Are we in a buyer’s market?

Property stock levels have reached the highest levels we have seen since 2012, which means that now could present a great time for buyers looking for the upper hand in negotiations.

According to CoreLogic, fresh listings have risen by 16 per cent compared to the end of winter, however they are still tracking 4 per cent lower than at the same time a year ago and are at the lowest seasonal level we have seen since 2012.

Tim Lawless, Head of Research at CoreLogic, says that the low level of new listings can be attributed to weak vendor confidence, which he believes is no surprise given housing market conditions have weakened and selling conditions have become more challenging.

“The rise in total listing numbers isn’t due to a panicked surge in new listings,” he said.

“This is more about less demand which is causing a rise in relisting’s along with longer selling times and fewer successful sales at auction.”

What this means for buyers

More stock can only be seen as a good thing for buyers, given it provides more choice.

CoreLogic’s Lawless noted that buyers have little sense of urgency under these market conditions.

“They can negotiate hard, take their time to make a purchase decision, and if they feel a property price doesn’t reflect fair value, they can easily move onto the next property option,” he said.

On the flipside, vendors may need to adjust their price expectations depending on what is happening in their local market.

If your property is taking a long time to sell or is facing fierce competition then an effective marketing campaign and quality advice from local area experts is absolutely crucial to help guarantee a successful sale.

Get in touch with Professionals Triwest Real Estate for any advice.

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