Spring is often a popular time for selling, but tight restrictions on home opens have left many vendors wondering whether or not now is the right time to sell.
We evaluate the pros and cons of putting your home on the market in the current climate, to help you determine whether it may be right for you.
1. Less competition
Many vendors are avoiding selling due to restrictions that limit or prevent crowds attending home opens.
However, there are still serious buyers looking to purchase a property.
According to realestate.com.au listings data, year-on-year demand for properties have increased by 34% in Nunawading, 27% in Croydon North, 25% in Croydon, 20% in Ringwood and 13% in Box Hill South, to name of few.
High demand and short housing supply can help a vendor’s property stand out and achieve a strong sale price.
2. Prices have remained stable to date
Despite entering a recession, Melbourne house prices have remained fairly steady across the board and haven’t dropped as much as banks originally forecast.
This is largely due to the low supply and strong demand says CoreLogic’s head of Research Australia, Eliza Owen.
“The relatively tight levels of stock available on the market at the moment are maintaining some of that stability in the dwelling market prices”, she said in an interview with the ABC.
While Melbourne house prices declined 1.2% between July and August, they were up 5.9% annually, according to CoreLogic data.
Although prices have been resistant, economists predict that house values will fall early next year, once government subsidies such as job-keeper payments end.
Selling before house prices may drop further, is a key benefit of listing your home in the current climate.
3. Serious buyers can still view homes virtually
Even though buyers can’t inspect in person during stage four restrictions, agents with strong online marketing campaigns can help serious buyers virtually step through properties via 3D virtual tours.
In stage three, agents are able to organise private inspections with one buyer at a time.
While properties may not get the big spring crowds as normal, serious buyers are still able to attend private opens in stage three or make enquiries online in stage four lockdowns.
Inquisitive neighbours may not be able to attend your opens this year but, as demand is strong, you can still get valuable leads from genuine prospective purchasers.
1. Buyers can’t attend opens
In stage four, buyers are prohibited to see the property in person. In stage three, a maximum of one prospective buyer and an agent can attend private inspections.
2. No additional foot traffic
While serious buyers are still making offers, your property likely won’t get the same foot traffic at opens as normal. This is something for vendors to consider.
3. Market uncertainty
Despite predictions of prices falling early next year, there is some uncertainty as to when house values will drop.
Where to start
Everyone’s situation is different, and the market is just one factor to consider when determining whether and when to sell your home.
A good starting point is booking in a free property appraisal with an agent, to gauge where its current value lies and to discuss your options further.
During stage four restrictions many real estate agencies, including Signature Melbourne, offer virtual appraisals to provide you with an estimated selling price in the current climate and a free report on your suburb’s market trends.