MARKET UPDATE August 2016

August 8, 2016

July 2016 has seen stock numbers stay about the same, and days on market creep up slightly. Sales in July are slow so far in the new financial year as I perceive many Buyers and Sellers trying to figure out what the market is doing and where it is going. Some Buyers are trying to capitalise, and many Sellers still hoping for better times.

We have seen early activity in the numbers at home opens and Buyer enquiries generally. As we mentioned last month, volumes are down, and some indication of prices softening (not carnage like some Buyers would have you believe).

Sellers: please remember that buying and selling in the same market means whatever the market is doing is largely cancelled out. There are many Buyers that want to buy and will do so as soon as they see great value.

Buyers: There are good properties available with many realistic Sellers that want to move on. The value is high right now, so it is a great time to jump in. Trying to predict what markets are doing is potentially risky, as no one really knows what is going to happen. The right time is now.

We expect to see many properties being rested, and many new listings leading up to spring. Buyers will have more stock to choose from in spring, but also more Buyer competition. Sellers will have more Buyers if waiting until spring, but also more competition from more listings.

The market has definitely moved and changed, even since 3 months ago. We believe it is essential that Sellers (and Buyers) reassess what the current market value is today so as to make and adjust realistic expectations, if the goal it to buy or sell in this market.

Please remember in this market, to both Buyers and Sellers, not all Sellers are overpriced, and not all Buyers are bargain hunters.

We find, and have always found, nice homes usually go to nice people. By that we mean, people that appreciate the quality and care taken in making a house a home, are usually the types of Buyers that want to own these homes and will be prepared to pay a fair price to get it.

We at Evolution Realty are delighted in handling many lovely homes and mostly get the privilege of dealing with a lot of lovely Buyers.

Please feel free to let us know your requirements if you are a Buyer, as many listings come and go without ever appearing online. For Sellers please feel free to get in early with a step by step guide to getting your property ready for the spring market, if you intend to sell anytime in the next 3 months.

Thank you and see you in the market place.