Get your best offer in smartly
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.