Alex from McGrath Real Estate breaks down the current vendor opportunities in the Wahroonga market at the moment.
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Here’s the transcript of the video:
Let’s say I’m a vendor looking at bringing my property to market, I guess now, and back end of 2019. What are the advantages for me or I guess what advice would you have for vendors wanting to sell this year? Yeah so I think presentation’s always going to be key. But I'm seeing the next six months there's two opportunities: There's before the October long weekend, the school holidays that start there, I think Spring will probably come early. 15 of the properties that I’ve listed for Spring already, their campaigns will commence the end of July-beginning of August looking to achieve a result before the 28th of September. - Yep. - The reason I'm trying to bring these properties forward without, you know, without sacrificing presentation is because I think if you're able to achieve a result before the 28th of September, you're going to be selling in the market off the back of the election with high confidence, low stock that with this urgency, there’ll be a potential for that premium price. Yeah, and then with a settlement period that gives you time to find your next property, there's a chance that you'll be buying in a more abundant marketplace. A place where possibly supply creates the softening in the market where there's an opportunity to trade with a premium. Yeah, just touching on off-market properties, for vendors, what actually are they? Define an off-market property or a pre-market property and how does that benefit a vendor? So an off-market property is a property that's not on the Internet. It's not sort of visible to the marketplace. So the conversation that we're having with owners is, you know, I think at the moment in the middle of the winter or as we get closer to the middle of the winter, I don't think, personally, it's the ideal time to show the home but that being said If we happen to meet the right buyer that's not worried about the time of the year, that just wants to solve the problem by moving into the area next to the school or upsizing or downsizing, then if we came to that owner with information about a qualified buyer, give that owner a chance to almost make sure that it was worth their time to put the effort in to showing the home. - Yeah - Then maybe there's a chance that, if the buyer for the property, they might be motivated to pay an above-market price because of that explosiveness of seeing it. Because of the vendor not needing to sell at the time but selling on their own terms, if there was an offer that matched their expectation then, you know, the advantage for the owner as they get their price. - Yep. - They avoid the stress of the marketing campaign, you know, how tiring it is to open a home every week. Week in week out. - Yeah - You know, it's just an opportunity to land the big number and that being said it's also an opportunity to listen to what the market says before you actually dive in the pool. So test the water. So what's the market saying or what are these few qualified buyers saying about the presentation? - Yep - And if there's anything that they can do to improve the property before they go to market to test the price. So if it's property that is different, that's unique then take a few qualified buyers through to see whether offers come in at, you know, your expectations might be too low, they might be too high but to test the test the pricing so that when you go to market, you go to market knowing what the property could potentially achieve. Because when you're on the market you only get one chance to be first day on the market and if you can nail that and get it absolutely right from the outset, you can be assured that you're going to get a good result. Yeah. Sure.
