The last month has been a roller coaster for the real estate market. While most were still basking in the glory of last year’s sellers market, a 2nd interest rate rise in consecutive months provided a sobering reality that the market is changing and property prices are starting to come down. A positive note to remember, though, is that even a 15% drop in the market price will still see your property worth significantly more than it was 12 months ago.
Initially the major changes to the market that we have seen is our average days on market going out to an average of 47 days so far in 2022, compared to our average of 30 days throughout 2021.
What happens next? Predicted Interest rate rises in July and August will play a role in property prices falling further, increased mortgage stress will see more property coming to market, and we will see buyers cautiously sitting back and waiting to see what happens.
When putting a property on the market now it will be more important than ever to get the marketing and pricing strategy right. This will ensure the property is sold before prices fall further in the coming months.
The Market Is Changing | June 2022 Market Update
