Why 2021 is a great time to sell your home
It’s little secret the property market is in a solid position as we enter 2021. Despite fears to the contrary, the market has weathered the events of 2020 extremely well with the majority of capitals and many regional areas increasing in value.
As a result, this year is shaping up as a great time to sell, with experts predicting demand for property will continue to outstrip supply in the immediate term.
So what’s driving this trend?
Low interest rates and stimulus
Interest rates remain at a record low, and according to the Reserve Bank of Australia will continue to for some time to come.
Meanwhile, government stimulus packages, including JobKeeper, the First Home Loan Deposit Scheme, and various first home buyer’s grants at a state and federal level continue to drive interest in the property market.
Although JobKeeper may conclude at the end of March, it has served to keep money circulating in the economy and allowed even those who have been unable to work to save.
Forced savings
On that note, the events of the past 12 months have seen many Australians set aside money as savings. With limited access to travel and fewer opportunities for discretionary expenditure on shopping or eating out, most households exited last year in a positive financial position.
Mortgage Choice recently noted this enforced saving is seeing young people shift their priorities to focus on home ownership, while the general sentiment is that housing is affordable at the present and now is the time to buy.
Low supply
While buying sentiment might be on the rise, realestate.com.au recently noted there was insufficient stock available to meet that demand.
That creates a seller’s market where each property has multiple prospective buyers and they need to act quickly to secure the home they want.
“Sellers can take comfort in the fact that if they list their property at the right price next year (2021), they are likely to be able to successfully sell,” realestate.com.au executive manager of economic research Cameron Kusher recently stated.
“Prices are already increasing and that growth is likely to accelerate without a meaningful rise in the supply of homes for sale.”
The realestate.com.au data also shows the median number of days on market has dropped in many parts of Australia amid a strong rise in buyer demand in recent months, setting up a positive year for the property market.
Lifestyle relocation
And then of course, after the events of 2020, many people are actively reconsidering their property needs. The work from home trend has allowed some to ponder a life beyond the city, while others have re-evaluated their lifestyle priorities with a view to shifting to lifestyle friendly locations.
The final takeaway
All this data collectively bodes incredibly well for the property market in 2021, cementing the idea it’s a great time to sell.
If you’re considering selling now might be the ideal time to do so in the knowledge buyer confidence is high, purchasers are in a positive financial position and there is currently low supply of stock available.
If you’re pondering the prospect of selling your property in 2021, you can reach out to an expert Eview agent for an appraisal and further information on the selling process reach out to your local Eview Group Proud Member agent today!
