We see stock numbers down a little at the moment with a flurry of sales, and some early signs of equilibrium returning in the market, albeit still being tight and price sensitive. Buyers want value.
We are seeing interesting times in the local market right now, and we are selling plenty and adapting in these interesting market conditions.
The tried and tested wisdom is that the properties perceived as good value, presented well and with realistic sellers will sell, and as we have seen, many have been.We are seeing some bold, often aggressive activity and behaviour from some buyers, who some feel low SMS text offers are now the new norm. (Or aggressive verbal offers testing the agent, or extremely lowball offers). Also, some buyers trying to crystal ball gaze where they think the market is going and offering according to that.
Despite it being a buyer’s market, it isn't all the buyers way right now though. The best properties still attract top interest. Some properties sell for prices which end up with a spread of offers and interest as much as 20% apart. One sold last week where in the space of a week, 5 offers were presented and over 50 buyers viewed the home in the space of a month. Many of our listings attract offers resulting in a sale in the first week on the market, proving the resilience of the local market, and certainly evidence no wholesale capitulation is occurring (despite the hype).
For buyers, once you have the right property, to get that property at the right price but in a way that the seller doesn't lose interest or interpret the offer as not serious, even offensive, it is important to have your finances in order beforehand, and to make a fair offer at market value. All serious sellers love talking to and dealing with the serious buyers.So for sellers, it is about finding the right buyer, as only one buyer can actually buy the property.
Especially in this market, properties should ideally be no more than 3-5% variable in the price between market value and asking price. If the gap is too large, there is a risk that the genuine buyers will reject it as "not really for sale" .
Choosing an effective strategy that allows a suitable way to discover the right highest market value in this market is critical. We at Evolution specialise in customised and effective marketing strategies, feel free to talk to us about it.
Thank you and see you in the market place.