Thursday, January 20, 2011

New Year buyers hit the market

Water… we look on it so often as a precious gift, yet at times like this it can make you wonder. The catastrophic events of the last few weeks have touched us all at different moments. For some it was while watching heart stopping footage of flood waters, hearing tales of survival and loss; for others, at the moment of reaching friends and loved ones in the affected regions. Our hearts go out to all those who have lost their businesses, homes and so much more.

To our fellow realtors in Queensland, New South Wales and now Victoria we can only begin to imagine the road that lies ahead… It will be incredibly challenging, to say the least, and we wish you all the best in rebuilding what you have lost.

We have been incredibly lucky so far in South Australia, with just a bit of rain and in some of our regional areas, minor flooding. Our homes are dry, our property market is stable and on a grand scale, all is well.

As for the attendance at last weekend’s open homes - the results are in!

As anticipated Open Inspection numbers soared to 1955 homes. Almost double that of the weekend before. Buyer attendance, on average, was less with homes heading to auction attracting slightly higher numbers. New top end properties and at the other end of the scale, entry level and investment properties, were also well received. Our team on the frontline received an obvious new wave of buyers who are well researched, ready to buy and are willing to put pen to paper.

Sellers, don’t misconstrue this and think the ball’s back in your court. Yes, buyers are taking the plunge and making offers which is great news, but more often than not they are coming in well below asking price. More than ever, the market continues to be price sensitive and over the coming weeks, there will be even more properties available for buyers to choose from.

Seller’s this is where you need to put your business hat on. If your property is heading to auction and you receive an offer prior to the day, consider it wisely. In this market, an early offer doesn’t mean there will be another 5 on auction day… make your decision wisely as the wrong one could be costly.

Anthony Toop, Managing Director.
© Toop Real Estate Group

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