Is It Still a Great Time to Sell Real Estate?

I’m pleased to report that eight or nine weeks ago, we said it was a great time to sell real estate. In the next three or four weeks following those announcements, some of the best prices in the last three years have been paid. 

The last couple of weeks we’ve seen a softening in prices which I can only put down to a few things:

• The relentless news about Europe, America and the financial situation.
• That some of the prices achieved were very good and have spooked some buyers into cheaper suburbs.
• The cold and rainy weather may have held some buyers at bay.

James’ observations:

Sellers:

• Over the last three to four years we’ve seen a lot of sellers withdraw their properties from the market having not achieved the price they wanted or needed.   I’ve only seen one case where placing the property back on the market at a later time has achieved a better price - That is a staggering result!
• The market will tell you what your property is worth. Not accepting that information and dealing with it with a ‘head in the sand’ attitude does not move you along to the next stage in your life or selling the property. Firstly, you need to do your research to choose the right agent. You need to listen to the advice of your agent, do all you can to get the best price, presentation and promotion and then sell the property.
• With around 40-50% of properties now being sold with the price undisclosed, many of these clients are not happy with the price they achieved,  however, this is all relative and if they looked along the sales, some of them are very good.

Buyers:

• Buyers are missing out on the property of their dreams because they feel they are paying $10,000 - $20,000 too much.
• Buyers are also sitting on their hands at auction instead of coming to an auction to negotiate and purchase the property.
• I’ve been in the market for a car for the last four years, would you believe?  Cars do not interest me as much as other people, however four years to buy a car is a lot of time wasted when I am pretty well back where I started.  I see this with so many buyers. 
• Everyone should be making a plan for the next twelve months, five years and ten years, factoring in as much risk as they can, then getting on with it.
• Where you live, or where you put your money is so important but it also requires a firm hand and a decision in life.
• Our economy appears to be doing very well.

Happy home hunting.  Please share any comments at james@forsyth.com.au.

Thank you.