By Stephanie Hearne, Licensed Real Estate Agent.
As we move into December, house hunters have been influenced by the negative media hype surrounding the property market and many have decided to hold off buying a property until next year. This often happens as buyers get fatigued and simply give up on their search.
However, with the Sydney market in the middle of its price correction, there are fantastic deals to be had, as vendors are motivated to sell before the property market shuts down for Christmas.
Vendors with properties on the market at present are on the market for a reason and for many the deadline is Christmas to sell. There’s also less buyers in the marketplace at this time of year; making it an ideal time for motivated buyers and motivated sellers to get the deal done.
I’ve been a real estate agent for over 16 years and have seen many different price cycles and my advice to buyers who have pre-approval at present it to go to as many open homes as possible. There are plenty of properties on the market at the moment with stock levels significantly higher than this time last year. Find some time between Christmas shopping, baking and minding the kids to get out there and find something that ticks the majority of your boxes.
In Sydney, the property market has dropped 7.4% over the past 12 months, so it’s important to look at similar properties that have sold in your price range and specific suburb and align your expectations to this level. This ensures you know what level to place your offer at and what expectations the vendor may have in mind.
In my experience, a new wave of buyers always hit the market early in the New Year, so with increased competition and no end of year deadline looming for vendors, it makes securing that dream property that little bit harder. Now really is the time to find what you’re looking for, negotiate hard and ultimately end up with your dream home before Christmas.