Imran's Insight: Should you buy a property before or after Christmas?
An interview with Kevin Mendes - Head Of Sales at Laing + Simmons East Group.
Imran:?Christmas is often said to be the most wonderful time of the year and that is exactly what the savvy investor and the opportunistic buyers think. Why is that?
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Kevin: As most businesses start winding down towards the end November, smart buyers start ramping up their search waiting for the right opportunity to present itself. So, if you’re thinking you want to add to your property portfolio or you want to get something special for Christmas, this is the time to be active.
Imran:?What happens to buyer activity leading up to Christmas?
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Kevin: After engaging in conversations with our buyer database, we have received feedback from several buyers indicating their intention to postpone their purchasing decisions until the following year. As a result, there is expected to be reduced competition among buyers during this period. This information suggests that buyers may have an advantage in terms of facing less competition from other potential buyers in the market.
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Imran:?What happens with vendors over the Christmas period?
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Kevin: Sellers often exhibit higher motivation to sell their properties before the Christmas break, as it provides them with peace of mind during the holiday season. By completing the sale before this period, sellers can enjoy a sense of security and relaxation, knowing that their property transaction has been successfully concluded and they can fully focus on enjoying the Christmas break.
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Imran: What is happening in the Inner City & Eastern Suburbs market?
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Kevin: Based on recent observations, there appears to be an oversupply of properties in the market, providing buyers with a wider range of options to choose from.
Additionally, there has been an increase in the number of properties being passed in by other agents in the past few weeks.
This suggests that there may be favorable opportunities for buyers to secure a purchase at or below market value. It is recommended to carefully assess these opportunities and consider engaging in negotiations to potentially benefit from the current market conditions.
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Imran: What would you say to buyers thinking of holding off until next year?
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Kevin: In a market with increased stock, fewer buyers, and willing sellers, there can be more opportunities to purchase properties at better value. This scenario creates a favorable environment for buyers, as the increased supply and decreased demand may lead to more negotiating power and potential for finding properties at lower prices. It is important to conduct thorough research and analysis to identify these opportunities and make informed decisions when considering purchasing properties in such market conditions.
If you would like to find out more about what is happening in your local market place, contact us: