In the current market, how long do you have to buy a home?

You pull up your phone's real estate app, look through a few listings, and there it is: your dream home, 'added 1 hour ago.' So, in this hot market, how long do you usually have to act?

Let’s just say that if you’re looking for a home right now, having talked to us about pre-approval will come in handy.

According to the REA Insights Housing Market Indicators Report April 2021, the average number of days properties are offered for sale on realestate.com.au achieved record lows in every state in March.

And it’s probably due to the fact that demand is exceptionally high, with ‘views per listing’ reaching all-time highs.

So, how long do houses stay on the market?

In March 2021, the average number of days a property was advertised on the realestate.com.au website was 48.

The ACT (average of 25 days on the market), New South Wales (27 days), and Victoria were the fastest to sell (30 days).

Tasmania (37 days), South Australia (48 days), and Queensland (54 days) were in the center of the pack at the start of the month, however they dropped 9, 17, and 19 days respectively.

While homes in Western Australia (71 days) and the Northern Territory (59 days) took the longest to sell on average, they had the biggest decreases in average time online over the last year, down 28 and 14 days respectively.

Views per listing are also increasing, as are property price searches.

On realestate.com.au, properties are currently seen an average of 1694 times, up from 819 in March 2020.

“Several variables, including record-low borrowing prices, government support packages for first-time home purchasers, and limited available stock,” according to the REA research.

Buyers are also looking for residences that are more pricey than they were a year ago.

In 2021, the percentage of searches for houses worth $750,000 to $2,000,000 grew to 52 percent, up from 47 percent in 2020.

To learn more about pre-approval, contact us today.

Make no mistake: there is a lot of rivalry among purchasers.

With fewer days to acquire financing for the home of their dreams, more people are house searching for more expensive properties.

All of this emphasizes the necessity of discussing your financing alternatives with us ahead of time in order to improve your chances of getting a home in this hot market.

To learn more, contact Premium Finance Group Australia at (07) 4720 8888 or email us at finance@pfga.com.au

Disclaimer: The content of this article is general and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your situation and may not be relevant to circumstances. Before taking any action, consider your particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent.

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