With demand currently vastly outstripping supply, now is a great time to sell your property.
Prices in some local areas have risen by more than 18% in the past 12 months as cashed-up buyers fleeing the city, head for regional Victoria with dreams of permanently working from home.
With interest rates just above zero – and with the Reserve Bank assuring us they’ll stay like that for the next few years – it is little wonder buyers are feeling confident and scrambling to purchase good quality properties.
This has resulted in prices recently hitting record highs – and there is no end in sight. We are currently experiencing a significant jump in buyer enquiry and strong offers are being received early in a property’s campaign. This coupled with record low interest rates, falling unemployment and current stamp duty concessions, is leading to a potential further increase in property prices this year.
Let’s delve into why this is happening and why now is a great time to sell.
Buyer preferences are changing
The impact of COVID-19 has been significant with many Victorians feeling isolated by not seeing family and close friends for 6+ months.
This has resulted in a number of buyers changing their attitudes and perspectives towards family, home location and work. These buyers are now looking to be closer to loved ones and are seeking lifestyle, over congested suburban environments.
Furthermore, while some industries have been heavily impacted, such as hospitality and tourism, others have thrived; resulting in some groups of buyers having additional savings to put towards their property purchase. We are also seeing the number of ‘cash buyers’ in our local area significantly increase recently. These buyers are now feeling confident and are very active, resulting in a competitive local market.
We are already seeing some vendors receive strong offers for their property; some of which are from determined ‘cash buyers’, who are submitting unconditional offers just to secure the home.
But what if your property is not quite ready?
While now is a great time to sell your property, you still have to do it right. We are seeing buyers strongly compete for well-presented ‘ready to move in’ properties; keen to start enjoying their new lifestyle.
One of the most critical elements is styling. It’s important for vendors to be open to having their home professionally styled. Unique styling will help showcase your property’s floorplan and strengths and help prospective buyers visualise their family living in the home.
Those vendors who uniquely present their property, will be well placed to capitalise on the strong demand currently in the local market.
What you can do now if you’re thinking of selling?
If you’re thinking of selling, start a general clean-up of your property early. Declutter, clean windows and gutters and tidy up gardens.
It’s important to stop thinking of your property as a “home”, but rather a “house to sell”. Look at your property and ensure you remove any objections that may deter buyers. Do what you are capable of, in the time that you have available – focus on simple presentation techniques that will impress buyers.
If you are finding it difficult to look at your home objectively, speak with Mark who can help with information on what buyers may notice about your property. Often the ‘to-do’ list may seem overwhelming, but speaking with a local professional can set your mind at ease.
Mark is one of Mildura’s most trusted Real Estate Agents, making him well placed to provide you with an accurate appraisal based on his local experience. Mark and Letichia will thoroughly guide you through the sales process and help you take advantage of this opportune time in the market.