant about selling will slowly join others and put their property to market.
For you to have the pick of this new crop of buyers, and as a result the best chance of achieving the best possible price for your property, it is very important to be prepared and get the jump on your competition.
With the majority of the population not having any financial effects by COVID-19 and still with a current pre-approval for finance, buyers are still searching for their next home.
The Future Market
Based on my experience, I believe it will become more of a buyers market towards the end of the year when government incentives such as JobKeeper stop and property owners who have been able to put their mortgages on hold unfortunately have to commence payments again. At this stage, if those buyers and sellers are still without the appropriate income, this will cause more stock to come to market and a smaller pool of buyers potentially creating a drop in values.
I’d love to talk to you about how we can help you with strategies that will let you hit the ground running in the coming weeks.
If you think next season is more your timing and would like to discuss ideas or to just have a chat about your homes potential, please feel free to reach out to me at any time.
It always pays to plan ahead, and it’s never too early to talk to me.