Wednesday 14 Nov 2018
I like to think I’m pretty good at articulating the state of the market. I pride myself on saying it like it is, telling it straight rather than trying to massage a message. But I have to admit I couldn’t have put it better than one of our successful purchasers on the weekend when they said ‘it’s like catching a falling knife….’
Whilst that quote is dramatic it's important to highlight that the very articulate buyer did purchase under the hammer. It wasn't a frenzied auction but I have no doubt the result was fair and represented a successful outcome for both buyer and seller. It wasn't an isolated outtcome; our team also secured two additional successful auction sales over the weekend. But I'd be lying if I said it wasn't tough.
I understand that it feels scary out there at the moment. I recognise that is feels a bit dangerous.
The thing is, everyone is on edge and a little but nervous. It's quite a unique dynamic to see buyers and vendors equally worried about their position on value. The media might be trying to say that it's a buyers market but on the ground we are seeing vendors able to hold firm to achieve sensibly considered, good value.
I think the key continues to be mastering the art of compromise. Our team work hard to understand the motivations of our clients, to work through options, outline cost and finance scenarios and explain long and short term value propositions.
With the right information buyers and vendors can then make the right choice for their circumstances. It will probably involve some level of compromise and I am of the mind that it will always be scary but it is very possible, in fact it is entirely achievable to catch the market and get a good deal done.
Thats certainly what our team are doing.