Tuesday 24 Nov 2015
Okay. So the numbers for the weekend market did look a bit scary. Market negativity has certainly taken hold but.....yes there is a 'but'. My advice is to maintain the mantra 'don't panic'. To panic is to play into the fear driven market which I can almost guarantee will not deliver you the best outcome.
Because even within the doom and gloom reports about the weekend activity you can still see stories of good results and happy vendors. They are still out there. Buyers are still seeking property, they are just more determined and more confident about their ability to negotiate hard. And that is a reality check for property owners and agents alike.
The fact is results are achievable, it's just that now agents have to work harder to get them!
I'm not saying that our team haven't been working hard to secure the best possible deal for vendors over the last twelve months while the market has been so hot. Of course they have, and an incredibly good job they have done too.
However when the market is pumping the work an agent has to do is slightly different. They must ensure every possible participant is given the chance to present their best offer, but also ensure those potential buyers understand and appreciate the level of competition that exists for the property. That's why auctions work so well because they're so open and transparent and they fuel competition.
In the current market buyers are holding back. The fear of missing out on a property has been replaced by a fear of paying too much today given the perception they could possibly pay less next week.
It means our agents must work hard to identify and understand the motivations of potential buyers so they can help address, or at least seek to minimise, that fear and maximise buyer confidence in the value of the property and the market.
They are important conversations to have with both buyers and vendors. Short term fear should not fuel what is usually a long term decision.