Falling house prices… help!

08 October 2018 by Realy

With falling house prices being splattered all over the news, should you be worried, or will this all blow over...?

With the super hot housing market in Australia looking like it’s finally cooling down, it’s expected that the news will jump on this and flare up the negativity… but… should you be worried?

Sit tight, if you can!

Falling house prices don’t have to be the end of the world. If you can, just sit tight and ride it out. On average, the prices of home will increase – some data points to a ‘seven year cycle’ but this can be longer or shorter.

It’s always good to keep your eye on the market, so consider getting yourself ready to pounce if the right offer or conditions came along to sell. Sitting tight may also mean you re-focus on your current home – perhaps a move isn’t needed so urgently, by looking at some improvements or renovations that might add value.

Be very sure about your finances

It’s amazing how many of us don’t have a firm view on our mortgage rate, repayments and also the value of our home.

It pays to be informed – knowing this information means you are likely to feel less anxious and concerned about your position. If possible pull together all your home financial information and keep it somewhere easy to access. Also be sure to contact your mortgage company/broker if you’re unsure about any part of your mortgage.

Using Realy can also mean you can keep a clear online profile for your home; doing so helps Realy to get a clearer idea of the condition of homes as they are today, which can then help everyone with price estimates.

https://wa.homebuyers.com.au/article/finance/managing-home-loan-repayments-pay-them-sooner

But I’m looking to buy – this could be perfect!

Very true – buying in a downturn can be a great way to maximise your investment. Of course keep in mind most homes will, over time, increase in value, so this could be more attractive for those where affordability is an issue. Realy is a great way to get access to homes not currently ‘on the market’, so be sure to join and get in touch directly with home owners.

A market heading south can mean some people lose out, but some people will come out smiling! We are firm believers in beingĀ ready to move as you never know when that Dream Price offer might come in.

Buying and selling homes is an emotional exchange – with the right information to hand, you could put yourself in the perfect spot, to find your perfect home.