MARKET UPDATE June 2016

June 3, 2016

Things are still very tight, maybe even more so than any time this year so far. The pending Federal Election may have stalled some Buyer activity. We are still seeing a lot of traffic at opens, and are writing offers. Some offers are very optimistic by Buyers, who many appear to be trying to guess where they see the market going, and offering accordingly.

Other, more realistic Buyers whose offers are aligned with current market value are finding that many Sellers are delighted to release their properties to those Buyers and as such we see a sale being made.

We see a lot of listings being rested if they did not sell during the initial listing period, and expect to see many new listings reappear, as well as new stock never seen in the market before now. Irrespective of the market conditions, if you buy and sell at the same time, the theory is that the market is cancelled out (In most cases).

I also have another view about the market and timing. To date, very few have the skills and expertise to accurately and precisely time the market, especially post 2008, no one knows for certain what is around the corner.

My view with regards to owner occupiers and anyone that wants to live in the property, putting plans or your life on hold waiting for better markets could be a recipe for prolonged waiting as we may see holding patterns for some time to come (As we said no one knows).

In this market, Sellers need every competitive advantage with regards to strategy, energy, marketing and pricing to stand out and get the Buyers attention. Only then, can a likely result be achieved. Sometimes, sales are made to Buyers already on the Agents radar or database. We recently had a sale in 4 days to a Buyer that was on our radar and matched to the property (with 4 other offers) enabling the Seller to secure a satisfactory sale. This was less than 24 hours after appearing on the internet.

Buyers, have a few local agents that you are in touch with. The internet is in some cases, already too late for the best new listings. If you are a Seller please feel free to chat to me about taking advantage of the current market conditions, marketing and strategy ideas to get sold in a reasonable timeframe for the best price.

Thank you and see you in the market place.