The high property prices and fast sales that have been occurring on the Sunshine Coast certainly seem to have slowed down. The market has come back to earth, so to speak.
Properties had been selling very fast up until about February 2022, largely due to people’s different outlook on life due to the pandemic and also low interest rates. Covid seems almost over, and interest rates have risen again recently.
How should you react if you are thinking about selling your home or investment property?
First of all, don’t panic and don’t get down about it. Properties are still selling at very high prices, and there are still plenty of interested buyers out there. All that may be needed now is a little more thought, planning and effort to sell you home for the price you are hoping for, or more.
Buyers have lost the desperation and fear of missing out that was in the air at the end of last year, as the borders opened. There are more properties being listed as owners try to keep cashing in, and there are less interstate buyers on the market. So, what do you need to do?
The key decisions to be made are about the sales strategy (discussed further in another post), and the timing of your sale. Sellers should probably be less aggressive and confident of a quick sale. This might mean holding off on buying your next property until you have a contract on the house you are selling for example.
Preparing your property for sale has also come back to the fore. Ensuring you have street appeal, perhaps professional styling and minor maintenance issues fixed before showing buyers through can make all the difference.
If you are selling your property then it might spend a bit more time on the market, but that does not mean it won’t sell for a great price, you might just have to be a little bit more patient, and plan for some more days on the market.
It is also a time to be more selective about the agent you work with. If you are getting a property appraisal in Buderim for example, then you want a realistic valuation, based on the new market we are in. The worst thing now is to get promised an over inflated price by a hotshot agent, who just wants to get your listing. False expectations can cause more disappointment and stress than the price you achieve or the speed of sale.
It will be exciting to see how the property market on the Sunshine Coast evolves this year. It is a great place to live and there will always be many interested buyers, no matter what sort of property you have here.
