If you’re like most of us during COVID-19, you’ve still got time on your hands. So if you’ve been thinking about selling, there’s never been a better moment to start to prepare your home for sale.
It always takes a month or so to prepare a property for sale. You’ll need to complete those annoying odd jobs around the home, and maybe repaint one or two rooms that are looking a little tired. The lockdown has given most of us the time to get these tasks ticked off our list.
With the lockdown restrictions easing, the property market will soon be humming again, having gone into lockdown with plenty of momentum and pent-up buyer demand.
One-third of sellers pulled their homes off the market at the beginning of the coronavirus crisis, and they are likely waiting for the perfect time to re-enter the fray.
Picking the right moment is more luck than judgment. Instead, you should prepare for the first wave of renewed market activity and capitalise on the buyer interest that remains in the market today.
Prices have not plummeted, according to industry researcher CoreLogic. Instead, we’ve seen listings reduce by 28%. This is good news for you. It means there are likely to be fewer properties similar to yours on the market, so buyers have less choice.
Additionally, prices were strong when the crisis hit. State capitals Melbourne and Sydney were recording double-digit price growth annually, and Brisbane’s prices were at record highs.
Many positive trends are influencing the market that favour you preparing for sale right now. They include:
States are easing lockdown restrictions.
Government policies related to COVID-19 are seen as providing a safety net for society, thus instilling confidence in the market.
Mortgage repayment flexibility means the sudden rise in unemployment hasn’t hurt property values as they might normally.
The fall in listings has delivered a scarcity of properties that has helped maintain prices.
Most vendors remain reluctant to discount their asking prices, knowing the market will strengthen.
Interest rates are at an historic low with many 3-year fixed terms at less than 3%, which is driving buyer optimism.
Many buyers remain in the market, seeking a deal or their ideal property, knowing they have fewer people to compete against.
Investors have moved cash from the stock market and now seek a more stable, longer-term return from real estate, which has supported price levels.
So once the coronavirus shackles are off, there’ll be a release of the pent-up demand for property – and you want to be ready for that.
Talk to us about how to best prepare your property, and seek guidance on any suitable buying opportunities for your next move, too.