PRE-CHRISTMAS FRENZY

It’s often a crazy busy time of year as we head in to the main summer and holiday season but if there’s one thing I often repeat — it’s don’t be rushed by the crowd.

Just because there are a lot of agents and vendors out and about in the market doesn’t mean you have to be scooped up in the frenzy and carried along with them. Let them create their own momentum while you stick to your original path.

Part of this pre-Christmas frenzy is people wanting to get the “chore” of home inspections and buying over and done with so they can relax for the summer — ahead of their big relocation in the new year. In line with this, we have seen some big bids at auction recently, perhaps as much as 10 to 15 per cent above the correct price level, so be very aware about being swept up by the festive fever.

At the same time, however, we have also started to see agents with stock left over after a busy weekend of auctions and open houses. Although it is not at a level to cause concern, I do suggest it gives potential buyers a good reason to pause before upping an offer or rushing in.

The economic outlook is changing, particularly as job prospects and security look worse. However, if you listen to some of the hype in the real estate market you’d be forgiven for thinking everyone must dive in immediately.

A lot of buzzing-about and hyped-up activity does not make a sound market. A pre-Christmas pause may be a better option than joining the pre-Christmas frenzy.

Until next time
JOCK BING