7 figure Attraction Agent

Real Estate Market Wrap 🗞️ Why the Market WON'T BE HOT

• Tom Panos - Real Estate Coach & Trainer

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  • 00:08 – My last words on The Block
  • 01:50 – Why the market won’t be as hot: this excess supply of stock has already impacted the energy in the market
  • 03:54 – You’re not married to your mortgage
  • 04:36 – Why I’m against auctioning on 20 December
  • 07:05 – There are hidden gems in January
  • 08:27 – My response to: “Geez agents have a good life!”


My Clearance Rate: 13/14 SOLD

SPEAKER_00:

You don't make a decision on your life based on rate. You make it based on your circumstances. That's a lot more work today than I had last Saturday on the block, where I did one. Has to be one of the most talked about real estate subjects this week. The block. And I've got to say to you, actually, there was an article, some there was an article today about the block talking about how much people get paid. Let me tell you one thing. I'll tell you. My block invoice is$2,500. That's my block invoice. But if I'd stayed in Sydney instead of going to Melbourne, I would have actually done like 13, 14 options like today, because we're in spring. And let me tell you, it's the most expensive auction I do every year, going to Melbourne. And I don't know whether I'm gonna go back there again because I'm upset because I never like their edit. I mean, don't get me wrong, they're decent people, but they show my auction went for 37 minutes, and what did they show? Like a minute. I get real. Anyway, let's move on. Let's move on from that. 12 out of sorry, 13 out of 14, and it was the last property that did not sell. How do you end up doing 14 options in a day? You start early at 9 and you have finish at 6, 6.30. That's what you do. But I'm gonna say something to you. I believe that it's not as gonna be as hot as what people think now. And I'm changing my view on this market. And the reason I'm changing my view is I've got to tell you, while some properties are going off, you talk to the honest real estate agent, they will tell you this excess supply of stock has already impacted the momentum and energy of the market. All this stock that has come on the market in spring has given buyers so much choice, and that's a good thing because things were getting out of control. They were getting out of control because we had a short number of listings, we had the government that had fast-tracked its 5% deposit guarantee scheme, and we had interest rates going down. Now things are changing. We've still got the 5% deposit scheme in there, but all of a sudden, the talk on rates after the inflation figures that came out on the 29th of October, which came in higher than expected, has basically put a stop to rates dropping. This is what is being reported in the media when they resite search bankers, and they don't expect that there will be a rate cut on the day the Melbourne Cup's on. And there has been talk as well now that a number of the banks, when they interview them, say there's a good chance we're not getting any rate cut anytime soon. This also has impacted the market straight away today. And the reason why, it's affects sentiment. People start thinking, oh, thank God, rates aren't going to go down, so it's not going to go crazy. But I've got to say to you, I believe that you should never make a decision on buying real estate based on current interest rates because rates go up and rates go down. And what you have when you take out a mortgage is you have you're not marrying the mortgage. You've got a flirty relationship because that goes up and down all the time. I mean, would you not, hypothetically speaking, would you not buy a property? Would you not buy a property in auction next Saturday because rates are gonna go up in 15 years' time and you'll still have a mortgage. Think about that concept. We marry a house, but we date interest rates. You don't make a decision on your life based on rates, you make it based on your circumstances. And in addition to that, I've got to tell you, I had a vendor that tried to book an auction with me today for the 20th of December. And I said to them, I prefer you don't option on the 20th of December. And they said to me, Well, we're talking to our real estate agent, and that agent said to us that the 20th is fine. And I said to the vendor, well, get the agent. The agent normally books me, get the agent to call me. So the agent calls me, and the agent says, Why are you talking my vendor out of doing an auction on the 20th? I said, Well, for a start, you don't have that much control over your vendor because your vendors called me. Why weren't you calling me? But that's another side issue. The second thing is, I said, Listen, would you auction your house on the 20th? Would you? Or would you be at Westfield Burwood or Westfield Bondi shopping? Or will you be at Bondi Beach? Or will you be waking up with a hangover from your Christmas party? I don't think you should auction on the 20th. I think you should auction on the 13th. And quite frankly, if you haven't got your act together to be able to do it by the 13th, you might want to look at doing it early in January. Because I'll tell you why. The buyers are back. The buyers are back are actually on Boxing Day. Realestate.com tell us the number one day on their site is Boxing Day. Do you want to know why? They might physically not be at an open, but they're scrolling. They're sitting at home watching the Boxing Day cricket with new goals, new resolutions. They've got time up their sleeve. I don't know, they're bored sitting in the mother-in-law's house, so they're playing around and scrolling on their phone. Margaret, agents don't care. Well, some do. Some do. It's not right to actually just turn around and, you know, just say every agent doesn't care. This one didn't care. He actually said to me, um, mate, don't worry about it. I'll get another auctioneer. Well, I don't know what he's going to explain to that Vendor. But I mean, unless you really, really have to, I wouldn't be doing it on the 20th, right? And in fact, I would say come the 15th of December to the 25th of December, most buyers are more interested in the festive season, holidays, family, shopping, Christmas parties, beaches. That's what they're interested in. However, having said that, there's a shortage of stock on the market early in the new year. Do you want to know why? Because real estate's got a lot of nine and a half month-a-year agents. That's right, nine and a half months. That's what I think a lot of the real estate agents work. In fact, some work nine months. You know what they do? Oh, Melbourne Cup's here, sun's out, guns out, Christmas is here. And then they don't do much between November and December, and then they turn around and they say, oh, well, you know what? It all kicks off after Australia Day, after the Australian Open, and there's no one else around. So they basically are working a nine-month year, and then they want to complain. Listen here. January is a good time to be putting a property on the market because you sell with less properties on the market. Why do you think at the moment, I think the heat came off a little bit because there's a lot of stock. There's a lot of stock. As Richard says, you can't even get a conveyancer after the 19th anyway. They're out there. What do you think? The solicitors have had a big year as well. They want to be sitting on their big boats, on their big fat bumps, smoking their big fat cigars if they do that stuff. Anyway, team, that is what I think is happening. Team, it's so good to be back in Sydney. Auctioning, I'm gonna go hard till the rest of this year, and I've got to say, you know what a guy said to me today, guys, you guys have got a good life. You drive around, nice car, call bingo numbers, and get paid. Well, let me tell you, some people do that. I have to tell you, Saturday is my easiest work day of the week. During the week, I wake up at 4 o'clock. I go to bed at around 8.30. And I've got to tell you, I'm working 90% of that day. I'm up at around 250 days away this year. Do you understand? Like, man, I get tired looking at my diary schedule, but it had to be done because I lost a bit of time this year. I had to go in for radiation and I lost a bit of time, and I had that whole, you know, with treatment. Then I decided to go overseas, ended up picking up all this work overseas. I'm going back again, by the way. I love the UK. Going back on the 18th of June. I'm booking in work left, right, and centre. I think I'll do six events in Europe and countries next year. That's what I think. Anyway, guys and girls, that is the end of the day. Of course, busier than the PM. I'm busier than the PM. Of course I am, John. By the way, John, let me tell you, my company and my business partner and I sold the PM's house. That's right. Albo, we sold his house when he wasn't prime minister. When he wasn't prime minister, we sold his house. He was going out, or I think he might have been married to another politician. He ended up separating. He's now with this new partner that he's married. And um I think I work harder than Albo. I actually think a lot of people work harder than Albo. But I want to let you know. Those of us are in real estate, be hungry, but be humble. Don't carry on. Think about it. We show toilets.