Home for sale - market

Hey all

we have put our townhouse for sale

suddenly agent says the property demands are dropping in cherrybrook blah blah … he says first open home 5 people have taken contracts out of 12 walk in .


Do you all think it’s a tatics or has the prices really dropped?

 

There's enough data on this forum to show you that prices have stagnated and started to slightly drop in certain areas and with certain dwellings such as B and C grade properties.

 

I’m curious to know what B & C grade properties are.
Are they just the average house/unit? The basic non character places in average areas?

 

pretty much average houses or ones that need work. Unattractive land size/shape, location, etc.

 

What’s is b and c property ?

I’m looking for cherrybrook - with high school catchment property - what’s is that classified?

 

Theres no “guide” as such. Every property is different. Post some ones that you like & others can give their opinion on it.

 

Is it a townhouse or duplex?

 

I thought these were always on the shelf longer regardless of the market.

 

I think you will find during covid that even B and C grade properties were selling like hotcakes.

 

It’s a town house close to school 500m walk
Rental right now 800 per week

Walk to city bus stop

 

He's not telling porkies. We have seen prices stagnate and drop for assets we would have paid more for even a month or so ago. It's amazing how quick it can turn when it does. A buyer's agent on the northern beaches I was chatting to late last week is claiming prices have dropped 10% there in the last 3 weeks. Northern beaches really overshot the mark though so it's not surprising.

Properties that have warts on them are starting to struggle, whereas 'A' grade properties are still selling competitively.

Word to all looking to buy - be careful and have patience. Ignore what the agent is telling you and look at very recent comparable sales to support your offer, not what the agent is telling you it should sell for, nor what they're telling you the interest is at. If they have interest at a level well above what you're seeing as fair market value by recent data, then let some other person buy it and accept there are anomalies as we see the tail end of a boom and some buyers are still burnt out, desperate, or uneducated. Move onto the next property.

Agents have their work cut out for them in the next little while and unfortunately, they will be starting to tell porkies to buyers about where interest is at, and often it won't materialise. Be cautious.

We were offering above guides quite frequently in recent months and now we are offering below, hundreds of thousands below in some cases. It's not low-balling as we never do that. We look at the data and read the market daily. You need to respond to change quickly and don't just have wishful thinking.

Patience will save you tens (if not hundreds) of thousands in the next little while.

- Andrew

 

Thanks we are the sellers not buyers … last 2 weeks sales compares are there.

just first week let me see how it goes

 

Yes I know, I switched with advice to buyers in the third paragraph

- Andrew

 

Examples of B & C grade properties would be properties situated on main roads, steep/narrow blocks, easements running through property, poor condition etc..