We spoke to Daniel Hastings, Director and Auctioneer of MMJ Real Estate Wollongong, about the current state of the market in the Illawarra. Here's his summary.
Getting finance approvals has become more of a challenge and banks are now scrutinising people’s spending patterns etc with a fine tooth comb. Make sure your pre-approvals are in place before making any offers as the time taken to get approvals have blown out considerably compared to last year. Many have presumed their finances will be ok as they have previously been pre-approved, only to find later that they’re no longer able to borrow what they were able to previously.
Buyers should feel more confident about securing their next property as the highly competitive market we saw from 2014-2017 has now settled. We have seen a correction in prices already due to the lesser competition. Be confident, but not over-confident. Sellers will know what figures they should be able to achieve, now that the market has started establishing a new settled price point.
With less buyer demand and more competition on the market, this is the time one has to ensure their property has a campaign structured that provides strong market exposure. Days on Market have dramatically increased in the 2018 calendar year so be sure to have strong print & online presence. Presentation of the property is important. Perhaps engage a stylist & consider hiring furniture to better stage your property. Further to this, it will all mean nothing if your pricing is not on point. Your agent should provide enough market evidence to ensure you have the right price guide from the start of your campaign. Usually the longer your campaign is, the lesser the sales result so aim for a campaign to be relatively short.