Online Real Estate Technology

I don’t often post news from other sources mainly because I’ve set this blog up as a technology resource, but reading the following story it got me thinking about why, you as real estate agents, really need to continue to market and promote yourself agressively in the market. Wether you do this in traditional media or on line, it’s imperative that you keep your profile high, because when the consumer does start to look at buying or investing, you want to be the one they’ll use. So keep your profile “TOP OF MIND”, use the tools I’ve posted about on this blog and let me know if you need help. I’m only a comment away.

So on that note, here’s the story from the domain.com.au property newsletter.

To buy or not to buy? That is the question…or is it?

There’s so much going on in the economy at the moment as a result of the global financial crisis. The headline news talks daily of recessions, comparisons to the great depression, stock market plunges, rising inflation, increasing unemployment, the collapsing Australian dollar, freezes on management funds, record lows in consumer confidence, low retail sales, the biggest car financing companies pulling out of the Australian market and the list goes on and on and on. So what’s one supposed to make of all this?!

There are always a lot of things you naturally consider when you decide to invest in property. For many the prospect alone can be quite daunting, especially when you consider that it is usually the single largest purchase you will make in your lifetime. Add to that the fact that the average person will spend most of their life paying it off unless of course you inherited wealth, were fortunate enough to marry into it or you successfully created it yourself.

We asked Domain.com.au users if the recent global financial shake-up has changed their property investment plans. The resounding result? Schreeeeeech! Half of Australians have put their property investment plans on hold. 48% said they are delaying their property investment plans and are not making any big decisions right now. 17% of people said they are going to continue with their existing property portfolio and 19% signalled their intention to grow their property portfolio as planned.

While many blame the US property market and its irresponsible lending institutions for causing the financial crisis in the first place, it has come full circle and has now resulted in significant cuts to interest rates here (my rate has reduced 1.3% in just a few months), with more rate cuts expected in both November and December this year.

Enter Mr Rudd to the rescue, who is now guaranteeing your bank deposits and boosting the first home owners grant from $7 000 to $14 000, or if you purchase a new home or newly constructed home you’ll get a nifty $21 000 in your pocket.

Are these new measures enough for you to screen out everything else going on in the world at the moment despite the uncertainty of it all? It would seem for some that the answer is a simple YES. 17% of respondents indicated that they are going to invest in property sooner that they otherwise would have.

This weekend I was at the Home Buyers Show in Sydney and I was very interested to see what the attendance at the show would be. Would it be quiet? Would anyone turn up? By the end of the weekend I would have a clear signal as to how people were feeling about the property market right now. What happened? There were a lot (and I mean a lot) of people at the show, the tide may have turned. It was standing room only at all of the seminars and I nearly lost my voice from answering so many questions. 

Thanks to Jeff Lim for his insightful look at the current property market.