The process required when you decide to sell your house can take anywhere from a matter of days, to a stretch of weeks, and even several months. With all that is involved, however, selling your property sooner rather than later can bring about a multitude of benefits that can positively impact your financial situation and peace of mind.
Whether you’re looking to upgrade, downsize, or simply change your living situation, current market conditions favour sellers, but it won’t last forever.
In this article, our team at Noel Jones have compiled some reasons as to why now is an ideal time to consider property selling, as well as the benefits of a swift process.
1. Take Advantage of Higher Demand Than Available Supply
While it might seem complex when you first look at how to sell a property, it all boils down to the simple economics of supply and demand – or, as it is more commonly referred, a ‘buyer’s market’ vs a ‘seller’s market’.
Simply put, if there are far more people out on the market looking to purchase a property than is available, this would be a seller’s market, and you would want to sell your property as soon as possible to take advantage of these conditions.
After a prolonged period of lockdowns and supply chain issues, there was a decline in new builds across the nation. As such, there is likely to be increased interest in your property, potentially leading to a range of benefits, including:
1. Faster Sale
When attempting to sell a property during a buyers’ market, property owners must compete with many others on the market, typically resulting in a lower cost or a longer sale process. On the other hand, with more demand and less competition, it is more likely your property will sell quickly, reducing the stress and uncertainty that often come with a long and drawn-out selling process. This can allow you to move on with your plans and start enjoying your new home or investment sooner.
2. Reduce Holding Costs
Holding onto your property for a longer period of time can be costly, as you will have to continue paying property taxes, insurance, maintenance costs, and mortgage repayments, which can add up over time. By selling your property sooner, you can free yourself of these ongoing expenses and potentially reinvest the money in a new property or other investment.
3. Lock-In a More Favourable Interest Rate Before Further Rises
As a means of combatting inflation, the Reserve Bank of Australia (RBA) has continued to raise the cash rate, leaving it far more expensive to borrow money for people on variable loans.
For this reason, selling your property sooner rather than later can also provide you with the opportunity to lock in a more favourable interest rate on a new property before further rises. This can translate to savings well beyond your house sale profit.
4. Peace of Mind
Finally, a faster property-selling process can offer you some real peace of mind as you move into your next chapter. You can do away with the uncertainty and stress of selling a property and start focusing on finding a new home, investing in a different property, or simply enjoying your newfound freedom.
Work with the Professionals at Noel Jones for Help in Selling Your Property
At Noel Jones, we are here to help you every step of the way. Our experienced real estate agents are knowledgeable about the local market in the eastern suburbs of Melbourne and can provide you with valuable insights and advice on how to sell your property. Whether you are looking to sell quickly, achieve the highest possible price, or reduce your holding costs, we can help.
Contact us today to learn more.