Great opportunities for home sellers in 2019.
The slowing property market might be good news for buyers, but it also represents great opportunities for those still looking to sell their home. The CoreLogic Hedonic Home Value Index from September 2018 shows housing values fell again, dropping 0.5% for the month and 1.6% for the quarter. “Since the national index peaked 12 months ago, dwelling values have fallen by 2.7%,” the report says. “Hardly a crash, and a slower rate of decline relative to the previous housing market downturn (Jun 2010 to Feb 2012)
When is the right time to sell?
There’s a number of factors that will help determine the right time to put your house on the market. Researching the market is key, potential vendors need to look at similar properties to theirs that have sold recently, to help them determine a price for their property and understand the demand for homes in their suburb.
There is still strong demand from buyers in the market, and falling supply means those selling will be able to get a great price for their home. Currently, there are 10% less properties on the market compared to last year. Also, the number of days properties are on the market has extended, which gives buyers more time to make the right decision and sellers more time to achieve a sale price they’re happy with.
Do your homework
Regardless of whether the market is up or down, if you identify a good opportunity, go for it. Finding an agent that has excellent knowledge of the market in your suburb will help you sell for the best price possible. Agents will assess the price potential of your home by looking at a range of factors including location, amenities, inclusions such as parking and outdoor areas, and recent sales of similar properties in the area.
Sales from our team this week include:
- 140 Macedon Road, Templestowe Lower sold for $1,090,000
- 26-28 Hopetoun Road, Park Orchards sold for $1,185,000
- 12/765 Doncaster Road, Doncaster sold for $562,250
Currently under offer:
- 15 Peter Budge Avenue, Templestowe
- 20 Mayona Road, Montmorency
- 4/16 Leslie Street, Donvale