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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.