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How’s the real estate market?

Spring tends to attract a lot of property sellers onto the market. If the demand is there to meet the extra supply, there is usually a flurry of transactions in the lead up to Christmas.

The “Spring Selling Season” this year could pose challenges though as buyer sentiment wanes and unsold stock from the winter period competes with a surge in spring stock. Sellers would be well advised to focus on accurate pricing and treat all genuine buyer interest with respect. Given the buyer sentiment is cautious, buyers are not inclined to overpay to secure real estate at present. There will still be isolated cases of properties exceeding expectations, but this will very much be the exception rather than the norm.

If you are coming onto the market, your sales strategy will need to be based on the price point at which buyers will want to buy your property, otherwise you could languish on the market for months. The good news is there are still plenty of buyers prepared to buy.

A great point to remember if you are buying  and selling in the same market, is all market gyrations are relevant. In a market where you sell high, you buy high and vice versa. It would be our firm view that buying before selling is very risky. Particularly when the sale is required to fund the purchase. Having to sell in a definite time frame in a shaky market can decimate your personal finances. Unfortunately this mistake is all too common. If you would like further advice on how to buy and sell in the current market without risking your wealth, please contact the sales team at Pennisi Real Estate on (03) 9379 5616

Buyers are experiencing more favourable conditions at present. It would be wise not to become mean spirited in negotiations and remain fair minded though. Good properties still get good prices and many sellers will simply not accept an unacceptable price. Buyers should focus on the right home, not a bargain home. Quality is timeless.

(Source: Harris Partners)

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