To Sell or Not to Sell? That is the Question
Had you planned to sell property this year? If so, you are probably now questioning whether that is the right thing to do.
It’s always difficult to predict what will happen with the property market, and right now, the coronavirus pandemic is making it even more difficult.
What we do know is that the latest property market update in April showed that the number of listings are lower than this time last year, but that property values have remained resilient, and actually increased by 0.3% in April.
We also know that the biggest indicator for the property market is consumer confidence. As life begins to settle into a new normal and we feel more comfortable in our everyday lives, activity will start to pick back up.
So the question remains, should you sell now or wait?
Here are some key factors to consider:
Selling now
The market never stops. History has shown that even through global disasters, there are always properties for sale and buyers snapping them up.
Real estate agencies are still operating and agents are still reporting great results.
The buyers are high-quality. While there may be less buyers on the market, the ones that are looking are genuine and pre-qualified.
Low interest rates are incentivising buyers to purchase now before they rise again.
Prices are steady; there hasn’t been any significant drop in values.
Real estate restrictions are easing, which will boost consumer sentiment.
There may be an oversupply of property in the coming months. The amount of people waiting it out could lead to an oversupply later in the year, with too much choice for buyers and sellers dropping their prices to find a buyer.
Waiting for later
Here are some of the reasons you may be considering waiting:
There is too much uncertainty, as no one knows what impact the coronavirus will have on the property market. However, you should also bear in mind there is never any guarantee with the property market; there is always an element of uncertainty.
There are less buyers on the market, as people are worried about job security and will wait to purchase until confidence returns. Remember – you only need one genuine buyer!
Our view here at Ray Real Estate is that there are more positives to selling now than there are to waiting.
Confidence is returning and the government is throwing money at the economy to assist a fast recovery. Open home inspections are now allowed again and interest rates have been held steady, which will encourage buying.
Isn’t it best to get in now before the flood gates open? Contact us for a free appraisal.