Buyers gaining nogatiating power heading into new year
Good news for anyone planning to buy in early 2025, with the latest data suggesting conditions have turned in favour of buyers.
During this year’s spring selling season, sales volumes across the country were 4% lower than the spring average in 2019-23, according to CoreLogic. At the same time, the median amount of time required to sell a home rose from 28 to 32 days between the August and November 2024 quarters.
All this points to a market in which, increasingly, vendors are having to compete with other vendors to sell their home, rather than buyers having to compete with other buyers to purchase a property. That suggests there will be pressure on vendors to reduce their asking prices as we head into 2025, which will give buyers more negotiating power.
If you’re thinking about entering the market in 2025, I’d recommend that you consider:
- Looking for ways to increase your savings rate
- Avoiding making any unnecessary large purchases
- Trying to improve your credit score – by paying all your bills on time
- Maintaining your current role – it’s hard to get a loan when you’re still in the early stages of a new job
- Contacting me for a home loan pre-approval
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