Spring Has Sprung
It may not seem like it with the recent cold spell, but Spring is just around the corner. The Property market not unexpectedly has slowed down over winter and both stock levels and buyer interest have diminished somewhat. Although there are still some great opportunities to be had in the Winter, many potential buyers are holding out for the ever-anticipated Spring market to begin. Stock levels increase in Spring allowing buyers more choice and opportunity and likewise, vendors are holding out for the warmer weather to show off their prized asset to prospective purchasers. Melbourne inner city suburb prices have dropped by 2% over recent months, so now is a great time to take advantage of a softer market to secure your next property.
The Property Bureau advises 'would be' purchasers to start getting your ducks aligned now. The Spring market is less than 4 weeks away and you need to be prepared to pounce when a suitable property is listed. Too many purchasers leave the mundane things, namely meeting with financial brokers to sort out pre-approval and borrowing capacity until they have already found a property which may be too late. Banks can often have lengthy pre-approval periods which may see you miss out on your dream property.
If you are thinking of engaging a Buyers Advocate, it is never too early to start having the conversation. Often there are great buying opportunities at the beginning of the market and by already having done your research as to which Buyer’s Advocate you wish to appoint, wheels can be put in motion to start actively searching for and researching your property.
Likewise, if you are a vendor hoping to sell in the Spring market then time is of the essence, a plan needs to be put in place at least a month before launching your property on the market. With the current market becoming more weighted towards buyers, having the best local operators appointed to sell your property is now more important than ever.
Either way if you are thinking of purchasing or selling in the upcoming Spring market, our advice to you is be prepared! Don’t hold off waiting to see how the market begins or whether prices increase or fall, seek professional advice and do what is right for your individual needs as a purchaser or seller.