With so much talk about corona and uncertainty about whether you should move in this market, then consider the following.
Are properties selling?
Despite what the media are trying to sell you, yes absolutely they are selling and selling better than what you think. Of course the prices have been marginally affected however some properties are actually still selling within 3-4 weeks.
Who are the people that are buying?
There are always reasons why people buy and sell in this market. First and foremost – interest rates are the cheapest they have been in history. By the time the Corona saga dies down, the reserve bank will need to start collecting back on its debt and the easiest way for them to do that is to regulate the interest rates back up again.
Also, people that need to move for reasons such as work, school and lifestyle change. Also buyers who are cashed up trying to get in while the market is lower. There are also people who have just sold and need to find a new home – the market doesn’t just pause for these people.
Plus, many other scenarios for reasons why buyers would need to transact in this market.
What’s the advantage of selling now, if any?
Trying to secure a suitable home in a market like this makes life a heck of a lot easier. Most people complain when the market is strong that they either got outbid or they were too late in trying to purchase the house they wanted and they end up settling for second best.
This market is primed to give you a better chance to buy that property you actually wanted. Also keep in mind that those that sell and buy in the same market means that nothing changes for them.
What’s the disadvantage?
If you were planning on selling and not buying another home, given that time isn’t of the essence, then you would be doing yourself a disservice. Wait till the market improves. However, for most people that usually buy and sell, there is no disadvantage here.
If you think the reasons above give enough merit for you to consider a move now, let me know as I would love to discuss it with you further to ensure you are making the very best decision.