How Selling This Spring is Different
Spring is blooming up, and with warmer weather, it’s time to get outside and enjoy this wonderful time of the year. For many, it’s considered a perfect season to sell, but this year there are even more reasons to get into the property market. After almost 12 months of uncertainty, the confidence of selling is warming up with results by RealEstate.com.au indicating that there’s a 25 per cent increase in property searches over the past year.
Despite increased search results, there’s an imbalance of property supply on the market. With the demand and lack of competition, not only will your property have exposure to more buyers, but there’s a chance that the buyers would be willing to pay a little extra for their perfect home..
With recent rate cuts, getting a home loan is cheaper than it was last year, motivating more buyers to get into the property market. Such good deals allow more people to either borrow larger loans or make their repayments lower, making loans more accessible to more buyers, and more buyers on the market.
APRA’s recent regulation on buffer rates, now makes it easier for the mortgage application to get approved. In some cases, it might even increase the borrowing power, allowing them to borrow more than was previously possible. What’s also great news is that the majority of lenders have already adjusted to the new lending criteria, making it easier to access needed finances for excited buyers.
With such beneficial market conditions allowing for more accessible mortgage loans, motivated buyers, and lack of competition, it’s time to take advantage and put your property on the market this spring. Download an Instant Property Report to find out how your property is performing.