Spring is just a few weeks away
There’s no doubt that the recent cuts to interest rates on fixed home loans by several of the big Banks has had an impact on the property market in Melbourne’s north-west. In fact, it was interesting to read in this morning’s paper that some of the home lenders are now offering one year fixed loans at rates under 4%, the lowest rates offered for a very long time indeed.
The impact of this news on buyers has been an increase in confidence, (not that there was any real shortage of this beforehand anyway!), and an even more pronounced incentive to secure their next property as soon as possible. It is very clear that the current low interest rates can’t last forever, so buyers are very keen to not only secure their chosen home, but to lock in the finance for that home before interest rates start moving up again.
With this motivation in mind, it was no surprise to see some very good numbers attending our Open Houses this week and a real sense of urgency among many of the buyers, particularly with so many of them asking about the possibilities of making offers prior to auction.
So, while there is certainly an exceptional opportunity there for potential sellers, it is important to remember that the market dynamics could well change…and in the not too distant future.
Remember, the official start of Spring is just a few weeks away now, and with it will come (sooner or later) the inevitable rush of sellers who will leave it to Spring to make a move. So if you want to make the most of buyer demand, make the move to get your property on the market soon!