6 Reasons to sell in a correcting market

The property market might be slowing down, but life still goes on. There are many reasons why you might need to sell a house in a correcting market.  Hill & Viteri Property look at the most common reasons why Sutherland Shire property owners are selling in a correcting market, and why it can actually turn out to be a positive move.

Hill & Viteri Property reasons to sell correcting market

Why is the property market slow?

The real estate market in the accross the Nation and in the Sutherland Shire is currently going through a phase correction.  This is largly due to the economic fall out of COVID-19 and buyer sentiment.  The previsoud 9 months had seen the property market boom and whilst some of the conditions that drove this boom still exist i.e. low interest rates and demand outweighing supply many are predicting prices will fall by between 10 and 20 per cent in most major Australian cities over the course of the next 6 months.

But are houses still selling?

Of course they are, as life still presents many different reasons why people need to sell property.  In fact, there are advantages if you know how to sell a house in a correcting market.

Hill & Viteri Property reasons to sell correcting

What are the main reasons for home sales in a correcting market?

Here are the six major reasons for fast home sales, and why these can present positive opportunities for you.

1. Doubling up

Now is an ideal time to upgrade, as you can buy a larger home for a more realistic price. If your family is outgrowing your current home, or you have made or inherited a decent amount of money, the current market presents a good opportunity to move into a larger property.

2. Downsizing

If your children have left home, or you are about to retire and want to free up some equity, you should consider downsizing. This has several advantages:

• You can release equity to do the things you’ve always wanted to do, such as travelling or may be helping your child onto the property ladder
• Also, you can move to a smaller home in the city if you’re tired of suburbia
• Be able to enjoy more free time in a property which requires less maintenance

What you do with your money is up to you, however, in a slower housing market, there are plenty of bargains to be had.

3. Debt

Debt instigates a large number of property sales. Perhaps your home is now in negative equity, or you might have bought a property off the plan that you now can’t sell or rent. Furthermore, lending conditions have become much tighter, with many lenders now requiring a deposit of up to 30 per cent.

You can take advantage of the current climate by marketing your property at a lower price. This will make it more likely to sell.

4. Desire

More and more Australians are choosing to move to rural or coastal areas to enjoy a more environmentally friendly, slower-paced lifestyle (that perhaps also involves a career change). This gives you a whole new start. A key advantage of moving out of the city is that house prices are more affordable. 

5. Divorce

Sadly, this is one of the more common reasons for people needing to sell a house in a cold market. The good news is the current housing market makes it easier to find a comfortable new home for a lower price –  helping you to move on with your life.

6. Death

If you inherit property from a deceased relative or friend in Australia, you can avoid capital gains tax if you sell within two years.

Hill & Viteri Property – A Sutherland Shire Agency who’s weathered many property cycles

If you know how to market a house for sale, the current cooler property market can work to your advantage. Whatever your circumstances, choose your agent wisely. The right agent will take the time to understand your position and know-how to generate interest in your house. This will help you sell at the right time and the right price.

To book an appointment with one Hill & Viteri Property’s sales agents please call our office on 9545 2220 or click here.