tilley-property365a9e61

What's new in 2022?

Mon, 10 Jan 2022 06:31:46 GMT

A great time to buy...

You may have heard the old saying, 'When is the best time to buy property?'; answer: '30 years ago!'. 'And the next best time?... Right now!'

After the soaring prices of Australia's property market in 2021, you may be kicking yourself that you didn't buy your dream home, your investment property, your beach getaway, etc., in 2019 or 2020... or 1990. I'm here to reassure you that there's no need to feel like you've missed out. It is true that the last 12 months saw record property price increases across the country, but there are still good buys to be had. As I've said before, being prepared is the key to a buyer's success. Months of lockdown last year meant that many buyers couldn't attend open inspections, which saw prices driven up by a mentality of 'panic buying': the idea that 'if I don't get this one, I'll miss out altogether'. Indeed, TILLEY PROPERTY had several clients who bought sight unseen, but by no means were they panic buys. TILLEY PROPERTY's research, market comparisons and presale negotiations meant that their purchases were educated, astute and in some cases, below the asking price during 2021. These new homeowners are already benefitting from the capital growth afforded them by buying at the right price.

The market this year?

The big banks are all predicting a slow down in price growth, anywhere from 3-10% across the country. And of course, given that there are over 15 000 suburbs Australia-wide, these growth figures are by no means evenly spread.

In my view, those suburbs that are consistently in demand will continue rise; not at the breakneck speed of 2021, of course, but the increases will continue. The rate at which people are opting for a tree- or sea-change continues to impact the regional markets also. Regional areas where prices were relatively stable or with average growth have lifted significantly over the last 12-18 months. One of the most publicised areas of growth is the Byron Bay region, where median house prices rose over 27% during 2021. However, the Newcastle-Hunter region, an area where many of my clients purchased last year, saw an even greater increase than Byron; over 32% for median dwelling prices. My experience buying in the region over the course of the year reinforces this.

Late 2020/early 2021, supply was plentiful, selling agents were opting for standard sales campaigns and time on market in the Hunter region averaged a bit less than two months, giving a buyer time to inspect, consider, compare, etc. As the year went on, I found it necessary to call on selling agents for pre-sales, off-markets and soon-to-be-listed properties. Sales agents could scarcely keep up with enquiries from potential buyers, and I had clients who came to me simply because their enquiries to selling agents were going unanswered. Sure, I still found homes, but I had to work harder to secure them for my clients. Again, preparedness and speed were key as there was much more competition, and being able to offer vendors those little 'extras' that I have written about previously meant that our offers were accepted.

For the year ahead? Well, of course it's very early days, but at my first day of open inspections last Saturday, I am optimistic that 2022 will be a terrific year to buy your first home or investment property, your long-desired beach house, your forever home or your weekend getaway. One of the sales agents I was speaking with at Saturday's inspections had over a dozen open homes that day, a great sign that stock, at this stage, is plentiful and ongoing. A lifting of lockdowns hopefully means that buyers can get out and see the homes they're interested in. This alone may help to steady the price surge as buyers are better able to find a property to fit their needs.

To summarise, in my view I feel that the market may start to level off. The booming sellers' market we saw in 2021 may start to slow down and as a result, give buyers a bit more of an opportunity to get their foot in the door. In the space where we at TILLEY PROPERTY buy, that is predominantly Sydney's North Shore, Northern Beaches, and Central Coast, I don't see house prices coming off across the board, but I feel it will be a more balanced market.

If you'd like more information, contact TILLEY PROPERTY for a complimentary chat. NOW, is a great time to get started, or continue, your real estate journey.

BUYING IN A SELLER'S MARKET

Fri, 10 Sep 2021 10:19:45 GMT

Being prepared is key

For many property buyers in Sydney and regional NSW, including the Central Coast and Greater Newcastle area, it may feel as if demand for properties is far outstripping supply. Selling agents are getting 40+ inquiries the minute a new property hits the market. It's overwhelming for many of them and can make it hard for a potential buyer to get their questions answered.

I've spent a long time establishing good relationships with many selling agents right across northern Sydney, the beaches, Central Coast and Greater Newcastle. Often, they'll let me know when a new listing is about to hit the market, just in case I have a buyer whose brief it matches. This happened on the weekend.

My clients, first home buyers , had been desperate to find a place of their own. They had a conservative budget and were happy to find a place that needed some work. This house hit the market on Friday afternoon, first open on Saturday, by which time I'd checked it out and made sure it was a match to my clients. Monday came, and I arranged to take them through. They loved it, and instructed me to begin negotiations.

Well, with their tight budget, we wanted to offer some other incentives that may make this sale happen. Some of these may include longer settlement periods, short cooling off periods, releasing the deposit, or maintaining a tenancy, just as examples. The key with all of these is speed and knowledge : speed to have the necessary professionals on hand to provide advice and authorisation; and knowledge to understand which of these best apply in each individual purchase.

