While the last two years have been challenging, the Canberra property market at present has picked up its pace with new trends on the horizon. A well-functioning real estate sector thrives on the give-and-take between sellers and buyers, as per expert forecast, however, sellers are at an advantage this season and most likely throughout the rest of the year. first-time homebuyers who stay in the loop with real estate trends will find it less of an impediment. By paying attention to the goings-on in the market, they're able to access new information, learn about the latest events, and explore new ways to be efficient.
Here are some landmark trends to take note of, which may help you navigate the property market better and refine your decision-making in the near future:
After seasons of volatile home prices, mortgage rates continue to increase. Many buyers are rethinking their next steps as they mind their budgets and wonder whether they can handle higher borrowing costs. This trend began around 2019 when more and more sellers adjusted their selling price. Back then, home prices climbed even when mortgage rates were at an all-time low. Buyers will be on the lookout for affordable properties and race to secure them before sellers increase the price.
The perfect time to jump into the market and start your first property purchase is when there's greater housing supply. The number of homes up for sale remains low. But as the inventory increases, you'll have more options to choose from. Home sellers, on one hand, will face tough competition and it would be challenging to close a sale. Later this year, the number of sellers with active property listings is expected to rise—this time to the benefit of buyers.
Though sellers still have an advantage where price adjustments are concerned, there will be trade-offs to deal with. If you're one of those homeowners who sell one property so you could buy another, you will face double the dilemma. As you hold out to get the best asking price for your home, chances are you could also pay a premium price for the home you want to buy. Listing prices will rise continuously for several months until they reach peak levels. The more you delay, the more competition will impede your progress and you're likely to lose some win-win property purchasing opportunities.
Buyers and sellers are greatly affected by how interests play out. Low interest rates motivate buyers to purchase a home much quicker than expected. However, just because they are at historically low levels, that does not mean buyers have to give in to the pressure. They still need to do their research and mull over their choices, weighing the pros and cons while also making sure they are not getting the short end of the stick. But for sellers, rising interest rates are bad news as it could mean their house will have to stay in the market for some time (unless they change their rates and payment schedule).
Digital technology has made it easier to find and communicate with authentic property specialists and buyers' agents who deliver real results. In the wake of the pandemic, several agencies have started offering online services, so that buyers unable to leave their homes can still get things done. The process is also easy and does not require you to spend a fortune. You go to their website, fill in a contact form and receive a response for your property-related concern. Matters and how to go about the process can be discussed over the phone, through a scheduled meet-up or through any such arrangement that is favorable to both parties.
In a sea of first homebuyers rushing to buy the lowest priced homes with the lowest interest rates, be the wise and informed one. Give yourself enough time to explore each property and compare their advantages and disadvantages. Keep up with ongoing and upcoming trends to avoid the pitfalls many homebuyers succumb to. Make it a point to consult seasoned buyers advocates. Their expert guidance ensures that every buyer, even those who have little knowledge of the local real estate market, will be able to haggle for the best possible home prices, have proper representation and get faster mortgage approval.
Are you looking to buy a residential or investment property in Canberra in the next few months? Get in touch with Canberra Property Solutions and let us know what you need! Our team of highly qualified Canberra buyers advocates has been servicing the ACT area for decades, helping buyers secure their dream home at reasonable rates and guiding them throughout the property purchasing process. Visit our website for more information or give us a ring.
Choosing the right investment property requires careful consideration of several key factors. Firstly, define your investment goals: are you seeking rental income, property appreciation, or a mix of bothRead More
Buying your first property is an exciting venture, but it's essential to proceed with caution and avoid potential pitfallsRead More
By opting for a sustainable lifestyle, you not only secure your financial future but also play a crucial role in creating a greener and more sustainable environmentRead More
We will explore the top five qualities of a start-up home for growing families to ensure a smooth transition into a space that fosters happiness and harmony.Read More
The idea of being a landlord might seem daunting at first, but with proper planning and understanding, it can offer numerous benefits and financial opportunities.Read More
A buyer's agent assists the buyer in finding suitable properties, negotiating offers, and guiding them through the complexities of the real estate transaction, aiming to secure the best deal possible.Read More