Selling in The Current Housing Market
This year has seen incredible growth in the property market, and many homeowners have been left questioning when and if they should sell their property. Whilst no one has a crystal ball, we can look at some key indicators to help decide whether the market is at its peak. So if you’ve been thinking of selling, read on for some handy hints to consider your timing.
The housing market is expected to cool down in 2022, and house prices could start to decline as soon as Q2. With a couple of things to consider in this prediction. Firstly, buyers have been pushed to their limits, and affordability alone will see fewer people having a deposit to even initiate the borrowing process. Secondly, banks have already seen The Australian Prudential Regulation Authority (APRA) increase the minimum interest rate buffer when assessing borrowing capacity to reduce risky lending and support future interest rate rises.
One thing all sellers consider is getting your house ‘market ready’. In a hot market, it’s crucial to consider whether updates and renovations are necessary and whether the project time will cost you in the long run. A booming property market also brings labour and material shortages that could cost you delays, and you might miss the market peak altogether. Skipping renovations means you could also offer your house to the market at a more affordable price, without having the headache of making changes and upgrades that may not be necessary to the buyer.
If you have more space than you need, it’s perfect timing to consider downsizing. You can use the proceeds from your current sale to purchase a smaller property, leaving homeowners in a favourable financial position. Considering house prices within the retirement village market have stayed relatively steady throughout the price rises around us, you could potentially end up in a pretty good financial position. If retirement living is in your 5 – 10 year plan, moving it forward and taking advantage of the current market could help you retire sooner.
We have welcomed many new faces to Treeview Estates over the last 12 months, all of them taking advantage of downsizing with the added benefits of a tree change. Two of our newest residents sold their homes before the ‘For Sale’ sign went up and sold for a much higher price than expected. The best place to start is getting a valuation for your property and talking to the professionals. Your local real estate agent will have a great idea of what you can achieve, and with the average time on the market currently sitting at around 32 days, across Australia – you might be closer to your retirement dreams than you think.
Book your tour of Treeview today and explore retirement living at its best!