Property prices have increased higher and faster than almost any other market in the past. If you’ve noticed your neighbor’s homes selling fast and wonder what’s going on, it’s due to the low supply, higher values, and crazy high demand.
If you’ve been thinking about selling and wonder if now is the time, it is. Here’s why.
As of September 30, home values are up 23% since this time last year and there’s no end in sight.
Need more reasons? Keep reading.
Buyers everywhere are quickly moving away from urban areas and into suburban. The pandemic taught most of us that life is short and we can do things remotely. There’s no reason to live in the middle of the hustle and bustle. In fact, most people don’t want to any longer – they’d rather have more room to themselves.
Because of the higher demand, more buyers are jumping in headfirst, even those that didn’t think about moving before. With higher demand comes a shorter supply and the ‘fear of missing out.’ This means more buyers are worried there won’t be a home for them, so they’re buying now.
Sales prices are much higher than in years past, which is another great reason for sellers to sell now. If you’ve toyed with the idea but never pulled the trigger, now is the time.
Higher demand causes bidding wars, which means you get a higher price. While you can’t get more than the home’s value unless you have a cash buyer, you may still get the full asking price for the home, which didn’t happen often before.
Sellers always have to rely on the buyer’s ability to afford the home. Most buyers need financing, which puts the sale on the line. If the buyer can’t get approved, the sale falls through, leaving sellers back at square one.
With today’s low rates, it’s easier for buyers to qualify for financing. A lower mortgage payment means a lower debt-to-income ratio and an easier time qualifying for the loan.
Not only do lower interest rates make it easier to qualify for a loan, but they also make buyers more motivated to buy. Interest rates affect the buyer’s payment and the overall cost of the home. Lower interest rates can be a great motivator.
If you’re thinking of selling your home in Sydney, now is the time. With higher demand, lower rates, and a low inventory of homes on the market, you may sell your home a lot faster than you thought possible.
Before you list it, make sure you’re ready to make fast decisions and to move fast. Buyers today are motivated and want to buy houses fast and move in even faster.
When you’re ready to sell your home, contact us and we’ll help you list your home for the price we know buyers will pay, helping you sell your home for its maximum value in Sydney.
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