SELLING AT THE WRONG TIME
Some properties just aren’t selling.
The truth is that there are currently some property markets at the moment that is finding it really hard, e.g. luxury/executive houses. These properties are typically bought by highly paid executives that in recent years have been flying high on large salaries and bonuses but now that economic hard times have fallen upon us there are fewer of these executives willing to spend large amounts of money because they’re just not confident in what tomorrow will bring. Investors that have bought properties in mining towns around Australia have been hit by the drop in demand for our resources and are also now facing a tough time.
Some properties are thriving right now.
On the other hand, the first home buyer market , have seen some really good prices lately with increased demand being driven by lower interest rates (affordability), increasing rents and the governments increased first home owners grant.
But you know what, don’t make the mistake of thinking that there aren’t any luxury homes or mining town properties selling and selling well – because there definitely are some that are. And don’t think for one moment that every ‘first home buyer type house’ is just flying out the door at record prices – because they’re not, some are taking a while to sell and some aren’t reaching the prices that others are.
So how do you work out whether it’s the right time for you to sell or not?
You need to look at what’s happening in your own back yard and forget what might be happening in other states, towns and suburbs. You need to look at what other similar properties to yours have sold for in the last 6mths, what’s currently for sale and talk to some of the better agents in your area to understand what they are seeing happening in the market – they are the ones that are taking the calls from potential buyers and sellers every day in your area – they more than anyone are going to have the best understanding of whether or not you are going to be able to get the money you want for the sale of your property.
For additional information on when the right time to sell your home is, please contact:
Jeff Wu
Century 21, New Millennium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com
