With so many people now spending more time at home — either working from home or navigating financial stress — there is a growing number of people reconsidering the size and type of property they need. Here’s what we’re seeing in the market.
People in financial stress may find themselves in a position where they have to sell their property and move into something smaller or consider renting. While this is a difficult situation, it can also create opportunity in the market.
There are also people currently in smaller homes — with 1 or 2 people now working from a home-based office — who simply don’t have the space and are looking to upgrade. Many of these people have the financial means and secure employment to make the move now.
If the market has dropped by 5, 10 or 15%, and you’re buying in the same market, the home you are purchasing would also have dropped at the same rate. With more distressed sales likely to come online in the coming months, now is the time for those looking to upsize to get their finances together, do some research, and investigate what their means allow them to purchase.
Thinking about upsizing or downsizing in Brisbane? Start with a free property appraisal from Pure Real Estate to understand your current home’s value.