The market in Spring is going to be extremely challenging | Real Estate Market Wrap

The market in Spring is going to be extremely challenging. Buyer volumes will not meet listing volumes.

And this is the story of THE WORST BUYER!
 
 My Clearance Rate: 10/12 SOLD (+2 more tomorrow)
 
 

Transcript

Tom Panos: 0:00

It is getting harder to put a deal. How is the market going up? No, I do not think the market is going up. I think the market is going to be very challenging in spring. That's my view. Why do I say that? Because it's already showing signs of being challenging now and we have not got the spring stock. I do not believe spring buyer volumes will meet. I do not believe spring buyer volumes will meet spring listing volumes. That's my view. Okay, and Brisbane and Perth, I'll put those aside, right. There's just so much depth in the buyers there that those markets will keep going. But the rest of them is not the case.

Tom Panos: 0:44

So I've got to tell you a story about a buyer. Today A buyer comes along. They'd made a pre-auction offer in writing it was the longest email I've ever seen in an offer explaining why their offer was at this level, explaining all the negatives. I get it. A buyer's trying to buy it at a lower figure. They come to auction because they didn't go ahead. Right, john Yatman, you had an absolute cracker screamer in Punchbowl. Well done, and Johnny Yatman, well done guys, because I can tell you you know I talk about real estate, but the thing I love the most about is watching people change their lives. The guy's lost 50 kilograms that's bigger than any auction sale you'll ever get because he's made himself live longer for his family.

Tom Panos: 1:35

Anyway, let me get back down to it. You get a buyer that causes all the scene, comes to auction and then doesn't bid. Doesn't even bid at the level that they put their offer in. They're just sitting there thinking that, hey, no one else is going to bid. I go to the buyer, I'm letting you know we are going to sell this property today. I said okay. I said calling it on the market, we're playing for keeps.

Tom Panos: 2:05

Then starts mucking around nah, nah, nah, nah, et cetera. Property gets sold. I said that's it, it's done. They leave. They call back the agent and said, oh, I've decided I'll go ahead with it. Said, the property sold at auction, oh, what if we offer a few more thousand more than the buyer? I mean, are you serious? I mean, do you ever actually have these situations? I mean, haven't you ever worked that out? The buyer who creates all the havoc, the buyer who creates all the noise, the buyer that turns around, asks for 50 changes to the contract, comes back 11 times on a property. You know the kind of buyers I talk about and then actually do nothing, right, jesus. And then you've got other buyers. They come in see it for the first time and buy it.

Tom Panos: 2:57

I think sometimes having paralysis by overanalysis is bad in real estate. You know how many of those people I've seen that have not bought a property for two years. They miss the market and then you see them paying 300 grand more next boom rise Happens all the time. The bottom line is I've got more options to do tomorrow and I'm going to do those. They're out west. The bottom line is I've got more auctions to do tomorrow and I'm going to do those. They're out west.

Tom Panos: 3:30

A lot of agents say to me Tom, you go off and you do the block. Why don't you go off and do like some of the big glitzy auctions prestige auctions around Sydney, very, very simple team. When I auction on a Saturday, I will not be auctioning less than 10 properties, and the reason why is, as far as I'm concerned, if I'm going to get dressed, go out and have a shower, not hang out with my close loved ones, I'm going to make it a long auction day and I'm fishing where the fish are and I got to tell you if you look at what's happened is there's a lot of auctions from the inner west, all the way from newtown out west, and that's the marketplaces I love operating in, guys and girls. That's the end. Stay well.