During these uncertain times a lot of questions are being asked about the right time to sell or if you should be selling at all. The year 2020 has certainly thrown a few curve balls so we have shared Ouwens Casserly's 4 points to consider before putting your home on the market.
IS NOW THE RIGHT TIME TO SELL, OR WAIT UNTIL SPRING?
One of the key questions we’re fielding at Ouwens Casserly as COVID-19 restrictions ease is whether or not now is the time to list your home.
Typically, new residential real estate listings peak in the week after the September long weekend, kicking off the traditional spring sales period and providing a wealth of options for buyers.
But 2020 is anything but a typical year.
With South Australia coming off the back of up to eight weeks of lockdown, residential real estate listings have dropped significantly – at OC we have seen a 44% per cent decrease compared with the same time last year (an already tight market).
And yet, buyers are crying out for stock. Anecdotally, our OC team has experienced enquiries from numerous potential buyers complaining there aren’t enough listings to suit their needs.
So, when people ask us – should I put my property on the market now, or should I wait. Our response is very clear.
The answer is do neither.
Here are OC's 4 points to consider before making a decision on whether or not the time is right to sell.
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1. CALL IN THE PROFESSIONALS
Now is not the time for rash decisions, nor is it the time to be too conservative. It’s a time to be clever, to plan, and to adapt to conditions that are fluid and changeable.
Our advice to home owners who are considering putting their home on the market is to without a doubt book in an appraisal, discuss the current climate with a trusted real estate professional and make an informed and educated decision based on the current unprecedented environment, not on traditional trends and behaviours that hold no sway in a tumultuous year such as 2020.
2. HOW 'HOME' HAS CHANGED
It is obvious that the COVID-19 pandemic has led to people re-evaluating their relationships, their work and their homes.
South Australians won’t be going on interstate or overseas travel in the near future, so they have had plenty of chance to think about what they want to do with their lives, and how they want to live day to day.
More than ever the home has become our sanctuary – as well as a functioning workplace, family retreat, schoolyard, restaurant and gym.
3. WHAT OC HAS EXPERIENCED
At OC, we’ve seen a significant increase in appraisal and listing activity in the last week with many people recognising it might be a good idea to go to the market now, rather than waiting. Spring this year will be unlike any other in a generation – the JobKeeper subsidy will wrap up, principal and interest mortgage repayments that have been put on hold will kick back into gear, JobSeeker will reduce to pre-COVID levels; all of these uncertainties will likely result in a flux of forced sellers that will need to in some way adjust their sale price expectations.
4. LOOKING AHEAD
With further restrictions on open inspections expected to ease even more so in the coming weeks, allowing up to 20 people at any one time, many sellers are recognising that now is the right time to appraise and assess their options. This gives them an edge where, if they do decide to list, they will put their home on the market just as the market opens up further.
South Australia is now experiencing the calm after the storm. The market is stable, there is a lack of listings and a strong number of interested buyers keen for new stock. It’s a time for calm, for consideration and a time to lean on trusted sources of information and expertise.
We are still here to MAKE IT HAPPEN for you.
Want to know more about selling off market? Find out how it work here.
MAKE IT HAPPEN™
Alex Ouwens and Nathan Casserly have a genuine passion for real estate and love to help people achieve their goals and dreams through property. Find out more about OC here.
Interested in a career at Ouwens Casserly Real Estate? Check out our opportunities here.