Did you ever have a staring contest with friends or siblings? The challenge was not to be the one who blinked first! It could be excruciating and incredibly frustrating as you tried desperately to resist the natural desire to react to the inevitable. Well, you know what? I think that’s what we are seeing in the residential property market right now.
The weird thing about a staring contest is that the opposition is not actually the person sitting on the seat in front of you. It’s you. The competition is how long you can hold out against your own natural instinct.
And so it is in the residential property market.
This week our team have been reviewing the different responses our different clients have to market conditions. And when it comes to changing market conditions buyers always seem to be the first to blink. They’re incredibly sensitive to market movements and we are seeing clear evidence of that right now.
Our team of sales agents will often respond to new enquiries about the estimated selling price of a property only for those potential buyers to immediately add a further 10% to that price tag and often then walk away.
I get it. With headlines in recent days highlighting Sydney property values rising at an average of $1200 every day in May I understand why for those looking to buy it is easy to assume the worst and back away from pursuing an interest.
And that’s where our sales agents have a really important role to play. It’s great that the market is strong. It’s great that there are good numbers of potential buyers keen to take advantage of continuing low-interest rates, but our team recognise the booming market is very hard for buyers to navigate.
Morton has an extensive database of buyers and investors with whom we have long established relationships but we’re always welcoming new buying clients too.
The Morton sales team aim to comprehensively understand the property budget and the broader financial position as well as the property ‘must haves’ compared to the ‘wants’ of every person who makes a property enquiry through one of our offices.
We seek to build trust with our buying clients so they have confidence we will tell them what they need to hear rather than what they may ideally want to hear. We work incredibly hard across our vast and strong networks of owners and investors to identify the right property in the right price range for our buying clients.
And we are there to provide advice and guidance because we know that finding and purchasing a property is a highly stressful and often emotional process. Especially when market conditions are booming.