GREEN SHOOTS EMERGING

Look closely enough and you’ll see something remarkable... little sprouts of new growth.

It might not be obvious to the untrained eye, but every week we’re seeing clearer and clearer signs that buyer confidence is returning. We’re nowhere near the seller’s market of years past, but there is definitely plenty to be positive about.

We saw a healthy amount of activity over the last seven days, with the majority of our team recording good numbers through their home opens. It’s quite pertinent to note that over the last two weeks, when many were enjoying time off with their children, we managed to achieve some impressive results.

One of the recent highlights was the sale of a stately landmark home in Fremantle, which went under offer for a healthy price in excess of $2.5million. With sweeping views and superior craftsmanship, it’s no wonder that a number of buyers were interested in this elegantly restored home. However, most were left to regret their inaction after one buyer stepped forward confidently and agreed a sale.

Why not get out there this weekend and take a look for yourself. You too will notice the green shoots of a new market emerging.

TROPICAL DESTINATION

While some people are dreaming of a tropical destination at this time of year, others are buying one.

The ink is barely dry but we just negotiated the sale of a beautiful tropical inspired home in Bay View Terrace, Claremont. This 3 bedroom property, with its stunning bathrooms and chef’s kitchen, offers the free-flowing indoor-outdoor living that is reminiscent of being on holiday in a tropical location. Negotiating the sale of this property was no holiday however and it came down to listening and understanding the goals and desires of both the buyer and the owner to achieve a very successful outcome.

Around the traps, it was interesting to see how few properties were opened over the weekend. The agents who did open on the weekend were however rewarded for their efforts by good attendance. Some of our team members reported large number of groups through their homes and the quality was overall very good.

We also received a lot of appraisal requests over the weekend from people getting ready to bring their property to market in spring. Given there is already a fair amount of stock on the market, it will be interesting to see what happens in spring when the normal flood of properties arrives. If you’re waiting for spring to sell your property, consider bringing it to market in August to get an advantage over the competition.

GREAT MIGRATIONS

It’s one of nature’s great migrations. A time when herds of teenagers colonise the local shopping centres and swarms of Perth residents invade Bali’s shores. School holidays are here.

Although the real estate market traditionally quietens during this period, our team is clearly not resting. We are continuing to make the most of improving market conditions by negotiating a number of excellent sales.

One of the highlights of the past week involved a beautiful property in North Fremantle that went under offer at the full asking price. This enchanting executive home, which overlooks a park, captivated buyers with its sublime sun lit interiors and French provincial styling.

The successful buyer was rewarded for being decisive, while other buyers who failed to make a move later expressed their regret at missing out on the property.

While we are expecting buyer activity to slow somewhat this weekend, it’s definitely business as usual at Caporn Young.

If you are planning a great migration of your own during the school holidays, please be safe and I look forward to seeing you back in the market shortly.

PLANNING THE KEY TO SUCCESS

For many would-be buyers, attending home opens involves a lot of careful planning and coordinating. Lists are made, maps are drawn, research is conducted, and journeys are calculated with military precision.

And judging by what we observed over the weekend, it seems that not even extreme weather can interrupt the plans of determined buyers. Despite the almost torrential rain, our home opens were surprisingly well attended and overall we met some motivated buyers and negotiated a number of good deals.

Speaking of planning… now is the perfect time to get the ball rolling for anyone thinking about selling a property during the traditionally-busy spring selling period. You should be thinking carefully about the presentation of your property, both inside and out, and talking with your agent about an appropriate selling strategy for your property.

When spring arrives, buyer activity tends to increase, which obviously makes it a great time to sell. But there is also a lot of competition during this time with many properties coming to market. So, those who can get the jump on spring and, with the help of the right agent, get to market before the traditional spring crowd will clearly be positioned to get the best result.

QUALITY JUST AS IMPORTANT AS QUANTITY

Last time I told you about a property in East Fremantle that went under offer after attracting 30 groups of people to the home open. That was clearly an extraordinary result, but it’s important to note that excellent outcomes can still be achieved without a crowd of buyers necessarily busting down the door.

The quality of potential buyers is just as important as the quantity. And this was highlighted with the recent sale of a Bicton property. As a rear-strata property, it was difficult to predict how buyers would respond to this property despite it being beautifully-designed, offering great privacy and having excellent solar orientation.

A “sneak preview” was held prior to the property’s address and price being advertised and 4 groups attended the inspection, 2 of which had come from the Caporn Young database and the other 2 from the Internet. All buyers were qualified, well-informed about the property and had already established good rapport with our team. These factors helped to ensure that there was considerable interest in the property, which resulted in a strong offer being received and accepted.

The seller was delighted to have sold the property after being on the market for less than a week and was particularly impressed at how Caporn Young’s unique strategy, which is designed to attract the strongest buyers early in the campaign, did exactly that.

BURSTING AT THE SEAMS

Imagine this. The house is spotless. There isn’t a cushion out of place. The family dog is nowhere to be seen. The agent is ready and waiting. And then 30 groups of people arrive for an inspection!

That’s what happened with a delightful character cottage in East Fremantle over the weekend. This lovingly-restored turn-of-the-century property clearly charmed the pants of a lot of people because the place was bursting at the seams! I’ve been to weddings with fewer people.

What was particularly interesting was finding out where all of these potential buyers had come from. There were key buyers from our data base; some had seen the property on the Internet; others noticed it in the local newspaper; and, others still had seen it advertised in The West Australian. This shows, among other things, just how important it is to cast a wide net when marketing a property and why you shouldn’t only target local buyers.

What happened after the home open? Well, the property went under offer after being on the market for only 12 days and both seller and buyer were thrilled with the outcome.

Across the board, our team has definitely noticed improved attendance at home opens in recent weeks and consequently we have negotiated a number of great sales from the weekend activity. While not every property will sell quickly, it’s encouraging to know that even in the current market our strategy is achieving outstanding results.

A BUYER'S MARKET TO A SELLER'S MARKET

The weather may only be kind to farmers and ducks at the moment but we have some hot spots in our market.

Our team reported a definite spike in activity over the past week, which was one of the best in recent months. It’s very encouraging to see some of our quality properties go under offer, though the market continues to lack direction overall.

One of the highlights of the week was a beautifully-presented Federation-style home in Ardross. Despite being meticulously maintained both inside and out and set in a quality location, this property had remained on the market longer than planned. Re-aligning and persistence paid off, however, and a full asking price offer was received to the delight of the seller.

When a property sits on the market for an extended period of time, buyers often have the upper-hand in negotiations. However, this is when it is apparent that not all agents are the same and the skill is transforming a buyer’s market into a seller’s market despite the underlying market conditions.

Interestingly, the eventual buyer of this Ardross property had been looking for a property on the other side of the river. This shows just how important it is for sellers to showcase their properties in widely-read publications such as the CY Magazine which is distributed broadly from Subiaco around the river to Applecross as well as beachside suburbs. You need an agent that can demonstrate a strategy not only to capture local buyers but which will also capture non-local buyers equally.