Buying and Selling During Lockdown
Unlike Sydney, where one on one inspections of properties are permitted, property inspections in Melbourne are banned. However, this has not stopped many sellers and buyers from transacting.
The Hudson Bond team are still listing and selling many properties, as demand for property across all of Manningham remains high.
There are buyers and sellers who cannot wait until we are out of lockdown. These are people who may have sold or have already made plans and committed to moving and are desperate to buy. There are also sellers who are anxious to sell having already bought.
Virtual inspections have become common, and in some cases, properties are sold sight unseen. We have been assisting buyers and sellers through FaceTime and Zoom with video walk-throughs. If your property requires some maintenance before going on the market, many tradespeople are still able to attend to repairs and maintenance.
The continued lockdowns have led to pent up demand, as many people have time to contemplate their future, deciding to upgrade, downsize or move to a new location.
If you don’t want to go on the market until we are out of lockdown you should at least start talking to an agent and commence preparing your home for marketing, whilst we are in lockdown. It would be a mistake not to.
When Melbourne’s previous lockdowns were lifted there was an instant frenzy of activity as buyers competed for the limited number of properties that were available on the market.
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Once we come out of this current lockdown and one on one inspections are allowed, if the past is any indication, we expect the market to bounce back just as quickly as it has after each previous lockdown. The buying frenzy after the lockdown does not last for more than a few weeks. If you are waiting to come out of lockdown before talking to an agent, by the time you are ready to go on the market two or three weeks may pass and you may miss the small window of opportunity to maximise your selling price.
The sellers who have prepared and are on the market as soon as we come out of lockdown will benefit from this heightened competition. I expect the market to be flooded with many more properties within a few weeks after restrictions are lifted. For buyers, this gives you more choice, for sellers it means your property is competing with many others.
If you are thinking of selling, don’t wait, the lockdown could be extended for much longer than we all think. Give the Hudson Bond team a call and we can talk you through your options. We can put a marketing plan in place that complies with the current restrictions, and which may still allow you to move. We can explore whether an off-market sale may be the right option for you, particularly if we have a buyer on our books that may have already sold and needs to buy. Alternatively, you will be ready to go once restrictions lift, getting in before the market is flooded with other properties.
Give us a call on 98407700 and have a chat to us.