Selling a property in a strong market is a far different proposition from selling in a buyer's market. With many markets around Australia enjoying a post-COVID-19 surge, now is a fabulous time to sell whether you are upgrading, downsizing or shifting to an entirely new location.
Currently, the Australian market is rising at its speediest pace in 30 years. So, for empty nesters, this is an excellent opportunity to capitalise on your property's capital growth. It’s also an opportunity that may not come around again for a while.
Not only will your days on market be shorter, but there will be plenty of interest from buyers and multiple offers that will potentially push up the final price even further.
Take advantage of pent up demand
The combination of the scare campaigns about negative gearing and capital gains coupled with COVID meant that many property owners put their plans to sell on hold, while buyers were also spooked by these factors.
Therefore, the real estate demand bucket has been filling for a few years now. The rebound in confidence after COVID combined with government incentives and record low interest rates has tipped the demand bucket over and buyers have flooded into the market. For vendors with a plan to move, now is the time to take advantage of this pent-up demand because with more buyers seeking out a property, there's more chance you'll secure a better sales price.
Time to sell properties with a few flies
The current market presents vendors with the opportunity to sell those properties that would be more challenging to shift in a softer market. It might be an apartment without parking or a balcony, a third-floor unit in a walk-up building, a tiny bedsit, or a house located on a main road or close to a railway line. In a buyers’ market, properties with a few flies on them generally take longer to sell. However, in the current market, they can often sell weeks faster.
However, this situation won't last forever, and with some commentators urging the RBA to increase interest rates, it's time for owners to make a move.
One of the bigger fears for vendors selling in a strong market is that they can't buy a property themselves. However, if you are downsizing, green or sea changing from, say, a capital city to a regional area, you'll be well-cashed up to buy into the new market, making now a perfect opportunity to sell up and move.
For more helpful tips or for an obligation-free appraisal of your property, contact Raine & Horne today.