It’s important to recognise right away that we are seeing growing caution from buyers, but it is also important to highlight that we are seeing growing determination to participate on the dance floor. Sound confusing? Let me break it down for you.
The most important thing to highlight is that buyers are still looking to purchase property, they remain active in the market. They haven’t disappeared but they have become more determined to find a property, especially one that they pay the right price for and that represents a good deal.
In summary, buyers are determined to find the right property and do a deal.
But what that also means is that there is significant work to be done to get the deals across the finish line. That’s the job of the selling agent of course, but it involves setting the right expectations with both buyers and vendors from the outset.
Buyers need to feel confident that they are paying true market value or ‘the right price’. They have grown sensitive to paying overs, but remain determined to secure a property and are ready to pay true value.
For vendors a successful sale will be founded on setting exactly the right price expectation from the beginning of any campaign. This is not the time for testing the market with a speculative listing price because buyers are overly sensitive to agents overpricing property. Right now buyers won’t enter the door let alone sit at the negotiation table if a property is priced too high.
In this turbulent market, we remain completely focused on providing the right advice to our vendors and potential buyers on property pricing and value based on our experience in the current market conditions.