Changes happening – so there is no time like now to Sell your house

Typically, when market demand for housing is high and there are few properties available to choose from, the property market favors sellers, and results in sellers ‘achieving outstanding prices.

So right now, this is the best market to sell in! Not great for buyers, but perfect for sellers.

However, there is a hint of change on the horizon. The economy is doing better than expected, and it is forecasted that there is no need for further stimulation of the market. This hints that interest rates may be increasing in 2020 as opposed to the forecasted increase in 2021.

Just this week, the loan to value ratios increased for investors and first home buyers. These changes also see banks insisting on a valuation of many properties before they will approve a loan.

So, what does all this mean if you want to sell your property?

When there are restrictions in the market like banks requiring a valuation, if the valuation is lower than what a buyer has offered on a property, then the bank may choose not to loan funds to that buyer. Ultimately, restrictions like this result in less buyers who are able to compete and pay high prices for a property, and ultimately the market levels off, or as they say – the market cools.

If you want a great return for your property, there is no time like now to sell.

Contact me today to discuss your property.

Disclaimer - This is a opinion piece written by Linda, and is not the opinion of Ray White

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