{"id":10479,"date":"2017-02-12T01:00:54","date_gmt":"2017-02-11T14:00:54","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10479"},"modified":"2017-02-12T01:00:54","modified_gmt":"2017-02-11T14:00:54","slug":"buying-in-a-buyers-market-vs-sellers-market-cate-bakos","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/buying-in-a-buyers-market-vs-sellers-market-cate-bakos\/","title":{"rendered":"Buying in a buyers market vs sellers market – Cate Bakos"},"content":{"rendered":"

We discuss with buyers agent Cate Bakos<\/strong>, the contrast for buyers when buying in a seller’s market vs a buyer’s market, how tactics need to be different, how agents and vendors behave and understanding the differences in the data and auction clearance rates.<\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin: <\/b>\u00a0Joining me now is my guest Cate Bakos, a buyer\u2019s agent from Cate Bakos Buyer\u2019s Agents.
\nGood day, Cate. How are you?
\nCate:<\/b>\u00a0 I\u2019m good, Kevin. How are you going?
\nKevin:<\/b>\u00a0 Fantastic, thank you. Nice to be into 2017. I want to ask you a question that I\u2019m sure you\u2019ve faced from time to time and I get asked quite often. We talk about buyers\u2019 and sellers\u2019 markets, but how should buyers and sellers \u2013 buyers in particular \u2013 be reacting in those different markets? Should they act differently, Cate?
\nCate:<\/b>\u00a0 They sure should. We have some very noticeable traits for each of the sellers\u2019 and buyers\u2019 markets, and it can really determine how patient or what sort of move is required for a buyer, whether it\u2019s taking your time to analyze the appropriateness of the property over a longer period of time, how you might commence negotiations, how you\u2019ll deal with the agent versus having a fair bit of time pressure and needing to make a quicker decision on the basis of all of the information at hand, because the two markets can certainly make a big difference for any buyer.
\nKevin:<\/b>\u00a0 Yes, I can understand that agents would certainly act differently in buyers\u2019 and sellers\u2019 markets, just dependent I guess on how much control they have, and if they\u2019re in a sellers\u2019 market and when they work specifically for the seller, I guess they\u2019re going to feel like they are in a lot more control, Cate.
\nCate:<\/b>\u00a0 They\u2019re certainly spoilt with strong buyer numbers and some really unprecedented strong sales results. An agent in a sellers\u2019 market will be finding that they need to have listings on hand for the buyer demand. So you tend to find the agent\u2019s energy is spent chasing listings in that sort of market.
\nIt doesn\u2019t mean that they don\u2019t service the buyers well, but they have more time in a buyers\u2019 market and need to change their focus to be there for the buyers and to try and get the sales across the line. The difference in agent energy is really noticeable, because in a sellers\u2019 market they have to find the properties. They have to get a listing.
\nKevin:<\/b>\u00a0 Yes. It would also vary a lot, I would imagine, as to how you negotiate with an agent in that environment as well because they have a lot more control in a sellers\u2019 market, don\u2019t they?
\nCate:<\/b>\u00a0 They do. They won\u2019t be quite as negotiable. They\u2019ll most likely run an auction property all the way through to auction, particularly if they feel comfortable and confident with how the campaign\u2019s going. And they won\u2019t be so excited about presenting a low or a moderate offer to a vendor in a sellers\u2019 market. They\u2019ll expect to present a strong and competitive offer.
\nSo the way that you pitch your first offer or the way that you negotiate has to really take into account what sort of market you\u2019re in, because you don\u2019t get an opportunity to get cute or to toy around with lower offers in a sellers\u2019 market. The property will be sold to the next person.
\nKevin:<\/b>\u00a0 I guess you have to bear in mind, too, as a buyer\u2019s agent you\u2019re representing the buyer. You\u2019re then having to negotiate through an agent to get to the seller.
\nCate:<\/b>\u00a0 Very much so.
\nKevin:<\/b>\u00a0 Your tactics would vary, as well, I would imagine. It would be very different in those two markets, Cate.
\nCate:<\/b>\u00a0 They will. In a buyers\u2019 market, you have a bit more of a luxury to try and see where the vendor\u2019s acceptance point might be, as low as it can be. And in a sellers\u2019 market, if you risk doing that, you risk losing the property altogether because there are other buyers lining up around you and it\u2019s a fast-moving pace.
\nIn particular, you have to face auctions a lot more in a sellers\u2019 market. So being able to negotiate prior to auction is not even an option in a sellers\u2019 market sometimes. So I have to take into account not just whether it\u2019s a buyers\u2019 or a sellers\u2019 market, but the popularity of that campaign, as well. Sometimes there are mini gluts of properties or you have mini droughts. Even in a sellers\u2019 market, you might have a buying opportunity and vice versa.
\nKevin:<\/b>\u00a0 Do you look at data differently in those two different markets, as well? There is a lot of data that\u2019s available; we promote it in this show here. But do you look at different data dependent on the market?
\nCate:<\/b>\u00a0 We certainly do. You have to understand how to segment some of that data, because an auction clearance rate is a valuable piece of information but when you can break it down to dwelling type, as well, and understand exactly how apartments or townhouses or villa units are fairing in that market, and keeping an ear to the ground and staying in touch with local agents and seeing what other competing sales are going on at the same time are all micro pieces of information that are really important.
\nKevin:\u00a0 <\/b>Cate, always great talking to you. Thank you so much for your time. All the best, and look forward to talking to you during the year.
\nCate:<\/b>\u00a0 Same here, Kevin. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

We discuss with buyers agent Cate Bakos, the contrast for buyers when buying in a seller’s market vs a buyer’s market, how tactics need to be different, how agents and vendors behave and understanding the differences in the data and auction clearance rates. Transcript: Kevin:…<\/p>\n","protected":false},"author":176692471,"featured_media":10481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,36,25],"tags":[101],"class_list":["post-10479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nBuying in a buyers market vs sellers market - Cate Bakos - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/buying-in-a-buyers-market-vs-sellers-market-cate-bakos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying in a buyers market vs sellers market - Cate Bakos - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"We discuss with buyers agent Cate Bakos, the contrast for buyers when buying in a seller’s market vs a buyer’s market, how tactics need to be different, how agents and vendors behave and understanding the differences in the data and auction clearance rates. 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