Many signs, same place

You’re keen to snap up a house and you spot a street or block with multiple “for sale” signs. Alternatively, you want to sell your place and suddenly, almost every home in your area is up for grabs. Both buyers and vendors can be left pondering whether this situation is a good or bad thing. Let’s explore the possibilities.

Buyer considerations

Multiple neighbouring homes hitting the market simultaneously could be due to a development being built nearby. Not surprisingly, the vendors want out ASAP. Or, are council rates or crime on the rise? Has a bunch of noisy neighbours moved into the street? Is an easement about to be created? Once you’ve checked out such issues, and if the answer to the above is no, start thinking outside the box. There could actually be a positive reason why for sale signs are popping up faster than you can say “Sold!” There’s also a good possibility that all these signs are pointing to a top-notch opportunity to enjoy abundant choice and bargaining benefits.

Vendor reflections

It’s true that a street chocka block with for sale signs can make a bad impression on buyers. On the other hand, smart buyers will consider all the potential negatives of this situation and if they’re keen, they’ll act fast to purchase your property. Result: a quick sale. However, if you’re worried, chat to selling neighbours and other people who’ve recently sold up in your street or suburb. Ask them about their sales experiences and whether they enjoyed a lucrative outcome. Remember your aim is to capitalise – not minimalise – on all those for sale signs.

Positive possibilities

Firstly, this place is clearly enjoying soaring property price growth. A tightly held – or less popular or off-colour area – will only rarely display for sale signs. Then there’s the possibility that this is a hotspot space. Generally underperforming and not known as a blue-chip location, hotspots may nevertheless enjoy easy proximity to popular, increasingly expensive points. So, all those for sale signs can mean that slowly but very surely, the area is enjoying fantastic sales. This situation is in turn encouraging those nearby to sell as well. Last but not least, reflect on the fact that people living within certain suburbs are often at similar lifestyle stages. For example, the location could be a family-friendly spot or alternatively, there could be many seniors around. As a result, these neighbours often sell and move on at the same time, such as when children get older and leave home, when children are born, or people pass away. As such, it’s perfectly natural for many home owners to hit the for sale button instantaneously.

Other prospects to consider

Economic ups and downs can of course affect real estate as well. In tourism meccas, in particular, filled with weekenders and holiday homes, you may see several for sale signs appear almost overnight if the market drops and stagnates. This is usually because people are keen to sell their rural abode and free up more cash for their “real” suburban house. The same situation can also occur in everyday suburbs especially in the current period of extraordinarily low-interest rates. We don’t want you to panic about this possibility but it’s definitely one worth thinking about. Watch out as well when multiple apartments in the same complex hit the market at the same time. This can be due to a special levy just being announced and vendors trying to avoid paying this extra cost. But it can be a wonderful buying opportunity.

Finally…

Due diligence and savvy research are still the keys to a smart purchase or sale. Check with your real estate agent and solicitor about any potential adversities which may affect a property’s value including nearby infrastructure and development issues. Buyers, you may be able to use a negative situation in a busy for sale sign street to grab a great deal. Sellers, you could well enjoy a swift sale thanks to your area’s property price growth and similar. Whichever side of the coin you’re on, you could easily win out in this situation. Best of luck to you both!

chrisbrown1224

Managing Director – New Vision Financial Services & New Vision Real Estate After years in the banking, finance & commercial sector Chris noticed that the industry needed a company with a personal touch that offered their customers a complete solution. In 2015 New Vision Financial Services was created to allow our consultants to use their experience (including approving and structuring large complex commercial transactions through to basic home loans) and to concentrate on offering a personalised service to their clients. With the growth and success of New Vision Financial Services a decision was made in 2019 to launch New Vision Real Estate to provide an end to end solution for client weather they be first home buyers or seasoned investors. Chris has built a team at New Vision Financial Services and New Vision Real Estate that have access to over 70 different lenders, insurers, lawyers, accountants and financial planners giving you more flexibility when making a decision. We offer a full service Real Estate agency offering Sales, Leasing, New Developments, House & Land and Commercial. Call me anytime on 0433 181 544 or email chris@newvisionfinancial.com.au The team at New Vision Financial Services have access to over 70 different lenders, giving you more flexibility when making a decision. Our consultants have had extensive experience within the banking, financial and corporate sector. At New Vision Financial Services we specialise in finance lending for home, investment, business, commercial, asset, debtor and many other requirements. As New Vision Financial Services has progressed, we have developed strong relationships with professional service providers such as; Financial Planners, Accountants, Settlement Agents, Leasing & Equipment Providers, Debt Management Specialists and any more to allow our clients access to a complete suite of services.