Is Now the Right Time to Upgrade Your Home? Here's What We're Seeing in the Market

If you've been thinking about upgrading your owner occupied home but have been waiting for the "right time," you're not alone.

One recent trend we've been noticing with many of our clients is that more homeowners are deciding to make their move now, and one of the main reasons is the increased opportunity to negotiate.

Buyers are finding more flexibility

Compared to the highly competitive market of a few years ago, today's conditions are creating more opportunities for buyers to negotiate.

While this doesn't mean every property is selling below asking price, however we're seeing successful negotiations around:

• Purchase price

• Settlement timeframes

• Repairs before settlement

• Included appliances or fixtures

• Other contract conditions that can improve the overall outcome for buyers e.g. subject to sale of your current home 

These opportunities can make upgrading more achievable than many people expect.

Remember, you're buying and selling in the same market

A common concern we hear is that homeowners don't want to sell because they believe they won't receive the same price they could have achieved during the market peak.

While this can be true depending on the property and location, it's only one side of the equation.

The property you're looking to purchase is also being sold in today's market. If there's greater room for negotiation on your next home, the difference between selling and buying may not be as significant as you initially thought.

This is why it's important to look at the overall financial position rather than focusing solely on your sale price.

Know your numbers before you start looking

Before upgrading, it's worth understanding:

• Your current property's estimated value.

• How much usable equity you have.

• Your borrowing capacity.

• The costs involved in selling and purchasing.

• What your realistic upgrade budget looks like.

Having this information early can make the entire process smoother and help you act confidently when the right property becomes available.

How WestGen Finance can help

Every homeowner's situation is different, which is why we start with understanding your financial position before discussing loan options.

We'll help you calculate your borrowing capacity, assess your available equity and explore different finance strategies so you know exactly what upgrading could look like.

If you've been wondering whether now is the right time to make your move, we'd love to help you understand your options. Even if you're not planning to buy immediately, having a clear plan now can put you in a stronger position when the right opportunity comes along.