As many hopeful house-hunters have discovered in recent weeks, there’s an awful lot of tumultuous reports making the current property market seem less like a ripe opportunity for moving… and more like a doomsday horror.
While economists will have you believe that the coronavirus pandemic has caused real estate to stop in its tracks, the reality is that the market is still turning. COVID-19 has forced real estate to adapt – and for agents who have managed to innovate, the industry is still very much in full swing.
We’ve seen this first-hand at Prudential Real Estate, where we’ve replaced traditional methods of buying and selling with contemporary virtual systems to meet market demand in South West Sydney; digital inspections, virtual open homes, video conferencing and online agreements, among many others.
Some of these we’ve introduced over the previous few months, others over recent years – though it’s only by our own technological evolution that we’ve managed to overcome the challenges posed by COVID-19, and pull maximal results for our clients and community.
But aside from digital advancements, a number of other positives have emerged from the current ‘coronavirus market’ that may come as a surprise to local buyers and sellers.
Perhaps the greatest is how the recent market downturn has heralded a perfect opportunity for homeseekers looking to upsize, who can in fact save thousands by cashing in now rather than waiting.
“By selling now and buying in a falling market, the changeover costs can really benefit you,” says Nick Gauci, Director at Prudential Real Estate Narellan.
“If the market falls by 10% over the next 6 months and your home is worth $600,000, it may drop by $60,000. But if the home you’re looking to buy is worth $1,000,000, it’s also likely to fall by the same percentage – $100,000. In the end, that’s a huge difference and saving of $40,000.”
Nick also points out that with one-third fewer listings currently on the market than at the same time last year, there’s certainly advantages to selling now, with significantly less competing homes – combined with government stimulus packages and the lowest interest rates in history.
It’s a rare opportunity that Simon Perri, Director at Prudential Real Estate Liverpool, also affirms.
“Sellers are selling a little lower, but they are actually buying lower than they were six weeks ago,” says Simon.
“While there’s a concern about when the market will improve, when it inevitably does, everyone will rush to move… but at that point it may be too late to take advantage of good value.”
Whether you’re buying, selling, renting or investing amid the ‘new normal’ in real estate, the most important take-home is to ask lots of questions and address all of your concerns before making a decision. In the end, the best time to buy or sell does not always come down to the market – but when it is most ideal for you.
After expert advice on buying or selling? We’re always happy to help – contact us today at Prudential Real Estate.(02) 4628 0033 | firstname.lastname@example.org.