WHAT’S YOUR HOME WORTH? WELCOME TO THE UNIQUE SELLER’S MARKET
The cost of COVID-19 is continuing to seep into parts of our economy; in some instances, it continues to threaten future national security, in others it’s forcing businesses to rethink logistical operations but a surprising cost – which does have some benefits – is the impact it is having on the price of the housing market. Specifically, creating a historic ‘Seller’s Market’.
During lockdown COVID-19 arrogantly served uncertainty hot on an unpredictable economic plate. He also threw in a side serving of historic mortgage rates that have continued to see housing prices rise across the country. These tantalising interest rates have allowed aspiring homeowners to begin their quest. With the old chestnut of “supply and demand”, we are seeing an increase in the housing market and it’s not the amount of homes listed…it’s the prices. Whilst this has left a bitter taste in some hopeful buyers’ mouths it has left a rather sweet one in that of the sellers’. With the current trend in house prices it looks like now is the time to sell.
CoreLogic’s recent house price index saw an increase in residential and provincial areas. It appears as though lockdown not only forced people to bunker down, to stay home and save lives, it also allowed them to reflect on their housing goals and consideration of a greater lifestyle. “Property demand remains strong, further entrenching our view that widespread value drops are unlikely to occur as we move into the typically buoyant spring season,” shared Nick Goodall, head of research for CoreLogic. What’s atypical about this Spring season is that it is one following a global pandemic and one leading up to an already unique election. The housing market is witnessing surprisingly high house prices and the demand is hot.
With the median Auckland house price tipped to hit $1 million by the end of the year, seizing the present and attaining an updated appraisal is crucial for those seriously looking to sell. For those residing in desirable locations – which is naturally everywhere north of the Harbour Bridge – having an understanding of the housing market and home value is essential. By receiving a current appraisal, homeowners afford themselves options. The property market of Hibiscus Coast and the North Shore is in huge demand! There’s no better place to spend lockdown and hopeful buyers know that too! Receive a complimentary no-obligation appraisal and give yourself the opportunity to consider your next move. You might find the price sweeter than you once thought.