I look forward to spring every year for some obvious and some not-so-obvious reasons. The warmer days, longer evenings, budburst and blossoms seem to get everybody in a good mood. And then there is the increased activity in the property market as we gear up for the annual “selling season”.
This will be my 18th spring since I entered the property industry back in 2000 and it still amazes me that so many vendors hold off on listing their property until everybody else is doing the same thing, but that’s exactly what happens nearly every year at this time.
And this year, after the past 4 and a bit years of boomtime, the Sydney property market is finally slowing down, just in time to bend under the weight of all the new listings that we expect to hit the market.
The thing is, though, many buyers won’t see this as an opportunity, they’ll decide to “wait and see” – which actually means that there could be some exceptionally good buying in the coming months because when listings increase, and buyers decrease, that means we could have a buyers’ market on our hands!
There is nothing new in this. One of the reasons I love the areas in which we buy (Sydney’s Eastern Suburbs, Inner West & Lower North Shore) and am so confident in investing in these areas because quality property doesn’t fall in value. We can, however, expect growth to slow right down over the next few months. Our approach is always to be prepared but never to rush – to always focus on buying the RIGHT property.
For further reading, you might like to take a look at these past blog posts:
1) The first is a case study showing two very different outcomes for buyers who purchased at the top of the market in 2003.
2) The second is an overview of where we see the current Sydney market.
To take advantage of the spring market, you will need to do the following:
1) Get your finance in place and know your maximum limit
2) Decide what you want to buy and understand the compromises you might need to make to be in your preferred suburb/s
3) Choose your second/third preference suburbs
4) Set up alerts on web portals
5) Line up your advisors (solicitor, mortgage broker, accountant and, of course, buyers agent!)
6) Stop taking advice from people who are self-professed experts
7) Keep an eye on recent sales and prices
8) Get out and inspect property!
If you have been wondering when is the right time to buy – this could be it, so get yourself poised and ready to pounce if you’d like to buy well before the end of 2017. Our Getting Started Session can help you do just that – contact us today to find out how we can get you on the right track.
Published 31st August 2017
DISCLAIMER: Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.