The impact of the coronavirus on the property market is still something that most people don’t fully know. However, over history, real estate has remained resilient during turbulent times, with property prices often firming once a crisis has passed.
While some people have decided not to sell their properties at present, most others are pushing ahead with their real estate plans.
This is because, in every type of market condition, people need to buy and sell real estate, perhaps because they have bought elsewhere already, are upgrading or downsizing, or have changed family dynamics.
Some recent data is showing that the Brisbane property market remained in good shape during March, which was when fear about the coronavirus pandemic was arguably at its peak in Australia.
The small number of cases since April has perhaps allowed that fear to reduce somewhat with many people now looking forward to a relaxation of restrictions at some point over the short-term.
In the interim, real estate transactions are continuing to occur, albeit at a slightly slower pace.
So, if you’re considering whether you should sell your property over coming months, here are some handy insights that might be useful.
1. Are there still buyers?
Yes! There are still buyers looking for property. They may be in a similar situation as a seller, such as having already sold their home or perhaps they are moving to work or personal reasons. There are also still a number of buyers in the market at present who are keen to take advantage of the once-in-a-lifetime interest rates currently on offer, including savvy investors and first home buyers.
2. How do property inspections work now?
Technology is certainly our friend at the current time with virtual inspections and tours being part of most marketing campaigns long before the coronavirus. Potential buyers are viewing these and then contacting us with any further questions they might have. Private inspections are still able to be held, which will be set a time that works best for the seller and the buyer.
3. What health protections will there be during a private inspection?
If a potential buyer wants to have a private viewing of a property for a sale, they will be vetted beforehand. Appropriate hygiene and social distancing will take place during the inspection, including cleaning before and after. We also can supply hand sanitiser and personal protective equipment, and work to ensure no touching of surfaces within the property during each inspection.
4. Can I still auction my property?
Yes, you can! Just as technology is common in marketing a property for sale these days, it has also been regularly used for auctions for some time now. Online and remote auctions are technically the same as traditional ones, it just all happens digitally. Agents, buyers, and sellers are all involved in the auction on the day, just like normal, but they are generally doing so from the safety of their own homes. The process is exactly the same and having more than one bidder registered for an auction creates competition like it does when an auction is held on-site.
5. Are banks still approving mortgage to buyers?
Banks are certainly still approving mortgages to buyers. There have been some small changes for people employed in industries drastically impacted by the coronavirus, but for everyone else, the status quo has remained. In fact, banks are needing new business to offset the measures they have for borrowers facing financial hardship, so lenders are actively seeking new customers at present.