experiencing changes real estate update in their …...20 Coffs Coast focus focus real estate AMANDA...

20 Coffs Coast focus

focus real estate A M A N D A L A N G L A N D S F R O M L A N G L A N D S P R O P E R T Y

real estate update.

Our market is currently a neutral market - not a sellers' market and not a buyers' market. People are simply buying and selling for

normal reasons.

WHAT IS HAPPENING IN THE REAL ESTATE MARKET?

Historically house sales are slower

during the winter period, so it is

no surprise when people say things

are a bit slower. However, the

question on everyone’s lips is, “Is the real estate

market turning?” Major cities are experiencing

softening in prices and extended days on

market to sell, but how does this affect Coffs

Harbour?

The past twelve monthsOver the past twelve month period we have

been experiencing a shortage of properties

for sale to meet the buyer demand, which

has pushed sale prices up. We have seen

strong population growth for the Coffs Coast

from all regions of Australia. Basic supply and

demand means if we have active competition

for product, the value of the product increases.

Due to the tight supply and increased number

of people moving to and investing in our area,

prices have pushed higher. This is great news

for sellers; however, the buyers have been left

frustrated as they miss out on homes, compete

with cashed up metropolitan purchasers and

continue to look for properties with limited

options.

Market changesWhilst other areas are

experiencing changes

in their market, we still

have good interest from

qualified and active

buyers. With the slower

Winter listing period

we are seeing a backed

up supply of purchasers

looking for more options

for properties to view.

The heat coming out of

the metropolitan areas

is slowing the external

price push, which means

some of the properties

currently listed for sale are experiencing

extended days on market, as they take a bit

longer to sell due to the urgency to purchase no

longer being as pressing.

Vicious circleHeated markets create a vicious circle. Due

to the property shortage, sellers are reluctant

to place properties on the market for sale, as

they are concerned about what they will be able

to buy when they sell. This creates a holding

pattern and with the tension coming out of the

market, this will free this pattern up, allowing

people to have options when selling and

therefore creating more options for others as

they place their own home on the market.

The relief in the cycleThe good news about the heat coming out

of the city areas and Spring sellers coming on

to the market is that the

housing shortage may be

turning; this is excellent

news for spring buyers.

Of course, the increase is

a double-edged sword.

Supplies are increasing

because sales are slowing,

and sales are slowing

because buyers want to see

better value and they have

the luxury of time to make

a decision.

A seller's responsibility Well presented and

well marketed properties

will always sell if priced

correctly. It is imperative in a changing market to

ensure you do your research and make sure you

are pricing your home correctly to sell. Buyers

are definitely out there and they are ready to get

into action, but they want a reason to stop and

look at your home. Make sure your presentation

is exceptional; every bit matters. Ensure you are

supported by an agent with experience who

understands property cycles and marketing.

This is a great time to buy and to sell.

Whilst other areas areexperiencing changesin their market we stillhave good interest from qualified and active buyers.