To kick off Property Watch in 2019, the Mercury spoke to Illawarra agents on a series of topics, from advice for buyers and sellers this summer to their market pet peeves.
The first is Daniel Hastings, director of residential sales at MMJ Real Estate Wollongong.
*Some Illawarra sellers seemingly haven't adjusted their price expectations in accordance with the changing nature of the market.
Do you think vendors may need to prepare to take a “haircut” on the prices they hope to achieve in 2019?
With prices coming back during 2018, they do need to consider lesser prices than compared to say, 2017.
We’re hopeful that most, if not all, the price settling has occurred.
*Do you think Illawarra vendors/agents are not choosing auction as a method of sale as readily now?
Less auctions are being opted for in the current market, particularly by agents that are less practiced with the auction method. Auction is still a very viable method of sale for the right property and the right agent.
*How important is it for vendors to choose the most appropriate method of sale for their property?
It is just as important as the right campaign strategy, setting the right pricing and the right agent.
*In 2019, what advice would you give for current or prospective sellers and buyers?
For sellers, take note of the most recent sales possible when looking at comparable sales.
Ensure your campaign is strong as there is much more competing property on the market, and the amount of time to sell is taking longer on average compared to 2014-2017. Good presentation is also important.
For buyers, be happy as there is less competition and more properties to select from.
With the current finance industry issues, it’s more important than ever to ensure you are pre-approved. Don’t make presumptions in this area as lending criteria has tightened significantly.
As with any significant investment, plan for it to be a long-term investment.
Adam McMahon from Dignam Real Estate
*What are your main pet peeves as an agent, from both sellers and prospective buyers?
For sellers, it’s not making their beds prior to buyer inspections. For buyers, it’s being late to appointments.
*Any advice for those looking to sell their property this summer?
Select an agent based on their negotiation skills and their track record.
*What would your advice be to “time wasters” who just want to have a sticky beak at open houses? Or neighbours who want to do the same?
I would suggest being honest with the agent. Be upfront in saying you are a neighbour and you just want to have a quick sticky beak.
It will save the agent and the owner the grief in knowing that that particular buyer is not genuinely interested in buying the home, and will allow more focus, energy and advice to those who are genuinely interested and in the market to buy the property.