Why Now Is A Great Time To Sell Your House
While it seems all 'doom and gloom' in the property market right now, it may in fact be a great year to sell. After a disappointing year in 2023, ANZ predict that Canberra housing prices are set to rise between 4 and 5 per cent this year, followed by another 3 to 4 per cent in 2025. LJ Hooker franchise owner and sales manager Eoin Ryan-Hicks, agrees.
"After 12 months of seeing a slow, consistent drop in property prices, we have started to see a lot more buyer inquiries coming through, wit with more competitive auctions and higher clearance rates across the board so far this year," Eoin explains.
That means, Canberra could start to see growth in the market again very soon, he adds, as long the number of houses on the market stays relatively similar.
The situations for sellers
Put it this way, Eoin says, if you were putting off selling last year, you'd be in better off situation selling it this year. However, this is purely depending on your situation, of course. If you are facing foreclosure or mortgage stress, or you're a baby boomer looking to downsize then housing market trends may not be high on your care factor.
"People are selling all the time for different reasons," agrees Eoin. "It really depends on their personal circumstances. For example, if you've held a house for 40 years, and you've made a million dollars in profit because of that, then anytime is a good time to sell!"
What buyers are looking for
Yet, buyers in Canberra are a little more picky than other capital cities when it comes to what
they are looking for.
"The Canberra clientele are predominantly public service employees or contracted businesses to the public service," he explains, "and as such they are relatively unwilling to do renovations on their new home."
As such, updating your home before sale is recommended, but a quick DIY job won't cut it, according to Eoin. Renovating for profit really does need to be done by professionals.
"Look, buyers aren't silly. You can tell when an owner has done their own renovation because the finishes are nowhere near as nice and the quality of the work just isn't there," he says "Professionals are professional for a reason; they do these renovations every day. And what they can achieve is 10 times as good as someone who's just given it a crack."
Don't have time or skills to renovate? That's where we come in. Here at Your Property Profits, we'll sit down with you and make a plan from start to finish. We want to understand your expectations for your home sale, so we can help bring you the most value to your property. That way, you 'll be able to sell for more.
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