Are you, like many others, confused by all the media reports on the state of the property market?
Try and avoid letting the never-ending bombardment of mixed messages and conflicting reports on the market paralyse you into sitting back and doing nothing.
This year could be the best opportunity for you to make that move.
The opportunity to get in early and take advantage at the beginning of a new property cycle doesn’t come around all that often. Despite all the property pessimists’ predictions, the property market has yet to collapse (in fact, it hasn’t collapsed ever). Rather, we have seen the market slightly correct and stabilise and is already moving into the next phase of the property cycle.
Don’t be the one looking back in a few year’s time and saying, “I wish we had moved to the home we wanted when it was right there for us, instead we waited for better times”
If you are buying and selling in the same market, it makes very little financial difference. Your change-over costs will be very similar whether you do it now or later.
Why not start living where you want to be, in your new property, instead of staying in the old property where you don’t want to be? Don’t wait for prices to go up on your current property before selling, because they will also go up on the property you will be buying.
So, get on with your life and enjoy living where you want to be today.
It has been an interesting few months for the Forster Tuncurry property market, and as spring arrives, we wanted to share our view of where things stand and what it could mean for you.
The period after the May budget was a challenging one, no question about it. Buyers became cautious, decisions took longer, and many people chose to wait and see. In recent weeks we’ve noticed that this has started to change. We’re seeing more people at our open homes, more serious enquiries, and more buyers making offers.
The market isn’t back to where it was at the start of the year, when conditions were still very strong. Still, the change is real. From what we see every day, buyer confidence is starting to return, and confidence is what gets a market moving.
Spring is always a welcome time of year in Australian real estate. Gardens are at their best, homes present beautifully, and buyers who waited through winter come back with fresh energy. More homes come onto the market, and more buyers come out to see them.
This year we’re looking forward to spring more than usual. After a quieter middle of the year, the season could turn early signs of recovery into real momentum. Sellers who plan well and present well stand to benefit most.
Prices have been fairly subdued since May, and in many areas values have clearly dropped. We won’t pretend otherwise. How long this will last is yet to be seen. Returning buyer confidence is encouraging, but prices tend to follow sentiment slowly, and we’ll keep watching closely over the coming months.
This is the point many homeowners miss. If the home you’re selling has fallen in value, the home you’re buying has most likely fallen too. Markets rarely move in just one direction for one type of property.
If you’re planning to upgrade, a softer market could actually save you money. Here’s a simple example. Say you’re selling a home worth $900,000 and buying one worth $1,300,000, and both have dropped by 5%. Your home is now worth $45,000 less, but the one you’re buying costs $65,000 less. That leaves you $20,000 better off than if you had made the same move at the peak.
The bigger the step up, the bigger the potential savings. So, the question isn’t only “what is my home worth today?” It’s also “what is the gap between where I am and where I want to be?”
You may not be ready to talk about selling, and that’s perfectly fine. Every homeowner’s situation is different: some are thinking months ahead, others a year or two down the track. What we’d welcome is a conversation about your plans and how best to time them with the market. A little planning now can make a real difference later, whether that means acting this spring or preparing for the right moment down the track.
If you’d like to chat, simply reply to this email or give us a call. There’s no obligation, just an honest conversation about what’s right for you.
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