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.

Entry into a spring market usually livens things up.

What’s more, it’s going to dawn on people soon that interest rates are likely to remain stable or very close to being stable for more time to come.
All that’s needed are a few items of good news for confidence to get the market bubbling again and then everyone will be saying they wished they’d taken advantage of the market slow-down in mid 2010.

So, if you have are thinking about purchasing your first home, upgrading or perhaps an investment property, and want to know what the next step is – contact us today.