Whoever turned the tap back on – thank you! Rain aside, there has definitely been a new vigour back in real estate for which many of us are profoundly thankful. Enquiries are once again coming through, and if not at quite the pace we would expect for this time of year, then still better than expected.
Property volumes are improving but still low, with the “wait and see” approach still a popular one among many sellers hesitant about the market. Granted, some of the reasons we would traditionally have to buy, such as relocating for work, finding a holiday home or upgrading in line with a promotion are not as prevalent as usual, but with rents still exceeding mortgage payments for an equivalent home in many areas, first home buyers and traditional investors are still active, as are more established buyers with secure employment.
While there has been plenty of doom and gloom around property in the media, this isn’t bearing out at this stage, as the supply and demand metric has remained fairly steady for most property types. Anecdotally, overall buyer numbers might be down, but with available properties down to a similar or greater degree, you are still dealing with a similar number of buyers per property in the current market to what you might expect at this time of year.
With less choice in the market, we tend to see buyers start to branch out in their criteria, particularly in regards to location. An Edge Hill focus might drift into Whitfield or Manunda, Cairns North might see a few more Parramatta Park stalwarts and eager Earlville buyers might suddenly consider Bayview Heights more seriously.
When this starts to happen, sellers need to think a little differently about their home, how its priced and where its marketed. Its all well and good to say your home is the only one with 5 bedrooms/pool and a shed/a purple kitchen in XYZ suburb, but if buyers are conditioned to compare a wider range then you need to do the same in ensuring your home is competitive. This can work in your favour as well, as a buyer used to looking at one suburb might be conditioned to higher prices than yours is typically known for, helping you achieve a premium result when attracting that buyer.
Want to get your home in front of more eyes? Talk to your agent about their marketing strategy and how buyers are being targeted. This is a great opportunity to do something a little different and yield better outcomes even in a challenging environment.