The world has gone a bit crazy, and for those of us in small business world there’s going to be a period of uncertainty. So here are some of the collective thoughts and opinions from real estate professionals about market conditions.
At this stage we haven’t seen any significant impact on the property market. Properties are still selling, and despite all the uncertainty around COVID-19, we still saw a relatively strong weekend in the Brisbane property market with 58 auctions and a prelim clearance rate of 52%.
Some vendors have considered delaying their sale until they know more, but the vast majority have decided against any delays. The message we’ve had from agents is that enquiries have actually increased in the last week, as vendors rush to hit the market.
Remember – we currently have record-low interest rates and a shortage of stock in Brisbane. These are great conditions to sell a property; now it’s a matter of seeing what impact COVID-19 has and for how long.
The general consensus among industry professionals at this stage is a ‘business as usual’ approach, with added precautions around hygiene at open homes.
The other positive message we’re hearing is that while the number of people at some open homes seems to be declining, the number of private inspections has increased. Which tells me that serious buyers are still looking but trying to avoid crowds.
Despite this positive outlook, we also note that other home staging businesses have started having confirmed jobs cancel.
At this stage we agree with the ‘industry professionals’ that it’s business as usual until it’s not. This week we’ve been busier than usual as our clients want to get to market quickly. We’ve also had a property sell at auction for above expectations, and several properties go under contract at their first open home. However, we are also ready for this to change quite suddenly.
In the last couple of days, we’ve had a couple of upcoming listings (confirmed jobs) ask the question about deferring. There have been no cancellations at this stage, but as others in the home staging industry are starting to report them, we are expecting the same in the coming weeks.