According to the Home Buyer Confidence Index, people are feeling more positive about buying a home now than they were in Spring and the first home buyers confidence levels are very high. With interest rates so low and the majority of Australia still experiencing a sellers market, here are 2 reasons it might just be the right time to sell.
Demand and interest rates make winter selling a good option
Buyers are Sniffing
Traditionally, the main selling season we hear about is spring. And it makes sense! You can give the home a thorough spring clean, the warmer weather brings more people out to open homes and auctions, and people could be on the lookout for a great summer home. But we feel like that gives winter the short end of the stick – the colder months can actually be a great time to sell your home! Here’s why you should consider getting in touch to list your home this winter.
According to the Genworth Streets Ahead Home Buyer Confidence Index, as of March 2019 people were feeling more positive about buying a home than they were in September! First home buyers in particular were feeling feisty – their confidence levels were higher than the overall national figure.
This could be due to the cash rate cut in February, which RP Data’s Tim Lawless said brought interest rates to their lowest levels since 1968. Given that the Reserve Bank has cut the cash rate again in May, it could be even easier for buyers to access a home loan and enter the market. They might want to get a home quickly, and fix an interest rate at the current low levels – all the better for you to put up that for sale sign and secure a quick transaction!
Supply Still Favors the Seller
A real estate market favors a buyer, a seller, or both – it just depends on levels of supply and demand. If you are selling property in somewhere like Sydney or Melbourne, then demand outweighs supply and you are likely to experience some solid profits. This comes from the Commonwealth Bank 2019 Home Buyers Index, which states that many homes are selling for well above their list price!
Meanwhile in Adelaide and Perth, the markets are quite balanced. Wherever you decide to sell, engaging an agent is a great way to get excellent value for your asset. But as markets shift, so the momentum could move away from the seller – consider getting in while the going is good.
Choosing when to sell doesn’t seem like that difficult a decision, but the right timing could be the difference between breaking even and making a profit. Experienced agents know how to get ahead of the market – don’t neglect the right advice when you’re tossing up whether to sell!