The sun was out, as were the crowds at today’s auctions, but as we’ve seen in recent weeks, buyers are a little more discerning about how they bid and ultimately buy. Vendors (and agents) need to realise that the historical sales data used to value a property is just that – historical.
What is happening now can be quite different to what happened a couple of weeks ago, a few months ago or even at this time last year. Admittedly, we haven’t seen a lot of negative change in prices since the GFC in 2007- 11 years ago, which is why it’s difficult for vendors and, sometimes agents, to understand that property prices don’t always go up year in and year out.
The market has changed for a number of reasons that I have written about before in these blogs, so having said that, if you are realistic with your price there is no reason why your property won’t sell well in today’s market as many of our homes did today.