What every Seller in Brisbane’s inner-west should know about this market
In the current market, Sellers throughout Brisbane’s inner-western suburbs are facing one hurdle more so than ever.
The ability of their Buyer to obtain finance has become an unexpected roadblock for some homeowners.
COVID-19 has forced banks to scrutinise loan applications more than ever before and are now requesting more comprehensive information from Buyers.
In particular, banks are looking for long term job security, to ensure Buyers will be able to service the life of their home loan.
Because of this, the application stage of the lending process is more intense and is taking much longer than usual.
Two of the big four banks for example, have on average gone from a 14 days finance approval period to 30+ days.
With lending feeling tighter than it was even 2 years ago, the enormity of buying a property has become more evident for house hunters.
Buyers are being more cautious of where they spend their money, as well as more thorough when it comes to building inspections.
If any issues are raised during these inspections, they are now engaging specialists to further investigate even the slightest of concerns.
Buyers appear less willing to accept minor flaws in the property, as finance becomes more challenging to obtain.
They want reassurance that the integrity of the building is worthy of the excessive hoops they are currently having to jump through.
Our underlying advice to Sellers right now, is to do a thorough inspection of their property before selling.
Any electrical, plumbing or building concerns should be addressed before you put your property on the market.
Buyers are quickly picking up on roofing, guttering or asbestos issues, which are threatening the chances of a successful sale.
As part of our all inclusive sales service, we have an extensive list of reliable and trusted tradespeople who can take care of these investigations for you.
We can arrange quotes, coordinate the work and ensure your home is ready for sale within your timeframe.
Taking the time to do this will reassure the Buyer who falls in love with your home, that they have absolutely made the right choice, as well as offering peace of mind.
A buyer recently said, “This is our one chip to buy a property – is this where we want to spend it?”
Can we help?
Would you like to find out how our all inclusive service can help you prepare your home for sale? We would love the opportunity to walk you through your property options. Let’s chat.