27/04/2022
Will we ever get momentum back? After three short weeks in a row, starting with Easter, and an overlay of school holidays mixed with Covid issues! In spite of all that, enquiry and open homes numbers have been surprisingly consistent and our daily sales rate is in line with expectations. Also of interest most of our conditional contracts are becoming unconditional on due dates .It can only build from here. Our expectation is that with schools back next week and a clear run through May, activity will increase.
We note some vendors have withdrawn from the market, having not achieved the sale they were hoping for. Our observation is that, in many cases, that hoped for sale is just taking longer to achieve. The average time on the market has stretched out somewhat. It seems the Covid tail, Russian war and negative property headlines have affected confidence, or at least slowed the decision making process. Real estate, however, is more sport than science and is very affected by sentiment. That sentiment is currently often, but not in every case, favouring the buyer. If I was a vendor wanting to make a sale, I would stay on the market – listings always shrink heading into winter, but the buyers stay on the hunt. Patience, right now, is a virtue.
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