Entering the property market can be intimidating—especially if you’re selling privately. The internet is saturated with contrary info from people claiming to know it all.
The truth is, in today’s property climate and with COVID-19 as present as ever, the market is unpredictable.
So, is right now a good time to sell your home?
Does selling in a booming market make sense?
We find ourselves in an unexpected housing boom, so you may be wondering if selling a home now makes sense.
Are you better off taking advantage of the current selling conditions to put yourself in a good position for the future? Or should you wait to see if the market continues to grow and risk paying top dollar for your next home?
According to the latest CoreLogic research, property values are soaring across all Australian states, cities and regional areas.
Median prices rose over April 2021 by 1.8%, driving the average cost for a residential dwelling up to $624,997.
That’s great news for property sellers, especially since buyer demand is still skyrocketing at 50% over the average demand seen in 2019.
Will this trend continue?
Economists and banks seem to agree that low interest rates, the vaccine roll-out, and government incentives will likely ensure property prices continue to rise across all Australian cities.
Westpac chief economist, Bill Evans, said home values would likely rise by over 15% this year and that the “strong upswing that emerged late last year has seen price growth run well ahead of expectations.”
With interest rates down, buyers have access to more money they can spend on securing their dream property.
Should you sell now?
The market never stops – even if sometimes it feels uncertain. There will always be a demand for properties and there’s plenty of buyers looking for properties – particularly in regional centres.
All indicators show that now is definitely a very good time to sell an investment property. And if your local market is booming, it’s also worth thinking about selling your residential home too.
Take it from a recent seller.
One recent private seller, Wendy Edwards, believes now is the perfect time to sell. And, as a professional real estate photographer, she’s in the ideal position to know when the market is at its peak. When it came to her Coomera Waters home, Wendy chose PropertyNow to help her sell.
“I began noticing there were a lot more buyers out there around November last year,” she says. “The market is definitely booming right now, particularly on the Gold Coast, which is seeing a great deal of migration from other states and people buying sight unseen.”
Do your research.
Wendy does advise doing your due diligence and research first, though.
“You need to check current property data and get appraisals for your home to make sure you’re setting the right price,” Wendy says.
Try browsing online for properties that are similar to your own. Filtering by suburb or number of bedrooms and bathrooms are the way to go. There are even tools to help you track the property market’s ups and downs—helping you decide if now is a good time to sell your home.
Wendy also advises getting the help of a conveyancing solicitor to make sure your contract is airtight.
Remember—you can always get more for your property at any time.
Don’t just get caught up in looking at the property market when deciding if now is a good time to sell—take control and look at how you can add guaranteed value to your house sale yourself.
As a photographer, Wendy truly believes in the power of marketing.
“Your photos and marketing material need to be top-notch to attract the right kind of buyer—at an absolute minimum, you should thoroughly clean your home before taking photos!”
“With COVID-19, everyone wanted a virtual tour rather than an in-home inspection,” she explains. “I used PropertyNow’s access to platforms like realestate.com.au and Domain to upload my photos, create my own floor plan, take drone photos, and really focus on my marketing to capture buyers’ imaginations.”
Still unsure if now is a good time to sell your house?
At PropertyNow, we believe in empowering homeowners to sell their own property, whether they’re seasoned house flippers or first-timers.
“I’m thrilled with the process,” Wendy wraps up. “I got a buyer quite quickly and saved myself around $13K in agent fees.”
Call PropertyNow and save on the sale of your house!
Our Australian-based team are here to help you sell your house—whenever you decide the time is right! Contact us to get the process started.