Its mostly in your mind

Saturday, April 6th, 2024

Mal James

Buy Sell Agent

0408 107 988

mal@james.net.au

“Mal, what’s wrong with me? What’s wrong with my agent?

What’s wrong with my property as a seller?

Why am I always missing out as a buyer?

A fair bit of negativity, hey, and it’s a headline grabber – but being negative is boring. It is very expensive when buying and selling property and very unnecessary in the market most of us find ourselves in.

I say most because the property market is largely about what you perceive in your individual circumstances more so than any public pronouncement.

We, meaning us agents, started 2024 with a bang – there was a listing (signing up for sale with an agent) frenzy – people (we assumed buyers) were in the streets and flocking to opens, and all things appeared rosy with bumper turnovers upon us.

But the overall market faltered at the first auction test in late Feb with a sub-60% clearance rate and low (1.2) Bidderman. And while we got better, finishing the overall first market 2024M1 with a 63% and a 1.4 Bidderman, nobody but liars would have said that was an expected or great result.

On the other hand, there were some absolute standout results, flagshipped by 37 Mary with volcanic bidding to just over $18m and a new Grace Park record, and that in turn created the Mexican Wave on Lisson and Chrystobel – both stellar results.

So, our Top End market is volatile, patchy, inconsistent – call it what you like – interspersed with a few magical results.

What does this mean if you are a buyer missing out or selling with no interest in your home, and there are many sellers with no interest?

Sellers, why hasn’t your home sold?

You’ve got the wrong agent – he or she is too busy with a gazillion listings to provide you with comfort on how to get through the current market, or he or she does not know how to manage, behave, or run a process that is anything other than a 4 week, wham, bam, thank you ma’am, that results in an agent k’ching or mental move on and goodbye.

You’ve got the wrong price – you have had offers, multiple ones, but all at a level below where you are. Can I say, you may not have the wrong price, you simply may not have the right price for now.

You have the wrong market – meaning you have launched your home in good faith, and there are simply no buyers for your home at anything other than a bargain price.

Is that it, Mal – is it one of those above 3?

In the world of quick fixes and short attention spans and immediacy, it is probably one of those 3 above in your mind.

But there is another alternative – option 4: You have the right market, you have a good home, you can get a good price, and there are processes and agents that can achieve what you want with time/patience, trust, and similar mindsets.

Is that it, Mal – is it one of those above 3?

In the world of quick fixes and short attention spans and immediacy, it is probably one of those 3 above in your mind.

Buyers: In many ways, with a few exceptions, this is somewhat of a buyers’ market – meaning stock choice is good and likely to remain up till the Winter break, but you may be, as a buyer, thinking like this.

I’m missing out on homes.

I’m not seeing the home till after it’s sold.

I see, but I freeze, and I don’t act as I am unsure.

Mmmm – it’s a bit like relationships, only not as/much more (cross out one) important.

If you are a buyer and you are not getting it done, then can I suggest a good buyer agent – maybe not even us, but we would love a chance. Blah blah blah – that’s my spiel on why hire us – like saving money and stress, more homes, and we’ve been here for 20+ years with 1500+ results, but let’s leave that for another day.

Let’s look at what if I don’t buy?

Have you seen the migration rates this last year – the highest since records began, and these migrants are not largely boat people; they are cashed-up, resource-rich competing buyers for the homes you want.

Secondly, as interest rates improve, so will the market, and two things happen – more buyers compete at higher prices, and sellers also rise up in their saddles on price.

And finally, life is short – remember that opportunity to invest in a business, to travel to the Dolomites, or to join a band, go out with that girl/guy, climb Kili, or to take that shot to finish sub-par for the one and only time. You didn’t take it, and it never came again.

Your family is getting older, your opportunities are diminishing, not increasing, and if you see a home you like and it makes sense, then buy it, and if you have to sell, then let’s also do that smartly.

You can Buy / Sell to your advantage, not just accept ‘the market’ if you think and do things differently from the norm.

FRESH ACTIONS THAT COULD HELP YOU:

Let go of the negative: it’s not working for you. Let’s explore the positive and consider resetting our time goals – making them more or less urgent as needed.

Help: Imagine the laughter if I declared my intent to perform surgery on myself without being a doctor. Similarly, you wouldn’t dream of managing a segment of your business where you lack expertise. Yet, surprisingly, many forego professional guidance for one of their most significant life decisions: buying or selling property. Fair enough, then pass me the scalpel.

Clarity: Market noise and agent chatter often cloud our judgment, shifting focus to price, speed, or outcomes rather than what we truly desire. What do you really, really want? Is this choice in your family’s best interest, or might there be a better path?

If you’re looking to buy but haven’t yet, want to sell but haven’t succeeded, or if you’re navigating the complex process of both buying and selling and don’t know where to begin, why not opt for a fresh perspective, approach, and mindset? If I can be of assistance, please let me know.

REAL LIFE BAYSIDE EXAMPLE JUST FINISHED PRE EASTER

Late last year, our clients faced another year in limbo, filled with family frustration and stress. Their dream home had turned into a nightmare; they were paralyzed by the fear of financial loss and uncertainty about what to do next.

We met in November. We provided a plan and immediately set about implementing it. We sold their property for $300,000 more than they had ever anticipated—possibly even a million more than what seemed achievable. They purchased their new home for $250,000 less than the asking price, potentially saving up to a million more than they thought possible.

Five months later, they are moving forward with their lives, free from stress and limbo, and are financially $550,000 to $2,000,000 better off. They have a new home, the past is behind them, and life is good.

This is a true story, and it’s a regular occurrence for us. There are solutions. We can probably help you too.

STONNINGTON

2023 M4 Xmas Market

Bidderman

1.5 Stock

Average

Clearance

71%

2024 M1 Opening Market

Bidderman

1.3 Stock

Average

Clearance

64%

BY THE BAY - BAYSIDE & PORT PHILLIP

2023 M4 Xmas Market

Bidderman

1.2 Stock

LOW

Clearance

51%

2024 M1 Opening Market

Bidderman

1.2 Stock

Average

Clearance

64%

IN TOORAK $18M - IN BRIGHTON $11M

6 MENZIES AVENUE BRIGHTON

BRIGHTON IS UNDERVALUED

5 Bedrooms, 5 Bathrooms, 8 Car Spaces

CLOSE TO ALL PRIVATE SCHOOLS. Ready to move-in, nothing to do, big garage, great floor plan, wonderful living spaces.
Close to beach, train and schools. Flexible Settlement. Contracts available.
Private viewings only with Buxton: Stefan Whiting (0411 473 153) and Kym Williams (0435 906 485)
Shelter By The Bay / James Buy Sell: Zali Reynolds (0422 576 049) and Mal James (0408 107 988).
SOI @ $11m its sold, @ $10.5m we can talk.