If you are like most people who may be thinking of selling or buying, you’re probably wondering – what’s the right move to make in the current market? Should you sell? Should you buy? or should you wait?
The news as we know rarely delivers anything good and the negative portrayal of the property market, particularly in the big cities, has scared many buyers. Surely after a near doubling of prices in some areas since 2012 a slowdown and some sort of a decline in prices is in order. The long term fundamentals for our economy are still strong and the desire to buy hasn’t gone away, the heat has just gone out of the market. The market is still full of people who genuinely want to buy and sell. The question is – at what price?
Buyers are always looking for value and irrespective of the market, they want the best property available at the best price, however buyers who believe they can time the market or wait for the market to bottom develop a false sense that they have all the time in the world and may miss out on some good opportunities that are only possible changing market environments such as they one we are in now.
The digital footprint – why should this be a concern for property sellers? Before the internet the only indication a property had been on the market for an extended period was a faded picture in real estate window or a worn sign in the front yard. Now, the internet creates a record of a property’s advertising and pricing history for all to see. The digital footprint intensifies the danger posed by an extended marketing period. Significant long-term damage occurs to the property’s recorded history and eventual selling price if it is launched onto main real estate portals at an inflated price and does not sell. As a rule, the price of a property drops if it is viewed more but not purchased. One click on realestate.com.au will lead a user to the number of page visits, giving a buyer an early idea of a property’s time on market and desirability. Has it sold in the past? How much? Was it passed in at auction? Why hasn’t it sold? Is there a reason why so many people looked at this property and not bought it? Why has it been withdrawn from sale? The answers to these questions always increase a buyer’s negotiating power.