Latest / Your Local Real Estate Expert - The Schultz Realty Podcast / EP31: Has the Property Market Slowed Down?
Transcript
- Hi, I'm Sarah Schultz, and welcome to your local real estate expert, the Schultz Realty Podcast. As the award-winning number one agent and agency for Mount Warren Park, Bahrs Scrub, and Windaroo, I've been helping buyers find their dream homes and exceeding sellers' expectations on price and service in our area for over 10 years. Known as the property matchmaker, I'm here to share stats, facts, and insights to make your real estate journey in the local area seamless and successful Hi, I'm Sarah Schultz from Schultz Realty. Welcome back. Today, I wanna answer the question that's on everyone's mind, and I'm getting asked quite a lot at the moment: Has the property market slowed down? Well, the answer is yes, but probably not in the way some people think. We have definitely seen a shift and a change in the buyer behavior compared to what we became used to over the last three or four years. And there was a period where we could put a property online, have huge numbers of buyers inquiring, have packed open houses, multiple offers, and sometimes have the property under contract almost immediately at the first open house, well above asking price. And that sort of market changes people's expectations. So when a property now takes two, three, four, sometimes even 60 days to sell, people suddenly get worried and they think something is wrong. But there may be nothing wrong at all. The market has just simply changed the way that it works. So we're seeing buyers being more considered. They have more choice in some price ranges. Finance and affordability has changed for some people. So some buyers are taking longer to make those decisions, and some are negotiating a little bit harder than they were when they first had to jump in and immediately compete against all these other people or they missed out. But here's the important part Logan particularly, and the areas and surrounding areas that I sell in are still performing strongly price-wise, and there is still buyer demand. Properties are still selling, and we are still s- achieving very good results. What has changed is the speed. The days on market are longer. And I think sellers just need to understand the difference between a market slowing down and a market stopping. They are two very different things. A property taking longer to sell to get the price you're looking for does not automatically mean it has value driven fallen dramatically. It does mean your strategy becomes even more important, your marketing has to be on point, and you have to have the right agent working for you. When buyers have more time and more choice, presentation really comes back and matters again. Pricing it right matters again. Photography has to be on point. Social has to be on point. Your first week on the market has to be on point. And your agent's ability to communicate with buyers and following up constantly on the property matters enormously. You can't just put a property online and hope for the best. I've always believed that every property needs its own strategy, but in a changing market, it becomes even more important that you need to really look at what buyers are actually doing now. What is the buyers that are coming to your property? Uh, not what they're gonna be doing in 6 or 12 months' time. Like right now, what sellers are coming to your door and how can we best market to them? And sellers need to be careful about chasing yesterday's market. This is something I see regularly. Someone down the road achieved a certain price months ago when it was naturally higher, where they were getting multiple offers and thousands and thousands more, therefore they feel they should get that same price. Now, while they can still get a really good price, those values are probably over-inflated in comparison to what you're gonna get right now. Doesn't mean underselling your property. It doesn't mean you're not getting a p- good price. Far from it. It just means you're not getting those over-exaggerated prices that we were before. My job as a real estate, though, is to negotiate as hard as I can, extract the best po- possible result for the seller and the buyer in the market. Good negotiation starts with understanding the market you're in, and right now, patience can be important. If you've been on the market for 14 days and you haven't sold, it definitely does not mean you're not going to sell. We need to look at the information. How many inquiries have you had? Have you had people coming to the inspections? What feedback are you getting? Are buyers coming back for second inspections? What's holding them back? Are you receiving offers but just not accepting them? How does the property compare with the competition? Then we make decisions based on those facts, and we can get into a different, better strategy moving forward rather than panicking. And if you're a buyer, this market can give you opportunities as well. You may have a little more breathing room to make better decisions. You might be able to negotiate, and you also might be able to find the right property rather than just a property, 'cause that's what it got like, right? But don't make the mistake of assuming every seller is desperate. I don't work with desperate sellers. No seller is ever desperate. So don't think that that's gonna happen. Good properties in good locations that are priced correctly can still attract very strong interest. Real estate is incredibly local. Even two neighboring suburbs can behave completely different. So understanding the market is crucial. Different price brackets can behave differently. A renovated family home can behave completely differently from a property needing work now. So when someone says, "The market is down," or, "The market is booming," I always think the next question should be, "Which market?" Because there isn't just one. Sydney is its own market. Melbourne is its own market. Queensland is its own market. So if you're thinking of selling in Logan, Beenleigh, Windaroo, Mount Warren Park, Bahrs Scrub, Eden's Landing, Ormeau, Bannockburn, Beliva, any of those surrounding areas, this is what I know. This is the market I'm talking about. Don't base your decisions on any national headline, because they are not talking about your market on the news ever. The market has changed, buyers have changed, days on market have changed, but there are still buyers, there are still sales happening, and there are still very good results being achieved. You just need to find the right agent, the right strategy, and realistic advice from the beginning. I'm Sarah Schultz from Schultz Realty. Thanks for listening, and I'll keep you updated, and I'll talk to you again soon. Thank you for tuning in with me, your local real estate expert, the Schultz Realty Podcast. I'm proud to serve Mount Warren Park, Bahrs Scrub, and Windaroo as a knowledgeable, caring, and reliable resource for all your real estate needs. Whether you're buying, selling, or just exploring your options, I'm here to help you exceed expectations and make that perfect match. If you enjoyed this episode, don't forget to subscribe so you never miss an update, and share it with another local who might find it helpful. Until next time, take care, and remember, the perfect property is just around the corner.