Save The Sockless.

Having read/watched more real estate agents reports this week I’ve become further convinced that some either don’t know what’s going on or are just afraid to admit it. Honestly, I’m expecting some of them to congratulate Scomo for being re-elected.

Terms like ‘cooled’ and/or ‘stabilized’ are in where other brave souls are still sending out the ‘same old same old’ claiming we are still in the gold rush (I just wonder…back in the day would these have been the guys that were the last to leave town as the saloon doors creaked and the tumbleweed rolled into their dusty boots?). Last week a well known real estate trainer posted that we are moving into the extinction age of the sockless real estate agent….now there is some gold! (for the record, I love socks).

So what does this changed market now look like and what to do? Well guys and gals let me break it down to the three sides, the agents, the sellers and of course the true endangered species….serious buyers.

Agents. Ohhhh how we laughed….didn’t we? Remember those auctions when we ran out of space on the bidding register, lost track of the bids and mercilessly filmed high def content of buyers warring in the front garden? Nek minnit. Prepare for some compromise on the wine list my friends, with less sales and fewer commissions only the good (or truly evil) will survive. Happens all the time, market booms and everyone’s uncle and/or auntie becomes an agent. Times get tough and all of a sudden being a PT looks like a way better ‘lifestyle.’ My tip for you, do the PT course…just in case.

Sellers. Hmmm…not the ideal market where you have to sell and settle by a certain time. Why? There are fewer capable buyers around and that means you need to work in with them. It’s not bad news but being a little flexible on price and alot flexible on terms means you should be ok. Remember if you are selling and buying in the same market everything should even out. My tip for you, focus on your plan…not what your neighbour sold for in September.

Buyers. Well well well…it’s your time to shine…finally! Roll up roll up, don’t be shy….we meant to call you back, promise, things were just a little hectic back in 21. *Can I press the pause button here and just point out to everyone I’m being sarcastic…please don’t email me and complain or name call. Where was I? Buyers yes...hi...be ready, willing and able. It's true some value has emerged but if it feels good, looks good and you can afford it don’t wait for too long. Why? Chances are someone else is probably thinking the same…there are over 5.3Million people in Sydney (and growing). We’ve had several sales this week and some of the hard ballers are still homeless and cranky they missed out. My tip for you, play nice...at the end of the day the seller chooses who they sell to.

So here we are, one week in, Scomo is gone and the sky hasn't fallen in, Top Gun 2 is out, Monaco GP this weekend and it's not raining...happy days.

Until next week,

David Murphy