While it seems like there is a shortage of properties on the market at the moment, Mark Cadry of BuyEast Buyers Agency gives us an insight into why vendors are opting for off-market campaigns at the moment, and how buyers agents can lend a crucial helping hand.
Q: There’s talk that 2020 is a bad time to buy property. Is this true?
MARK CADRY: If you have been hearing that 2020 is not the year to buy, I’d urge people to stop and think why that has been said, and whether that statement relates to each person’s situation?
While COVID no doubt has had quite the impact on life as we know it, it has not actually affected everyone in a negative way.
For the majority of buyers, it is never a “picture-perfect” time to buy. No doubt, it is a big decision – buying a property not only takes a large chunk out of your savings, but inevitably means taking out a sizable loan. However, when it comes to considering a good time to buy a
property, I would suggest that with interest rates at the lowest they have ever been right now, it is certainly not the worst or wrong time to be considering that purchase now.
Q: It appears like there are far fewer properties on the market at the moment compared to what was available this time last year. Why is this?
MARK CADRY: We’ve come across so many clients who were almost ready to buy their dream home this time last year; however, property prices were almost at their peak
with houses and apartments selling well above reserve pricing. This quickly took them out of the running for
almost any home that seemed to be within budget when they conducted their initial online search. And now, it appears like all the stock has just disappeared, but we can assure buyers that is not the case.
Mark’s property fun facts
With an influx of apartments expected to hit the market, this is the perfect opportunity for an investment and to create capital growth.
This is a great time for new buyers to jump into the property market as the First Home Buyers Grant has been increased to include properties up to $800K (previously it was capped at $650K).
Buyers agents can provide accurate pricing on properties, and can source off-market
properties, pre-market homes or go door-knocking for those hard-to-find homes.
Whether it be COVID-conscious sellers wanting to reduce the number of strangers coming through their home week to week, or a complicated separation where both parties want the property sold as quickly and quietly as possible, the demand for off-market dealings
has grown rapidly this year. Just last month we had over 500 properties come through to our off-market database.
Q: If a buyer is ready to purchase now, how can a buyers agent help them navigate such a unique situation?
MARK CADRY: Whether it be a client’s first stepping stone into the real estate market, adding an investment property to their portfolio, upsizing or downsizing – regardless of their position, a buyers agent can absolutely assist with helping them find the right property at an accurate price.
Our invaluable relationships with real estate agents allow us to inspect properties and put them forward to our clients before they even hit the market.
We set up private inspections to walk a potential buyer through the property, answering all and any questions to
turn pictures and floor plans into a reality. With our industry expertise, we know how to calculate the true value of a property and will only show our clients properties that will sell within their budget, hopefully avoiding disappointment from unrealistic price guides.
Best of all, once we find the perfect property for our client, not only will we negotiate or bid on their behalf, but we will follow through with all the due diligence so that they can focus on the excitement of their brand new purchase!
Whether a client is relaxed by nature or likes to take control, we can remove the stress of searching, negotiating and buying property to add to a client’s portfolio.
For more information, or to engage Mark Cadry and his team at BuyEast to help you find your dream property with a stress-free experience, visit www.buyeast.com.au or call (02) 8006 8835.