Sep 2019 - Conversations with LS PROPERTIES - Adam Wallace-Harrison - lending conditions in our local neighbourhood

Tuesday 17 Sep 2019

We are already into the middle of September and powering towards Christmas!

The all important Spring selling season is on, and the number of listings is finally starting to grow after a very quiet Winter, where buyers were struggling to find sufficient stock to put on their shopping list. We keep having the same conversation with many owners and potential Vendors, and it goes like this:

Owner: "Isn't the market quite tough at the moment, and wouldn't we be better to wait until the market strengthens?"

Our response: "Actually now is a great window to get on the market, simply because there is not enough stock to meet the needs of buyers. So when demand exceeds supply, prices are held up, and owners can get a great result."

There is an important clarification to the above response, and that is that buyers are much more discerning, educated and patient. Homes need to be well presented, refreshed for market, and in most cases staging gives the home that special emotional appeal. We have seen great results using Bec Lawson and her team at Tailored Space, where their creative touch can give a room it's final "polish". The current popularity of reality TV shows like "The Block" have turned us all into interior design passionates, and buyers pick up on that final polish during home inspections.

The other critical element in securing a successful sale is finance and lending. In that spirit we thought it would be helpful to sit down with Casuarina local Adam Wallace-Harrison, who runs Loan Market, located in The Commons. There is little question that regulatory measures have tightened credit, and navigating through this process is what Adam does so well (maybe those skills learned on the rugby field playing in Super Rugby gave him the determination to "get it done"!)

The 16 minute video (link below) is worth watching as Adam answers some relevant questions like:

  1. What is the profile of your typical buyer in our market? (minute 3:15)
  2. How can buyers be best prepared to have their offer accepted (and avoid being gazumped)? (minute 4:38)
  3. Do services like "Afterpay" and ZipPay" impact the ability to lend? (minute 8:0)
  4. How long is it taking to get loans approved? (minute 11:58)
  5. How are valuers viewing the Tweed Coast market at the moment? (minute 13.10)

Thanks Adam for sharing your thoughts and some great advice.

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