This is the first time our property market has gone through a pandemic, but the highs and lows are nothing new. Highly experienced agents are well positioned to navigate you through changing market conditions, to help you with your plans.
Here are the most common reasons why Australians are selling a home now, and why it can actually turn out to be a positive move.
- Doubling up
Now is an ideal time to upgrade, as you can buy a larger home for a more realistic price. So if your family is outgrowing your current home, or you have made or inherited a decent amount of money, the current market presents a good opportunity to move into a larger property.
If your children have left home, or you are about to retire and want to free up some equity, you should consider downsizing. This has several advantages:
- You can release equity to do the things you’ve always wanted to do, such as travelling or maybe helping your child onto the property ladder.
- You can move to a smaller home in the city if you’re tired of suburbia.
- You can enjoy more free time in a property which requires less maintenance.
What you do with your money is up to you, but in a slower housing market, there are plenty of bargains to be had.
Debt instigates a large number of property sales. Perhaps your home is now in negative equity, or you might have bought a property off the plan that you now can’t sell or rent. Additionally, lending conditions have become much tighter since the onset of coronavirus, and are changing on a daily basis at present.
You can take advantage of the current climate by marketing your property at a lower price, making it more likely to sell.
More and more Australians are choosing to move to rural or coastal areas to enjoy a more environmentally friendly, slower-paced lifestyle (that perhaps also involves a career change). This gives you a whole new start. Another key advantage of moving out of the city is that house prices are more affordable than in major cities like Sydney, Canberra and Melbourne.
Sadly, this is one of the more common reasons for people needing to sell a house in a slower market. The good news is the current housing market makes it easier to find a comfortable new home for a lower price, helping you to move on with your life.
- Deceased Estate
If you inherit property from a deceased relative or friend in Australia, you can avoid capital gains tax if you sell within two years.
Choose an agent who’s weathered many property cycles
The current property market can work to your advantage. Whatever your circumstances, choose your agent wisely, one who has endured market highs and lows before. The right agent will also take the time to understand your position and know how to maximise every aspect of presentation and marketing to generate interest in your house. Look for an agent who has a high level of attention to detail, and who will work every angle to ensure you have exposure to all the right buyers, and sell for the highest possible price.