Get your best of­fer in smartly

The Weekend Post - Real Estate - - Front Page -

WHAT is the true state of the real-estate mar­ket?

As some­one sur­rounded by real-estate data, sta­tis­tics and com­men­tary, I know it is tempt­ing to “over-re­search”.

I ac­knowl­edge that you must con­duct some re­search, but too much can re­sult in a “false read” on mat­ters.

There is so much to con­sider, what is the me­dian house price?

Year on year, how have rental va­cancy rates per­formed?

What is the cur­rent trend for in­ter­est rates?

What are the un­em­ploy­ment sta­tis­tics?

Then you have to con­sider what lo­cal eco­nomic driv­ers are oc­cur­ring, such as any re­cent ma­jor de­vel­op­ments.

The list goes on and on, creat­ing con­fu­sion and pro­cras­ti­na­tion, usu­ally fol­lowed by “Damn, I missed the op­por­tu­nity to buy the prop­erty I wanted, I didn’t act fast enough”.

Ul­ti­mately, real estate is about com­pe­ti­tion be­tween one house and an­other.

It is sim­ply a mat­ter of sup­ply and de­mand.

If buy­ers are seek­ing a cer­tain type of prop­erty, yet there are a lim­ited num­ber of these prop­er­ties on the mar­ket, then the price will in­crease.

Con­versely, if there are a lot of these types of prop­er­ties on the mar­ket yet lim­ited buy­ers, then the price will trend down.

So if you are look­ing to buy and find the prop­erty you like, act quickly.

Present your best of­fer, don’t bother to play games with “low­ball” of­fers.

And if you are a seller, price your prop­erty com­pet­i­tively, don’t over­price it as it will drive buy­ers away.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.