Covid 19 – How does it affect the property market?

Something that I get asked almost daily is, “How is the market now, due to Coronavirus?” It’s something that is hard to answer, as it really is a continually changing and evolving topic. It is completely unprecedented and no-one really knows the answer to anything. Even the Government and its departments. It changes daily.

In the short term, the answer is simple. A lot has changed, but not much has changed! Life as we know it has changed. This is the new normal. But, people still need to live somewhere, so people are still buying. In fact, there are probably more people that are buying than those that are selling. The people that have sold in January, February and March are still actively searching for something to buy, as their settlement draws nearer. In turn, the people that these buyers buy from, then need to find something. What we are seeing right now, is a shortage of stock. So, prices remain pretty stable, even in these testing times.

Oe major change, is the way inspections are done. Open inspections are no more and social distance is the new buzz word. However, this has filtered and separated the good buyers from the lookers, as it requires more effort now to view a home. So as a seller, or an agent, you know that the people that are viewing houses in the current market are mostly qualified and ready to go.

In the short term, the market seems strong. The real unknown, is what lies ahead in the next 6-9 months as we start to return to “normal” life and the deferred periods for rents and mortgages are lifted and the backlog of owed payments are required to be made. If only we had a crystal ball!

A bit about me.

I’m not one to talk about myself! But, it does pay to know a bit about who you are dealing with.

I started my career in 2003, in Narre Warren. I started at the bottom as a Sales Creator, prospecting for new business by telemarketing, door knocking, dropping brochures and networking. One of the hardest jobs in Real Estate. From there I worked at a sales assistant in the same office and then began working as a salesperson, after a lot of training and education. Back then, my director focused a lot on training and making sure that we were ready to list and sell. A lot of agents receive no training except for the basic coursework required to obtain the Agents Representative certificate require to legally work as an agent.

I worked in that same office in Narre Warren & Berwick as a sales manager for 12 years, before moving back to the Mornington Peninsula and managing an office in Frankston.

Over the years, I was continually asked why I don’t open my own office or run my own business. After much deliberation, 2 years ago, my wife and I made the decision to start our own business and work for ourselves.

Over the years, my wife and I have bought and sold several houses as well as renovating, developing and subdividing along the way. This hands on experience has given me both insight and expertise in being able to help my clients through the same processes along the way. In turn, I have managed projects for clients ranging from renovations, through to 2 lot subdivisions and multi unit developments, ensuring that their projects are completed on time and to a standard that is not only acceptable, but desirable to buyers.

These days, most of my business is obtained from past clients and referrals. The realtionships built with my clients has been invaluable and has made me just as many friends as it has clients.