Video: The impact of market conditions on selling your home

Wouldn't it be great if we only needed to sell our homes when it was a sellers’ market? 

In an ideal world, we want home prices to be increasing rapidly and multiple buyers keen to compete to buy the home. The reality is that due to changing interest rates and home buyer incentives, market conditions will change from year to year and even month to month. For example, when lending conditions are unfavourable to home buyers, we see fewer loan approvals, which means less buyer competition for properties. When the market slumps and prices decline, we generally see fewer sellers. 

This is not necessarily a bad outcome, as it means less competition from other homes on the market. Sydney home prices have skyrocketed in recent years and continue to break records, so buying a property has become a bigger challenge for first-time home buyers who help drive the market. 

Whatever the market, if you do need to sell your home right now (due to your personal circumstances), make sure you engage an agent who has experienced all the cycles of the market and achieved successful sales.