Everybody's waiting...

Everybody’s waiting until after the election – As I have said a couple of weeks ago, I don’t think Julia will be representing the Labor party for long in this election, but that remains to be seen. As for real estate, everyone I talk to who is thinking about selling in Spring are waiting until after the election.

While I see some merit in that, I think with the numbers of people talking about doing the same thing, we will have a lot of property coming on all of a sudden. The market is still strong, although it has become slightly patchy over the last couple of weeks. I cannot see the election having a great effect on the real estate market either before or after and I think that if the Liberals get in, that may boost confidence in areas such as the North Shore. All in all, waiting until after the election may or may not be the right move. I believe the next hurdle we have to face is interest rates rising overseas and whether or not they will rise or fall in Australia

James' thoughts:

1. I was lucky enough to end up in the front row to see Arnold Schwarzenegger speak at the Hordern Pavilion last Thursday at the Financial Summit. As a speaker, I rate him a 9.5 out of 10. He was highly motivating, very entertaining and brutally straight forward. He shared his five tips for success and referred to himself as a professor of productivity. What that man claims to do in a day and has done so in a life time is truly phenomenal, regardless of what you think of his personal life.
2. Six weeks is more than enough time to sell a property in this part of real estate, being the Mid North Shore. After the first two weeks you should have a very good idea what your property is worth and then a clear strategy to achieve the best results. I believe there is one major thing to consider when your agent is asking you to reduce your price to meet the market and that one major thing is, “do you think that if the agent could get you the price you wanted and sell it today and be eligible for a good commission cheque, that they wouldn’t be doing it?” The answer is of course they would! So if you have chosen the right agent, and they have worked hard for you and have done everything right and the market isn’t prepared to pay your price, you can do one of two things. Take it off the market or meet the market. This should be done at the end of the second and no later than the third week of your selling campaign. Then you need to assess what you actually will gain by selling later and of course what you could possibly lose. There is no doubt that within the last six months, people who had held off selling in the past have had some advantages in a lot of cases of selling now however, it is a trade-off because often the place you are going to buy, after having sold, has also increased. My advice is be very rational and make the best decision to reduce the stress involved with this whole process on you and your agent.
3. At this time of year, creating a warm and cosy feeling in your home is essential. Put your gas fire (or heater) on and drape some urban/earthy coloured rugs over your lounge to add some warmth and style.
4. Be mindful, there are still good opportunities for buyers out there for that house that seems to be on the market for a while or for a property that appears to have a lot of interest and come auction day, everyone’s strategy is to do nothing. Be prepared for any eventuality and try and keep your emotions in check so you can make the right decision.