Cate Bakos
speaker
83 appearances
1 recordings
1 series
first heard Feb 2022
last heard Feb 2022
Cate Bakos’s voice in public audio — every appearance, attributed to the second.
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Appearances
Even the best of us who consider ourselves analysts can set a price tag and the property price result is well and truly above that.
If it's going into a rational territory, it's not necessarily something that we should fight for.
I think it really pays for any homeowner to know what the property really is worth so that they either secure it for the right price and feel great about it or they let it go for a price that they know was irrational.
It's not generally, you're not flying blind with it but you do need to factor in a few things if you're in a rapidly moving market or if the property is really scarce or if it's got a disproportionate number of buyers who are interested in it because all of those factors can create a price that's outside of where you're anticipating.
You do have to take into account how rare the property is and how important it is to you because if you're searching for a very rare product,
Let's say it comes up twice a year.
Well, if you let it go because you were being too rational about your budget and then you have to wait it out for another six months in a rapidly moving market, you might have regret.
You could look over your shoulder and think, I wish I paid that extra 3% rather than drawing the line in the sand.
And in addition to that, if the property is moving at pace, you need to be prepared to overlay that capital growth.
So, for example, if an identical property next door sold for a certain amount six months ago and you know what the market movement has been for the area since then, you've got to be prepared to estimate that there'll be market movement.
So it does involve a little bit of maths.
But doing your research is better than doing no research.
And it's certainly better than just looking at a price guide because price guides don't always tell us all of the information we need to know.
Well, for a lot of people, as experienced advocates in the field, we can tell when a market's hot and moving.
In fact, we get some of those early indicators and indicators include the number of people through a property.
You can get that information out of just about any agent.
They'll tell you how many groups they've had through, how many contracts have been requested, how many building inspections have been done.
And all you need to do is have a look at some auctions, just partake in spectating and you can see how many people are actually bidding, putting their hands up.
If you're getting more than five bidders per auction, that's a pretty busy market.
And if you're getting 10, that's a very hot market.
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