As much as we all prefer a three-day long weekend, I have got to say there was one thing I particularly enjoyed about a mid-week Australia Day – Tuesday felt like a Friday, but a Friday where there was no work on Saturday (which I’m sure most real estate agents will appreciate)! Open homes might not be as numerous as they have been in the past, but they are making up for their lack in numbers with the levels of activity in the same timeframes.
Open homes have turned into a very different experience from not that many years ago, and its not just the challenge of recognising people over a mask (apologies to anyone I have missed, by the way). Where previously open homes were seen as just an opportunity to stroll through a home without the pressures of a one-on-one viewing, they’ve now become a bit more frenzied in this changing market, with the pressure well and truly on to get in quickly, or risk missing out.
Take for example an open home I held last weekend, for a home that was fresh to the market just a couple of days before. Fairly affordable price point for a house (started with a “4”), 4 bed, 2 bath, double garage. In the space of 45 minutes there were nearly 30 people through. By the end of the open there had been 7 contracts submitted, 3 of which were written out from various parts of the living room, all at once. Fantastic result for the seller, with a price well and truly above expectations and the dotted line signed within 3 days, but obviously a big disappointment both to those that missed out, as well as those that either weren’t able to submit right away or who felt uncomfortable in a competitive environment. A surplus of buyers is at least good news for those thinking to sell.
As quick sales become more commonplace (particularly in tightly held areas or ultra-competitive price points), an alternative that I am seeing become more popular is sales with a listed price, but a close date for offers as well – kind of an EOI hybrid. Its an interesting option, with buyers being given a clear price indication, but sellers getting a chance to maximise competition in a tighter timeframe than the usual Expressions of Interest period.
Whatever the method of sale, time is still definitely of the essence, so move quickly.