{"id":20545,"date":"2018-03-13T01:00:55","date_gmt":"2018-03-12T14:00:55","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=20545"},"modified":"2018-03-13T01:00:55","modified_gmt":"2018-03-12T14:00:55","slug":"how-to-know-what-the-property-market-is-doing-brett-warren","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-know-what-the-property-market-is-doing-brett-warren\/","title":{"rendered":"How to know what the property market is doing \u2013 Brett Warren"},"content":{"rendered":"

We have discussed Days On Market and Discount Levels but I am keen to know if these two stats are ones that are important to people who buy property all the time \u2013 sometimes as many as a few a week.\u00a0 Brett Warren<\/strong> who is a buyers agent says that, while they are important, they are not the most critical stats he uses.
\nTranscript:<\/strong>
\nKevin:<\/strong>\u00a0 I want to get a description now on the meaning and importance of days on market and seller discounting. We\u2019ve spoken about it before \u2013 days on market and seller discounting \u2013 how it\u2019s an important factor that you should consider when you\u2019re looking at buying a property, but also, as a seller, for you to understand what sort of market we\u2019re in right now.
\nI\u2019m sure that Brett Warren, who is a buyer\u2019s agent from Metropole Properties, quite often has to look at these things and understands the importance of them. He joins me to talk with me about it.
\nGood day, Brett. Thanks again for your time.
\nBrett:<\/strong>\u00a0 No problems, Kevin. How are you going?
\nKevin:<\/strong>\u00a0 Good, mate. How often do you refer to these? Is it something that you\u2019re commonly looking at, and what indicators does it give you?
\nBrett:<\/strong>\u00a0 Good question. It definitely is something we look at. Obviously, we don\u2019t want it to be something we look at all the time and every day, but it\u2019s probably important to keep an eye on these monthly or at least quarterly to understand what\u2019s happening in the markets. Are the numbers getting larger or smaller, and the trends we\u2019re starting to look for, and things like that.
\nKevin:<\/strong>\u00a0 Let\u2019s talk about them one at a time. Days on market: how is that determined, and why is it important?
\nBrett:<\/strong>\u00a0 That\u2019s obviously roughly, the time it takes for a property to sell. I think it was important that at the start of the introduction there, you distinguished that it\u2019s obviously good for investors and people who are looking to buy property, but also good for sellers, as well, not only to understand the marketplace but one of our services is recommending the right agent to sell with.
\nOne of the tools we use is the actual agent\u2019s days on market, which can be found. If you\u2019re looking to sell through an agent who has high or low days on market, that can help you make a decision, which is good.
\nThe other side of things is from an investor, so obviously, if we\u2019re starting to see days on market shorten month to month, quarter to quarter, then there is obviously more demand in that suburb. Prices are probably going to be starting to move again, and that\u2019s really important to understand from an investment perspective.
\nKevin:<\/strong>\u00a0 I guess from a seller\u2019s point of view, too, if they can understand how long it\u2019s taking to sell a property in a particular market, it also tells them about how much competition they\u2019re going to have when they do list, isn\u2019t it?
\nBrett:<\/strong>\u00a0 Yes, absolutely. It gives them some heart, as well. If it doesn\u2019t happen in the first week or two, they\u2019re a bit more comfortable to know it may actually take four or five weeks. That gives them a bit of comfort as well and probably takes a bit of pressure off the whole situation.
\nKevin:<\/strong>\u00a0 In a normal market, how long does it take to sell a property? What should a seller expect?
\nBrett:<\/strong>\u00a0 Good question, Kevin. Last year, just for an example, the statistics last year for the average Brisbane house, the days on market was about 34 days, and for apartments, it was almost double that; it was 61 days. That\u2019s an average from last year, and obviously with the apartment over-supply, it almost took twice as long for an apartment to sell.
\nKevin:<\/strong>\u00a0 You raised an interesting point there earlier, and that is the power of the agent. When you are looking at employing an agent, it\u2019s good to ask them \u201cHow long is it going to take, do you think, to sell my property? What\u2019s the average selling time in the area? And what is your average selling time?\u201d just to see how astute they are and their understanding of those numbers, as well, Brett.
\nBrett:<\/strong>\u00a0 Most definitely. Also, there\u2019s actually information now on RealEstate.com. You can click on the \u201cFind an Agent\u201d part, and that\u2019ll actually give you some of that information you are talking about, but very, very important, if you\u2019re selecting an agent, to understand that.
\nKevin:<\/strong>\u00a0 Let\u2019s talk about seller discounting. What is it, and how important is it?
\nBrett:<\/strong>\u00a0 Seller discounting is important. It gives us a good indication if the prices are being met that are being set and things like that. If there\u2019s a big discount in an area or if it\u2019s slowly getting larger and larger, that means that there is quite a gap between what people are asking and what it ends up selling for.
\nWe need to understand that and monitor those trends. If those price discounts are getting shorter and shorter and getting closer to the asking prices and selling for the asking prices, and in some cases, over, then that\u2019s a good sign that that area is starting to improve. Conversely, if there\u2019s been a really hot area and it\u2019s starting to discount further and further, then that may mean that it\u2019s time to move on.
\nKevin:<\/strong>\u00a0 One of the important reasons why a seller should understand seller discounting is because every seller wants more than their house is worth, so therefore, they\u2019re going to build a little bit of fat into negotiation. But if you build in too much fat, you\u2019re going to lose the pool of buyers who are in the market right now, Brett.
\nBrett:<\/strong>\u00a0 Yes, definitely. Also, agents are quite smart and savvy, and they\u2019re trying to get the best prices for their client as well, so when prices do move and they continue moving, it actually gets to a point where they won\u2019t continue moving. But if an agent is not quick enough to re-adjust and they keep setting the price and the bar higher and higher, those discounts become more and more, and it becomes quite a gap.
\nKevin:<\/strong>\u00a0 What\u2019s a normal discount level?
\nBrett:<\/strong>\u00a0 Again from statistics last year, Kevin, the average house price, the discount was about nearly 4%, and for apartments, it was nearly 5%, so again, a bit of a discount there. But on a $600,000 property, it\u2019s almost $25,000.
\nKevin:<\/strong>\u00a0 That\u2019s a lot of money, and it\u2019s something that buyers and sellers need to bear in mind. Mate, it\u2019s been great talking to you. Brett Warren is a buyers agent with Metropole Properties in Brisbane, a great font of knowledge, and a good run down there, mate.
\nThanks for your time.
\nBrett:<\/strong>\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

We have discussed Days On Market and Discount Levels but I am keen to know if these two stats are ones that are important to people who buy property all the time \u2013 sometimes as many as a few a week.\u00a0 Brett Warren who is…<\/p>\n","protected":false},"author":176692471,"featured_media":20546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,36,21,22,25],"tags":[101],"class_list":["post-20545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-renovation-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nHow to know what the property market is doing \u2013 Brett Warren - 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\/how-to-know-what-the-property-market-is-doing-brett-warren\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to know what the property market is doing \u2013 Brett Warren - 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