Thursday, August 13, 2015

Spring sellers... It's time to leverage this calm before the storm!

Traditionally, winter is a quiet time in real estate. It's a time when sellers go into hibernation, battening down the hatches as they wait for spring to arrive before they even think of selling their property.

While the storms and snow have been in full force this week, now is ironically the exact time to leverage the calm before the real estate storm.

This winter properties on the market have frozen up. RP Data has recorded a 31.1% drop in property listings compared to last year and this is filtering through all aspects of the market. 

On the ground we are seeing the impact of these statistics regarding stock shortage, with many properties selling from the Toop Vault to our registered buyers before the public is even aware they are for sale! These sales are happening through all ranges of the market, from investment properties right through to the top end multi-million dollar properties. 

The trend is also flowing through to our rental department with our leasing team seeing extremely low vacancy rates of 0.8% and a large increase in demand for six-month rental agreements from buyers who are waiting for property stock levels to increase again. 

There is great news for vendors looking to sell, as right now is a great opportunity to leverage the market. For the first time, buyers are having to consider the possibility of short-term rentals to see them through this stock depletion, they can be willing to offer a premium to avoid the hassle and extra costs of a short-term relocation. 

Talking with an agent now will not only provide you with the opportunity to discuss the current supply shortage and how to leverage this, but how to get a head start on the competitive spring market... it's only three weeks away! It's important to find out exactly what buyers are looking for right now, as well as the market trends and how to optimise your sale. Working with your agent and finding this information out now will allow you to fully prepare your property - whether that is painting, fixing a few areas up, home styling or gardening, it will really set up your sale and give you the best opportunity for a fantastic result. 

As a team we are receiving feedback daily on buyer needs, which is important as different areas attract different groups of buyers. Discussing this information with your agent early can make a huge difference to your sale strategy, your negotiation leverage with buyers and ultimately your property sale result. 

Last weekend, Toop&Toop had 355 buyer groups through our inspections, and we currently have 3,257 buyers eagerly awaiting our alerts on new properties.

Supply and demand is the cornerstone of any market. Right now, we have a high demand for property and buyers at our fingertips, however, those thinking of selling, it's up to you to take advantage with your stock and use the opportunity to leverage it!  

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