“Like sand through the hour glass... so are the days of real estate” - quote from a popular soap opera.
As a real estate agent the current market is infuriating. Looking at statistics all you can do is look back. Prices are set based on fact. Sellers expectations run high, bank valuation comes in high, changes in economic climate, Super Tax resources industry, share market downturn, consecutive interest rate rises and BANG..... the market stops! Then offers come in way below expectations.
RP Data has quoted that vendor discounting in April has reached a high of 6.2%, compared to December 2009 which was 5.5%. I am suggesting that for the June quarter it may have slightly increased.
Speaking from the cold face of real estate there is no urgency in the market at the moment and buyers have adopted a wait and see attitude. For a seller this is very frustrating, particularly if they are not listening to their agent and amending expectations.
However, like any market, supply and demand creates the price of any product and if you are getting offers then listen to the market. Many sellers make the mistake of changing agents during the process – they need to hear it from several sources before they accept a changed marketplace.
If you are a buyer – make offers right now in Brisbane –you're king!
But remember don’t be too cockie. Two hours is a long time in real estate!