Sales Market Update

Paramount Properties

Sales Market Update 

"With interest rates staying at the same level for the last financial announcements and an indication they could drop in the new year, this will provide extra confidence to buyers to get on the property ladder rather than holding out to wait and see what will happen in the economy. Demands in rents will drop off, and more residents will take advantage of paying similar mortgage repayments to buy. Prices will remain at similar levels with interest rates remaining where they currently stand, but the additional confidence will increase demand.

Towards the end of last year, there was a lot of uncertainty caused by inconsistent hikes in interest rates and inflation in October, November, and December of last year. This made purchasers and investors hold out and wait to see what would happen in the first and second quarters of 2023. The opposite of this is happening towards the end of 2023, meaning 2024 should be an exciting year for buyers. Second-time buyers looking to move to commute to work/school, while they may decide to sell at a similar level to what they paid for their home the first time around, they will be making up the difference on their next purchase."

How should sellers prepare and strategise for the 2024 market?

"Firstly, getting an up-to-date market appraisal or desktop valuation and speaking to a broker/financial advisor to see what is affordable in the next move is crucial to understand your position in the market.

But product presentation is absolutely vital as this will make your home market-ready; we suggest investing in the home to offer the best presentation, preparing upfront documents and individual records of upgrades and improvements to quicken the process for all parties." 

What should be a seller's top priorities if they want to succeed in the 2024 market?

"Realistic pricing and marketing strategy. Consider recent sales in your area, current market trends, and the condition of your home. Price your home competitively to attract potential buyers. Overpricing can deter interest while under-marketing may lead to missed opportunities but could drive the price at the asking price or above."

- Jamie Jacobs, Sales Consultant.