Our client had recently sold their family home and were looking for a change. We had already negotiated a long settlement in their sale which meant they had time to consider their purchase and subsequent move.
Their next move was not governed by location, but rather by the property’s “X Factor”. Design, Privacy, access to amenity and a view or leafy outlook were major considerations.
This home was identified as an ideal property back in early March before COVID-19. With a price guide of more than $7 million it was quickly ruled out as an option. Our clients were very disciplined with their budget and as the search unfolded the buying landscape changed. With some patients, the same property came within reach After being on the market for over 130 days, the opportunity to re-engage on the property presented itself and negotiations ensued. The result was a price significantly lower than the original guide. We achieved terms that suited both the purchaser and the vendor.
In this market – hall marked with short supply, buyers are invariably competing with vendors on price, not other buyers. Understanding vendor motivations is key to negotiating an outcome favourable to both parties.
Knowing how to achieve nuance in the transaction process is the key to a successful outcome.
More than 80% of current transactions are happening via private treaty and off market. The distance between the purchaser and the under bidder is not reported, so knowing how to secure a property at the right price comes from experience. This is how you achieve value in transacting.
Many thanks to Alex Phillips for making this transaction possible and achieving a good result for both parties.
Contact Stuart Jones to discuss how he can assist you with your family home purchase.
