Welcome to The Buzz April Issue 2020
The Digital Experience
In recent weeks many old school methods of selling real estate have now been banned. It may seem that the way to sell property has been turned upside down. But it hasn’t really.
Your Place Real Estate has always offered a complete digital experience. Virtual inspections, online auctions, and a menu of the best in digital marketing have long been available here.
Should now be when you to decide to transact, we have experience with the tools needed to do the job.
Questions you need to ask
But in making that decision, the question you must answer is the same as it was before coronavirus was part of our vocabulary. “Is now the best time for me to sell?” or “Is now the best time for me to buy?”.
Various agencies and some major franchises are taking out adverts to tell you that there are still plenty of buyers. In contrast, Core Logic is reporting that the second half of March has seen huge drops in buyer numbers with falls of over 50% in many markets.
There are still a reasonable number of properties on the market. However, many properties have been withdrawn from sale in response to the coronavirus pandemic and its associated impacts. Furthermore, Core Logic is reporting that the pipeline of new listings has dropped dramatically (almost 40%) in the last week of March.
So, is now when you should choose to transact?
The right time
The #1 agent in Australia, who sold more than $600million worth of property last year, has always guided his clients to sell when there are the most buyers looking to purchase. For a seller more buyers mean more opportunities to sell, which means more opportunity to find the buyer who sees extra value in your place. This means you will have a better chance to achieve a premium price and more desirable terms and conditions.
As a buyer, you want to buy when there are more properties for sale. More properties mean more chances of finding your (almost) perfect place. Even if you pay a full price this will be the property where you will get the most value for your money. Otherwise you may have to live with the problems of a property that doesn’t fit your needs and requirements for many years to come.
The right time is when the right buyer and the seller with the right property can connect. That’s how everyone ends up happy!
What to do now
A common theme in The Buzz is that you must always remember that there is not a singular property market. There are countless micro markets, including the micro market where your property is located.
Do your research. Call us and discuss your situation and the market in your neighbourhood. We will give you the advice you can rely upon!
A very big thank you
In my younger years I spent some lengthy periods in hospital. I have aways known just how amazing our doctors, nurses, and health care professionals are! A huge shout out and massive thanks to all of them.
The Coronavirus pandemic has seen the Federal Government introduce new regulations for real estate. Open homes and on-site auctions are now banned. Here in Queensland, the State Government and the REIQ has provided guidelines and recommendations for how private inspections may be conducted in the safest possible manner.
Both owners and prospective buyers can be reassured that Your Place will:
- always comply with Queensland Health guidelines
- always follow the best practice precautionary measures
The REIQ has made an urgent submission to the Queensland State Government for an assistance package for the real estate industry. Parts of the submission is seeking aid for buyers, sellers and homeowners through reductions, delays or deferment of State and local government charges.
Real estate and finance news
Some essential reading in this month’s real estate and finance articles. Check out the latest on:
- Property market forecasts – a range of views
- A big drop in auction clearance rates (unless you forget to include properties withdrawn from sale)
- Will lenders survive the economic crisis?
Local council elections on the 28th March have not yet had their results finalised but it looks like Sunshine Coast Council will have the same mayor but some new councillors. The Noosa Council mayoral race is too close to call, but challenger Clare Stewart is in the lead after a dramatic recount.
The Sunshine Coast Airport international runway has a new date for operations to commence. June 14th is the big day, or sad day, depending on your location.
Tips & Advice
Great information to help you buy well:
- Seven questions every buyer must ask
Stay up to date with the latest information:
- A Sales Report for your suburb/s of interest
Finally, see icons below and follow the links for your copy of the reports and to read the full articles.
Are you considering what your plan for real estate should be in this economic crisis? Please call us. Have a chat and get the advice you can rely upon!