You may have seen across various media channels that we are experiencing a buyers market.
Whether a buyer’s or seller’s market, it all comes down to supply and demand.
Buying or selling a property can be stressful, and a buyer’s market can still be stressful. You want to find your ideal property, but you don’t want to pay too much either. However, if you constantly offer too low, you run the risk of missing out regularly; you still need to be fair.
In a buyer’s market
- There tends to be an increase in supply but a decrease in demand
- Buyers can negotiate prices on their terms as they have the advantage over the seller
- Houses tend to sell for less than they previously were
- Homes may sit on the market longer before finding the right buyer
- Interest rates tend to be higher
Tips for buyers in this market
- Take your time, as you probably don’t need to make any rash decisions
- Continue to do your research to see what is happening with pricing
- Know what is available for sale to help you with your negotiations
- Check out comparable properties in the area
Tips for sellers in this market
- Ensure the property is in tip-top shape
- A fresh coat of paint
- Do any necessary repairs
- Stage it well so potential buyers can see themselves living there
- Be realistic about the price
What is a seller’s market
We have seen this recently where the prices were increasing considerably in many areas. There was less supply of properties and more buyers, leaving sellers with the advantage.
Homes sell FAST in this market, and often buyers are willing to spend more to get a property.
Now that we have shited to a buyer’s market will you be looking to buy your next property? Contact Select Conveyancing Lane Cove.