FOMO is definitely back

What a month October was! We are seeing a strong return of FOMO from buyers post-election, resulting in a rise in pre-auction offers and sales. What are your thoughts - is the auction market back?

First-Time Buyers Driving the Market:

A noteworthy trend that has shaped the real estate landscape in October is the dominance of first-time buyers. Data from CoreLogic reveals that a significant 26% of recent home purchases were made by first-time buyers.

This percentage has been steadily increasing over the past year, underscoring their growing influence in the market. It's particularly evident in the lower-priced segment of the market, where first-time buyers are actively seeking affordable properties to call their own. This trend is no surprise given the increased activity among this group, who are capitalising on the opportunities available.

Despite Rising Interest Rates, Buyer Activity Persists:

One might wonder whether the rise in interest rates would deter buyer activity. However, the data shows that despite these increases, buyers remain active and eager to secure their future homes. This persistence suggests a strong belief in the value of homeownership and a commitment to their long-term financial goals.

Encouraging Signs for Sellers:

If you're a prospective seller, these trends offer encouraging signs. The surge in pre-auction offers, the increasing presence of first-time buyers, and the continued buyer activity all point to a robust real estate market. It’s a great time to get in touch with me today for a confidential discussion on your real estate needs.