What's Happening to the Real Estate Market?

Are you confused about what is happening in the property market, perhaps even scared?  It’s a pretty normal reaction to have.  After all, our world has been turned upside-down with restrictions imposed to flatten the curve and protect the vulnerable from Covid-19.

In the past six weeks, we’ve seen the ASX plummet (and recover somewhat), witnessed empty shelves at the supermarkets from panic buying, and have read little other than bad news stories.  We’re missing lots of things like having a coffee at our local cafes, dinners with friends and family, and even trips away to the coast.

There’s no wonder that we are wary of what impact it will have on real estate.

The number of properties selling across Australia is considerably less right now – it’s about 30% less than this time last year.  However, sellers are still getting strong prices due to the lack of property available for sale.  This is not a time when buyers can name their price and make lowball offers.  In fact, with fewer houses to choose from some buyers might find they miss out if they don’t take a level and reasonable approach.

When will it be ok to sell my house?

If you are a vendor who needs to sell, you don’t need to be afraid.  You should give your property the very best chance by showing it in its best light.

You are still very likely to get a good price now and with the latest technology that RealWay offers, it is possible to manage inspections and negotiations and hold auctions virtually so the risk of Covid-19 infection during the sale is significantly minimised.  Most recently, we have added new technology such as 360˚ virtual walk-through tours as well as a private inspection booking tool.

What should I be doing now?

Like many others you might have used the extra time on your hands to make a few home improvements.  That might have been cleaning, decluttering, gardening, or painting.

This is an excellent time to show your newly refreshed home to the online world, whilst buyers have more time to look.

As isolation restrictions lift - even if it is gradual - market activity will increase.  If you have been thinking of selling, now is the right time to prepare for sale.

RealWay can help.

Your local experts at RealWay can provide you with a Property Price Report.  We offer virtual consultations to help you make the most of your house without us needing to step inside.

Our Property Price Report will provide you with a house evaluation and price range, a suburb guide and current market trends. We will advise you on what you should do now and in the coming weeks to improve your home so that it is ready for sale.

Individually we may not be able to control all that is happening around us, but we can control our decisions around property.

Knowledge is power.  Contact your local RealWay agent today.