Finally, the Federal Reserve has made its move with a 0.5% cut in the cash rate, making money cheaper to borrow. As a result, you may be thinking that now is the time to make your move in the property market.
The size of the rate cut will see mortgage costs fall in the coming weeks, and many pundits expect at least two more downward moves in the near future.
As an experienced real estate agent in your neighborhood, all the signs are positive for a return to a buoyant market in which buyers will no longer face a shortage of properties for sale – a major factor in keeping the prices high.
If you’re hesitating because you think fall and winter are not great times to sell, let me assure you that’s not the case. There’s never a bad time to sell a property so long as it’s well-presented and its price aligns with market value.
Also, never try to second-guess or “time” the market. By the time you’ve noticed conditions are optimal, they’ll have likely changed when you’ve prepared your home and found potential buyers.
The best time to sell is not dictated by the seasons or market momentum but by your own personal circumstances.
So, if you’re ready and willing to take advantage of the lower interest rates, be assured that fall is a great time to transact.
The data support this view. In September last year, Redfin figures found it took just 35 days to sell a property. Realtor.com says that there’s a drop-off in homes for sale in the fall, and that means there is less competition to attract buyers.
If you want to catch the initial wave of property optimism, here’s how to prepare your home for sale quickly this fall:
- Declutter and Depersonalize: No investment needed, just a little focus and hard work. It’s a smart play to remove unnecessary furniture as this increases the feeling of space. Also, take away personal items, such as photos and memorabilia, so buyers can easily visualize themselves living in your property.
- Deep Clean: No buyer will pay a premium for a house or apartment that’s dirty. As well as being off-putting, many buyers will believe the property has not been maintained. Scrub floors, wipe down surfaces and clean windows, paying particular attention to the kitchen and bathrooms. If your budget allows, hire a contractor.
- Quick Repairs: Fix any obvious problems like leaky faucets, cracked tiles or broken door handles.
- Warm welcome: First impressions are so important – and they begin the moment buyers park their cars on your street. Mow the lawn, trim bushes and brighten the front garden with shrubs and flowers that bloom in fall. A fresh coat of paint on the front door is an easy job that can be done in a few hours.
- Stage Key Areas: It’s amazing how you can transform your home if you focus on stage the living room, kitchen, and master bedroom. Make these perfect, and the home is as good as sold.
- How to move quickly after the Fed rate cutIf time permits: Painting the interior is a fantastic way to add value. Focus on neutral colors like whites, creams and beige. If you need the job done quickly, it’s best to hire a contractor.