January 2014 will be a buyers’ market and investors should make ‘lower than usual offers’, according to a Sydney-based buyer’s agency.
Skeen Property Buyer’s Agents' Robert Skeen said unsuccessful sellers from the tail-end of 2013 will be looking to offload their properties in early 2014.
“The seller’s motivation is enormous at this time because their higher expectations earlier in their marketing campaign have now had a reality check by the real market,” he said.
Mr Skeen said investors could also benefit from the ‘seasonal hangover’ of other buyers.
“The demand for property in January has always been lacklustre with the hangover from Christmas, Boxing Day sales and New Year’s day. Buyers tighten their belts after the financial splurge of the festive season. Furthermore, buyers are on holidays locally and abroad – and so are their minds,” he said.
Investors can use the New Year to re-offer bids which were rejected in late-2013 and can offer a short settlement period to further their chances of success with buyers who have already bought elsewhere, according to Mr Skeen.
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