Welcome to my ponderings….
In response to a client sharing the current Valuer Generals Assessments that came out this week, the following conversations were had.
First conversation with David who shared the report with me:
“Interesting read indeed and looks good. As always it is historical data and relies heavily on market activity in the latter half of last calendar year (first half this financial).
(Report is attached and significantly places Sunshine Coast as 10% increase to previous year) Click here to read the report
Currently however, buyers are looking at and believing in the Southern drastic reductions and are holding back on how much they are prepared to pay for property and in fact some are holding back until end of the year believing things will diminish further.
The reality is we can’t control anyone’s thinking but we can influence their opinions and impact the market accordingly if as an industry we hold together. But that is not happening with those (agents) needing a sale and income with many (agents) recommending price drops way too early in the sale process.
Personally, I don’t believe that is going to be so drastic – there maybe slight dip here and there but here on the Sunshine Coast we have just too much to offer in the long term and that is the sort of discussion I’m having with people. Some (buyers) don’t believe of course, thinking it is just “sales pitching” and are finding themselves missing out.”
Is there a “correction” going on? Yes, it is evident.
Is it despair throw in the towel and get out of the market time?
No there is too much evidence to the contrary.
Rather than put too much emphasis on the negative reports and their implications, as always and in any market, it is far wiser for people selling to consider the reasons why they are selling, and will their lot improve if they do sell.
Then select an agent that can maximise the outcome and help manage the transitions for clients.
There is always more to any sale process other than just the pricing strategy and a couple that come to mind are:
# If owners are selling and buying in same market it is about the change left in one’s pocket.
# There is always the Love factor – An agent who can influence the love factor in a sale, will invariably improve the sale result and there are many truthful ways of doing that.
If as a buyer, you focus on “grabbing a bargain” and rely on southern evidence to do so, you may miss the one you love or in the least really, really like. The market down south is quite a bit different from here.
But there is something that is pretty universal and that is “If you love it buy it”.
(And of course, only if you can afford it along with being well advanced in the pre-approved loan process – but that’s another story as banks are doing some far reaching and restricting things these days)
Now for summation of a second conversation I had with a man called Pete.
Pete lives interstate and looked at a property with me some years back up here but didn’t buy at the time.
However, the one piece of “advice” that stuck in his and his wife’s mind was “Pete you really do have to like a property in order to buy it” (They didn’t really like it but the ‘numbers appeared to stack up’)
Pete’s call was to joyously tell me – “We always think about that bit of advice when inspecting properties and just purchased our third property in the past couple years and love each one of them. The result is places we really enjoy and at prices that worked whilst adding to our portfolio for the future.”
Up until that time, I think they were buying because it was “the smart thing to do” and only looking at the immediate financial side of things all over the country side rather than the longer-term process of enjoyment and heart pleasure along with wallet pleasure in areas they want to be. They have not looked back.
So, what’s the point of these conversations?
Take notice of what is happening around you but, in the end, make decisions based on what is right for you striking a balance between emotions and finances. Letting one rule over the other can lead to disappointment
Until next time, Love Listing, Selling and Buying with Balance not Disappointment…
PS. Take a moment to share in the joy of one SEQ pensioner….
Feel Good for a Change… $2.3M Windfall