Updated: Jun 21, 2020
The Bayside Market Wrap - 20/06/2020
⚡️This week the market remained steady with good signs of continuing strength into July. It is certainly a positive sign to see sellers jumping into the market as buyer demand remains exceptionally high.
As an example, we just launched two homes in the neighbourhood this week which have already seen a combined total of 3000 Views on realestate.com.au - 700 Property Video Views and over 15 Private appointments booked in their first 24 hours online.
We met a total of over 60 Groups of buyers this weekend across our open homes. Extraordinary numbers.
Moving forward we are continuing to keep our focus on the daily market and try to avoid predicting the future, however, what we know is as of the 27th of September the governments $130 Billion dollar Jobkeeper Scheme will come to an end. September is also the month in which many of the big banks are hoping homeowners will resume their regular mortgage repayments.
In Summary, while many families remain unaffected by the implications of COVID and will continue to buy property over the coming months, my concerns for the upcoming spring season is not that there will be fewer buyers but that there will be far more homes for sale in the community allowing more options for buyers, reducing competition.
Victorian Auction Clearance Rate 61%
The top 3 things successful sellers are doing in this market.
#1. Dedicated focus on marketing - Most of our sellers are now asking us, 'is there more that we can do' to ensure we reach as many people as possible? Buyer engagement online is surging at the moment, the best homes on the market are reaching premium audiences through the internet portals, social media and most importantly, video.
The #1 place where buyers look for property is online, not in a real estate agents shop window. Make sure you can be found!
#2. Going to market with a clear plan. Having a clear, direct strategy and a plan for success is a winning combination, you need to know: when you are launching, what is your plan b if there isn't enough activity, what do we do if we have too much activity and when are we deciding if we should sell prior or go to auction.
#3. Doing their homework. Selling can be really exciting, but like anything, doing your research prior is a big deal. The best sellers in this market understand how long it might take to sell, they have researched the comparable sales in their area and understand there could be a gap between the price they would like to achieve and where the market is likely to see the value and they are armed with the facts.
The #1 reason these sellers are more likely overachieve, is in the planning and preparation, they plan out a strategy to close the price gap, they plan out a process to succeed and they base their decisions on the facts so there are no surprises along the way.
🌞 I hope this has been a valuable addition to your week, please feel welcome to email me at firstname.lastname@example.org if you have a question about the local market and until next time I look forward to seeing you out and about in the community!
Mitch - 0478896986