We have all started a new diet and we all know that there’s a period of time it takes to adjust to the new lifestyle, whether it’s cutting out the sugar, cutting down on the alcohol or doing more exercise (whether or not we get past that point or not is another story).

The Sydney property market is going through a change and many people are trying to adjust. There is a massive gap between what vendors are expecting to sell their home for and what the open market is willing to pay for their home. The law of supply and demand has come into the equation and simply there isn’t enough demand for people to buy property as there was 2 years ago. As mentioned before, there are many factors like the banks, media and consumer confidence that have impacted people wanting to buy property.

I think there is a massive opportunity that presents itself at this point in time, as you have many vendors still comparing their property to property sales from last year and saying my next door neighbour sold his place for $800,000, then my house should sell for $800,000 too. The fact is they probably won’t get $800,000 and may have to settle for $770,000 or even $750,000, however they are currently resisting the sale, but sooner or later they will need to sell. It’s a who blinks first situation.

Then there’s the family that put down a 5% deposit on a vacant block of land 2 years ago and now the land has registered and they need to settle on it. They purchased the land with the vision to build their dream home, but before they can do that, they need to sell their current home to raise funds to fulfil that dream. They purchased the land in a hot market, however, they now need to sell their current home in a slow market.

What does this mean for you? If you are in the market to buy a property, my opinion would be to strike now. Strike while the vendor’s expectations are low as their property would have been on the market for a while now and they may be desperate to sell. We have spoken to thousands of agents during our time in the industry and we can help you negotiate with the agent to get you the best offer and that’s all part of the overall service we offer.

“If you are not willing to risk the unusual, you will have to settle for the ordinary.” – Jim Rohn

Thank you for reading