Melton What will the spring selling season look like in 2020?
The property market has been a little more quiet than usual in the wake of COVID-19, but many will be watching on to see if things spring back into action once the spring selling season kicks off. Typically spring is the busiest time of year for the real estate market, and there’s a good chance that this year won’t be any different.
While some people will continue to have some trepidation about the property market, people in general are regaining their confidence and we are seeing a lot interest in both buying and selling. Those who have been thinking about selling may see spring as a good time to take action, as they have seen that the market has held firm over winter (which is traditionally a quiet time for the market anyway) and there has been continued demand from buyers.
If the queues at Bunnings are anything to go by, a lot of people have also been using their time over the last few months to freshen their properties up and add extra features, which may help increase property values. Buyers too will have a lot to look forward to in spring, as it may equate to extra stock on the market, meaning there should be more properties to choose from.
What to watch for
There have been concerns over what has been termed the ‘September cliff’, which is the point when mortgage holidays from the banks were due to end and government support packages were due to finish up.
While this would likely have a negative impact on the economy and the property market, the banking sector has confirmed that it will extend loan deferrals for a further four months to those impacted by COVID-19 in order to avoid a ‘cliff’ from eventuating.
The federal government has also said that it will be offering additional support measures where it’s needed once its JobSeeker and JobKeeper packages end.
There are a number of property stimulus measures available at present that are also helping attract people to buy a home, such as HomeBuilder and the First Home Loan Deposit Scheme. Record low interest rates will also continue to entice buyers into the market.
Get the right advice when selling
While there may be general trends across the country it’s important to remember that every property market is different.
You really need to find out what is happening at a local level to get a good idea of what the sales outcome for your property might be, as what is happening in the wider market (or even the other side of your suburb) may not be relevant to you and your home. The best thing you can do is to try to find recent sales of comparable properties as close to yours as possible, in order to get a rough idea of what your property might sell for.
You should also ensure that you do all of the usual things when selling, like cleaning and decluttering your home, to help it present at its best.
Talk to your local Professionals agent to get an idea of what buyers are looking for in your area and what you can do to get the most value out of your home.