In addition, these clients were brilliant at taking my advice. They knew they wanted this place, and realised that on their own they would not have had the knowledge make the offer on their own. They understood that speed was key, with other interested parties nearby, they could see their dream home could slip out of their reach if they didn't act quickly . And that, I believe, is where a third key comes in: trust . As a buyer, have someone you trust on your side , acting in your best interests. The goal of selling agents, as it should be, is to get the best price for their vendor.

The goal of a good buyer's agent is to get the best house at the lowest price and best terms for their buyer.

So after a day of waiting for some back and forth negotiation, property checks, document signings and money transfers, my wonderful clients became happy new home owners of a three bedroom house on a 1000m2+ block of land with water views in a fabulous area on the shores of Lake Macquarie, with a little bit of cash left over to put their own touches on the place. It's so much more than their brief to me: it's their dream.

Trust was most definitely key for two of my other clients last week. Having found the perfect homes for each of these, one on the Central Coast and one in Greater Newcastle, the COVID lockdowns hit which meant that getting them in for inspections was going to be tricky as they both live in Sydney. With thorough communication and the benefit of technology, I took them on virtual tours of the properties, organised the building inspections, negotiated with agents and ultimately bought them each a home, sight unseen by the new owners. I take very seriously my responsibility to my clients and am grateful for their trust in me. I am glad they can see that I care about getting the right home for them, at the right price for that home.

Overcoming Buyer's Fatigue

Mon, 07 Jun 2021 07:28:35 GMT

How you can succeed in a seller's market

One of the few markets to be benefitting from the current national and international Covid19 situation, is the local property market. Each Monday morning, mainstream media trumpets the record-breaking auction numbers, sky-high prices and unprecedented crowds at auctions and open homes. In the last few months, I have attended open homes with queues around the block, bid at auctions with hundreds of attendees and witnessed properties that have sold even before the first open inspection.

If you are trying to buy a home in today’s market, you may be feeling frustrated, disillusioned and disheartened. In other words, you may be suffering from ‘Buyer’s fatigue’. Rich Harvey, from propertybuyer, outlines the key signs of Buyer’s fatigue, including: feeling overlooked by agents – Real estate agents are swamped with enquiries and offers on new properties, and may therefore struggle to respond to every enquiry. You, the potential buyer, may feel ignored, and then disappointed when you hear that the home you were enquiring about sold for a price you would’ve happily paid; feeling overwhelmed by the competition – the queues at open homes, the crowds at auctions, the speed at which the price climbs at auctions, can all be overwhelming for any potential property owner who is simply looking for their family home; feeling misled by price guides – yes, price guides can indeed be way off the mark of the final selling price, but in all honesty, sometimes even the RE agent has no idea what a desperate, emotional buyer is willing to pay; feeling underwhelmed by listings – you check realestate.com.au each week to plan your weekend open inspections, but find yourself becoming frustrated that your boxes are not being ticked; and feeling like you want to rush your decision , foregoing the necessary property searches and building inspections just to secure a home before someone else gets in before you.

In today’s market, how can you overcome Buyer’s fatigue? My first recommendation is that you engage a buyer’s agent . Real estate agents regularly and reliably keep me up to date with available properties in relevant areas because they know that my clients are ready to buy. As your buyer’s agent, I act on your directions but without the rush of emotion that can be so overwhelming in the heat of an auction or price negotiation. The research and reports I undertake on potential properties, as well as comparing recent sales, means that I can give an informed, and at times more accurate, price estimate for properties that fit your brief.

Keep the search focused. Have a clear idea of the type of property you are looking for and of the areas you like, but in today’s market, be prepared to search on the fringes of your suburbs of choice. As demand increases, it will work in your favour if you are prepared to look just outside your area of primary focus. You could snag yourself a good buy that over time, may benefit from the ripple effect.

Be nimble with your decision making. Once you decide to make an offer on a property, move quickly to exchange contracts. Make sure your solicitor or conveyancer is ready to move for you, too.

Be flexible with your offers. You may not have more money to offer but perhaps you could forego the cooling off period, or make any number of other concessions that will entice the vendor to accept your offer.

Don’t forego the necessary searches. No point landing a bargain if there’s a block of flats about to go up next door, or the building inspection turns up some costly issues.

Be prepared to play the long game. Securing the right property for you takes time, commitment and persistence. Take the time to choose a team of professionals who can offer you encouragement, support and the right advice.

If you’d like help navigating the current Real estate market, please contact me for a free one hour consultation . I’d love to help you secure the home of your dreams, or the fantastic investment property that will help build your nest egg for the future.