Another week has slipped by this year leaving us no closer to seeing any trends. Whilst the “clearance rate” is up there near 80% there is not enough volume to give us any indication of where the market is going.
There were some anomalous results of family homes selling below expectation whilst reports from some outer suburban agents are saying that people are queuing to get into opens and offers are very forthcoming on properties. The amount of good property coming onto the market continues and agents are very quick to “chat” about offers and deals, the market is still a long way off giving any clear signals as to what will happen for the rest of this season. Just because one property sells below expectation, this does not mean we are seeing a trend.
This is the first year I can remember the agents agreeing so quickly to enter early deals. With several deals already away this month and another seven offers on the table, it would be easy to assume that agents are a little worried and they are looking to grab any deals available. This is not the case. All of the properties we have gone after are being relentlessly negotiated. It is a case of finding good properties, assessing them quickly and accurately and then moving decisively.
In a rising market the key ingredient in buying well is paying the “right” price for the “right” property at the “right” time. Those potential purchasers that procrastinate through February and March will probably find themselves needing an extra 10% to purchase what they could have bought earlier in the season. It happened last year and could happen again this year.