Spring has always been a busy time in real estate. Houses flood the market, buyers are on the scout for a new home. It’s an exciting time to sell a house. But this upcoming spring is especially exciting. Covid-19 has forced us to open our minds and do things differently – especially when it comes to property.
So, what’s changed and how can you take advantage of this as a seller?
Goodbye open houses, hello registered and virtual viewings
The virtual world has been fast-tracked overnight in real estate due to lockdowns and isolations. We all knew it was on the horizon, but suddenly ‘someday’, or ‘one day’ has become ‘today’. The result is exciting for both buyers and sellers. Virtual viewings and 3D tours have become the preferred method for initial engagement from buyers inspecting properties. The role of the agent has shifted slightly; they now need to ensure 'information driven' buyers have the answers at their fingertips before they make a decision to enquire, make an offer or physically inspect. Now you can showcase your home and connect with buyers directly online more easily and more effectively than ever before.
People uprooting due to remote working
Remote working conditions are creating waves of movement across the country. If people are allowed to work from home, why not live where they want to live and have a better lifestyle? This movement obviously creates opportunities for you as a seller, especially if your property is in a sought-after, tree-change location. You have a ready-made marketing tactic at your hands to connect and appeal to buyers.
People re-evaluating their lives
Across Australia, people are reconsidering what’s important to them. Suddenly, life seems short. Family are too far away. This mental shift is leading to people uprooting their lives to be closer to the people and things that are important to them. Australians are buying with their hearts and not necessarily with their heads – and as we all know, emotional buyers are often willing to pay more for a property if they fall in love with it.
Banks coming on board
Whoever would have thought the banks would willingly pause mortgage repayments? Yet they have. Banks today are open towards engaging with us in different ways. And because there are so many rival lenders cutting rates to woo borrowers from the major banks right now, there are some genuinely big savings for buyers prepared to shop around. All these things create choice and flexibility, driving buyer incentive.
Auctions back up and running
In some parts of the country, especially Victoria, auctions have been restricted. But restrictions or no restrictions, during snap lockdowns there are now contingencies in place that allow for live online auctions bidding; so the show does go on. If this is your preferred sales strategy, limited numbers could add a positive spin, because the restrictions keep the tyre-kickers away and encourage only the ones with a genuine interest in your property to attend. In regional areas, auctions have not been an overly popular process for a buyer and seller but with the scarcity of property on the market not looking to change dramatically in the near future, auctions in the larger rural cities will trend upwards.
Spring is in the air
There’s upheaval happening across Australia, and it’s happening during a season that’s typically busy in real estate anyway. Alongside all the things mentioned above, you can capitalise on the usual benefits spring brings – warmer weather, beautiful gardens, longer days… those of us that have been locked up are keen to get out and about to explore and start living again when this is possible... the perfect opportunity for sellers.
Before you put your property up for sale, we recommend getting some advice on how to accentuate the strongest appealing benefits of your property and the way to tap into the buyers that value this the most.