An interesting time to be in the property market
The best market in which to buy has to be a slow market – or even better, a market that has prices drifting downwards and the length of time for properties to be on the market increasing.
This is because there’s a wider selection of property to choose from, there’s less
likelihood of a property being sold before you’ve compared it with others and you’ll
always find the seller far more negotiable. So going by that old adage: ‘Buy in gloom
sell in glee’ you would have to say that after all the negative publicity of a 2.5% decrease in values, the slowest market for some time, now is the time to buy!
But what if you have to sell your own property?
If you’re moving upwards to a higher value property then the present time has
to be really conducive to your aspirations, especially if you have a reasonable amount
of equity in your home. In fact if you’ve been in your home for some years and have
built up equity – the world as far as the local property market goes is your oyster.
While the market is running relatively slowly for all properties, every level
upwards is running at a comparatively slower pace. Each level upwards is seeing
homes sitting on the market for longer. This translates into some good buying opportunities. You should get a reasonable price for your property - not top dollar but
a reasonable price and you will be able to buy a higher level property at a far bigger
discount than you will have given your buyer. If this is for you, there may not be a lot of
time left to get underway.
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