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Is Now a Good Time to Buy?

I think all of my clients are looking at the market and have been for the last couple of weeks to determine if now is a good time to buy.

It is strange being in an environment that is changing so rapidly but the agents appear to be finding solutions and I am still seeing people actively searching and buying homes.

We are keeping our eyes firmly on Core Logic who provide the property reports we produce for our clients.  They are the best information resource for buyers, and are able to provide up to date research on the state of the market.

I’m sure you are aware that governments are offering a variety of solutions to help which will hopefully keep many of you in employment.  This relief might mean there is little change in the market except for the slowdown in auctions because of social distancing measures.

84% of properties listed for auction last weekend sold prior to auction[1] ..  Of course there were many that were withdrawn from auction and switched to private sale and here is where you may find your dream home.  Some vendors may be in a position to withdraw a property from sale but some will not, as they may have to sell due to another property purchase, deceased estate, family breakup or other time sensitive reason.   If you have your finance in place and your industry is unaffected by Covid-19 now could very well be a great time to buy.

Over the next few weeks most experts are predicting a substantial drop in properties on the market.  If you have already been looking then you will have in mind a property, area, and budget.  Keep looking.

Trust that you will know your home when you see it, and you also know your price point so you can trust yourself not to be caught up in the fear.

I had a client who bought last weekend at significantly lower than he was prepared to go to in order to secure the property.  This may be a once off but as he had been looking for a while he knew what it was worth to him, and we could how what had sold recently in the area.

Other clients however had missed out because they had to put a finance clause on their contract as their pre-approval was not in place.  The vendor took $10,000 less than their offer just to feel safe.

If you are looking and nothing has changed, get in touch and we can make sure that everything is still working for you.

Most of all remember that anytime is a good time to buy when you find the right property for the right price in the right area.

 

Phoebe x

 

https://www.corelogic.com.au/news/auction-clearance-rates-weighed-down-significant-number-withdrawn-auctions[1]

Phoebe Blamey

Author Phoebe Blamey

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