With lockdowns/restrictions set to stay in place for the remainder of the year, homeowners are asking, should I sell now, or wait for lockdowns to end.
Home sellers are worried how the latest lockdown will affect property prices & how agents are able to still show property safely and achieve a great price.
Some are asking whether they should take their property off the market and return in a few months or delay putting it on the market all together.
It's true, lockdowns & restrictions have impacted the real estate industry, however, it's not slowing down the level of interest we are seeing.
The simple fact is, buyer demand is strong at the moment and there's not enough property to meet that demand which is why we are seeing a spike in property prices. Once lockdowns and restrictions ease, we expect to see more property coming onto the market, giving buyers more choice. More choice means more competition for owners.
History shows when we have more property on the market, buyers are spoilt for choice and often owners will have to look at their expectations in meeting the market.
What we are seeing at the moment is the opposite. More buyers and not enough property.
This puts owners in a strong negotiation position as buyers continue to display their insatiable appetite to snap up property.
Technology has made the selling process much easier for all parties including the introduction of virtual tours and online auctions, which have enhanced the buying process.
Buyers are able to view properties and bid at auction from the comfort of their own home without actually having a physical inspection in some cases.
All indications are pointing to an influx of property to come onto the market once restrictions ease. The key is to be at the forefront. If you are planning on a sale this year, we would recommend you start to prepare now.
By engaging an agent, you can start to get your property ready for market in terms of photography & floorplans. Agents are talking to buyers everyday and they might already be speaking with potential purchasers for your home.
This is what's known as an "off market" sale, where you can sell your property quietly through the agent's contacts without having numerous people coming through your home.
How does this benefit an owner?
The agent is working with qualified buyers who have either missed out on other properties or have their finances ready to go once they find a property. These buyers are more likely to pay a premium price to stop a property going to the open market.
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