SPRING SELLING SEASON & THE EVENT HORIZON
The days are getting longer as winter starts to come to a close and for some people thoughts turn to preparing their home for the start of the normal spring selling season. Traditionally in real estate spring is the month to go to market with warmer temperatures, blossoming gardens and buyers emerging from hibernation.
However this year brings a different outlook!
The dark swirling clouds of the COVID 19 pandemic seem to be edging ever closer at the same time that the negative impacts of the last three months start to filter through the economy. Capital city house prices are falling with auction clearance rates dropping fast, while some businesses are closing and some are just moving into zombie states supported temporarily by government handouts.
With borders again now closing the fear factor is growing as the virus re-emerges and forces stronger lockdown measures around the country.
It is extremely difficult to predict the future in times of such uncertainty which is why more sellers are likely to come to market this Spring in an effort to lock up recent capital growth while waiting out the upcoming event horizon feeling more secure in their futures. If travel is limited by ongoing border closures holiday destinations like Yamba will see less money flowing into their economies. More investors are likely to decide the time is right to sell.
Here’s a fact! The best real estate prices are gained at a time where demand outstrips supply and forces potential buyers to be more competitive and make higher offers. If supply increases the buyers pool is more spread and competition lessens and prices slide.
Right at this moment demand is still strong so if releasing your property is on your mind then it may well be prudent to call today to get ahead of the herd.