If you are thinking about a home loan to buy in the Rockingham area, we have good news for you. There are a lot of homes on the market. If you are moving or you are looking for an established home, it is now a “buyer’s market.”
According to new numbers released by CoreLogic RP Data, there are 21,726 homes on the market in the Perth metro area. This represents a 12.3% increase over the past year. Perth’s number of properties on the market is the third highest of any capital city. Sydney is the highest with around 24,000 homes currently on the market.
What Effect Does the Increase Have on the Market?
The current situation is a perfect example of how supply and demand affect the marketplace. Increased supply means less demand. It also means that homes are now on the market longer. Anyone who wants to sell a home is looking at a tough choice: take less than the asking price or watch the house sit on the market for months.
Realtors are advising sellers to be “realistic” in their asking prices if they want to sell their homes in a timely manner.
What it Means to You
If you are buying and don’t have to sell a home, it is a great time for you. Prices have been flat for a year and homeowners are becoming more motivated to sell. This is resulting in some great bargains for those who have pre-approved loans or enough capital to pay cash for a home. You should be able to find a home for less than the seller is asking.
Remember that home prices always trend upward in the long term. The current market condition is a short term anomaly that represents a lot of opportunity for those looking for a home or for an investment property.