{"id":29628,"date":"2020-12-15T09:35:19","date_gmt":"2020-12-14T20:35:19","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=29628"},"modified":"2020-12-15T09:36:26","modified_gmt":"2020-12-14T20:36:26","slug":"real-estates-chicken-or-the-egg-dilemma","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/real-estates-chicken-or-the-egg-dilemma\/","title":{"rendered":"Real estate\u2019s \u2018chicken or the egg\u2019 dilemma"},"content":{"rendered":"

PHOTO: Buyer’s agent Michelle May. Picture: Supplied Source: Supplied<\/em><\/span><\/strong><\/p>\n

Unprecedented times have swept in a very unusual real estate market, so when you\u2019re looking to buy and sell what is the best way to negotiate it?<\/p>\n

Sellers are now in the driver\u2019s seat after a last minute end of year surge in demand, however many are now finding themselves in a \u201cchicken and egg\u201d dilemma.<\/p>\n

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Vendors across much of NSW are rubbing their hands together thanks to rising prices, but there is a catch. If you\u2019re selling your house, chances are you\u2019re about to buy one too.<\/p>\n

Buyer\u2019s agent Michelle May said the high demand and low supply of quality homes in the post pandemic property market has flipped the typical \u2018sell first, buy later\u2019 scenario on its head. As a result, sellers who have offloaded their home can be left scrambling to find their next one amid hot competition.<\/p>\n

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\"Much<\/div>\n

Much of NSW is a seller\u2019s market. Picture: James Gourley\/The Sunday TelegraphSource:News Corp Australia<\/span><\/strong><\/em><\/p>\n

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Where\u2019s the dilemma?<\/b><\/p>\n

\u201cWe\u2019re now in December, and some suburbs within Sydney have gone into double-digit growth purely because of low stock,\u201d MS May said.<\/p>\n

\u201cAdd to that the very favourable borrowing conditions for buyers, and it\u2019s a very uneven market.<\/p>\n

\u201cTherefore, you\u2019re going to struggle much more as a buyer than as a vendor right now.\u201d<\/p>\n

The advantage of buying first, said Ms May, is that you lock in the current purchase price, and if you ask for a longer settlement then it gives you breathing space.<\/p>\n

\u201cIf you sell today, and you\u2019ve just agreed to a standard six-week settlement, you then only have six weeks to find something and lock it in. And if you don\u2019t find somewhere, those prices are still going to keep going up in the current market. The gap is getting greater, and the stress is greater on you,\u201d she said.<\/p>\n<\/div>\n

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