Real estate guru Tom Panos reveals how the property market is ‘crashing’ 

A real estate expert has claimed the duration homes are spending on the market has ‘blown out’ as listings languish and buyers bide their time. 

Tom Panos said the market was becoming overwhelmed and demanded vendors to bring their prices down amid the glut.

An SQM report revealed the number of properties that have languished on the market for more than 180 days have sky rocketed since the same time last year. 

Real estate guru Tom Panos took to social media on Thursday (pictured) and dished out a brutal reality check for sellers to bring their prices down 

Figures showed these stale listings have soared in Hobart with the city recording a whopping 214 per cent rise since December 2021. 

Sydney topped a mammoth figure of 47 per cent and Melbourne rose by 27 per cent in stale listings, while the national numbers were up by 14.3 per cent. 

Mr Panos said the real estate agents have overpriced properties in order to get a hold of them, planting that pricey figure in the vendor’s head.

‘And then the vendor thinks, ‘I want to get that price, that’s what it was worth back then’, it may have been, it most likely wasn’t, [it was] overpriced,’ Mr Panos said in a TikTok video.   

‘The days on market has just blown out completely … ‘don’t think the longer it stays on the market [vendors] have a better chance of getting your price, no, the longer it stays on the market the cheaper your home becomes.’

He then compared buying a home to grocery shopping, where a product that stays on the shelf and doesn’t sell, is discounted to get rid of it. 

Mr Panos (pictured) said the real estate agents have overpriced properties in order to get a hold of them, planting that pricey figure in the vendor’s head

‘[Buyers will] say there is something wrong with it, why is it sitting there – like Woolworths and Coles, have you seen things that have gone past the use by date?’ he said. 

‘They are slashed to sell, they don’t stay on the market at Woolworths and get dearer they absolutely get cheaper.’ 

But Mr Panos said it was good opportunity for real estate agents to grab a hold of properties as contracts between homeowners and other agents expire. 

‘What this does mean is if your’e a great real estate agent you have a great source of potential listings, it’s called expires,’ he said.   

Meanwhile, other cities baring the brunt of the stale listings included Perth, which was up by 13.7 per cent, Brisbane at a 12.6 per cent hike and Darwin at 12.9 per cent.

Adelaide was one of the major cities with lower figures compared to December 2021 sitting at a 7.7 decrease, while Canberra’s day on market numbers hardly budged at a 0.3 drop.