Chat With Kat
2022 is nearly at a wrap - I know I say it every year, but is it getting faster or is life just busier!
It’s been interesting with the most talk in 2022 spent discussing how the market is changing, the highs, the lows and the unknowns.
It would be fair to say this market shift has moved into a buyers market and while no one likes to sell their home when property prices are dropping, it can be mentally challenging to accept a sale price which you know is potentially lower than you would have achieved 6 months ago if you were selling in the peak. It is important to not focus on the ‘if only I sold then’ as the reality is that while you are selling in the buyers market you’re also most likely buying in the same market.
Often buyers markets go hand in hand with higher interest rates, with a number of home owners looking at re-fixing mortgages at higher rates it could be worth taking professional advise from your mortgage broker or home lending specialist to ensure you have the best options available to you. It's important to note that if you are buying, interest rates have a massive influence on the affordability of any purchase amount, again my advice is to seek out the professionals and their guidance.
There are other benefits to a buyer's market:
• When the market recovers, you will enjoy the capital gain on a higher-value asset.
• You will have far more houses to choose from.
• There will be less competition from other buyers, which increases your chances of
securing a home you really like.
• In a buyer's market, conditions are more likely to be negotiated and may include
extended settlements, longer due diligence periods, or even subject-to-sale conditions.
If you have seen the market value of your current property drop over the last few months, it can feel disheartening but remember that it's all relative and what goes down will also come back up. I’m happy to have a chat with you anytime to discuss your property queries.