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Buyer's Market or Seller's Market?
Who's in charge?
Make your offer with the local market in mind. It is an age old question: when is the right time to make an offer? Here are some tips:
- Make sure your offer is inline with the market. Keep your eye on similar properties to your own and read all the local newspapers.
- Take cuttings! You are profiling the local area. Go through auction results and write the actual sold price on your cuttings.
- Don't under-estimate market realities: make an offer that's both realistic and reasonable.
- Make sure you understand what kind of market you are in: a buyer's market or a seller's market.
Buyers in charge
- You as the buyer will have sellers who will be very keen to talk to you! They will be offering you terms, contingencies and all sorts of sweeteners to get you to sign!
- Properties stay on the market for more than 90 days.
- Falling prices and market appears weak.
- Properties appear on market in pristine condition.
- Prices being fetched are falling below the expected price. Auction pass in rate is high.
Sellers in charge
- You will be expected to offer the listed price at the very least! Likely, you will have to bid significantly higher than that. As for terms, forget it!
- Properties stay on market for less than 30 days.
- Strong market: prices are appreciating.
- Owners place properties on the market as they are and have no need to spend anything on sprucing up their houses.
- Prices being sought by sellers are easily achieved.
- Buyers will have offers rejected not once but several times.
Be sure to study the market and know where you stand. Adjust you strategies accordingly.
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T E S T I M O N I A L S
"Thank you for making the sale of father's estate properties so easy at such a difficult time."
"What can we say - an absolutely fantastic result. You handled all situations professionally, with good humour and a totally positive attitude."
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