Watershed: a crucial turning point affecting action…
The year 2009 will be a watershed year for Real Estate. The market as we knew it has gone. The talking heads in the media have finally admitted en masse that we are in a recession and we have now internalized it. The results have been evident for the last many months. Listing volumes are substantially higher, sales volumes are significantly lower and prices have been falling. Now that I have written the words no one wanted to speak, how are we going to deal with the situation if we have to sell or buy Real Estate in the future? We can only sit and wait for so long.
If you are a seller and intend to move within the market (up, down or lateral) it is business as usual, as you are dealing with relative values and need only plan a longer time frame to accomplish your goals. The larger volume of listings gives you greater selection and more time to find the best home for your needs. Conversely it will take you longer to sell your property, so be sure to plan the extra time.
If you are selling and not reinvesting in Real Estate, be quick to the market and be very realistic in your price because values are decreasing, as consumer confidence remains low. Therefore, the sooner you are out of the market, the greater the equity you will realize.
If you are a buyer with nothing to sell, time is on your side. In your favour are low interest rates, large inventory volumes and minimal competition. Your greatest concern is if the right house comes along should you buy now or bet on prices dropping further. At some point the cost of renting will become more than the value of owning and gaining equity while enjoying a more secure lifestyle.
The market analysts this week announced the 2009 projections, headlined with an estimated 10% drop in values in Victoria, without much hope of recovery well into 2010.
Those people tend to be conservative in their outlook protecting us from their perception of bad news. The good news is we now know what to anticipate in the market for the next two years.
I have worked this market before. My thirty years of experience is here to support you or anyone you refer. Call me…Let’s Talk.
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
