When we read property market predictions in the media, it seems there is a strong argument for almost every position. Economists say that interest rate rises will place downward pressure on prices, yet we see prices rise month after month. Then we hear that migration levels will force growth in the supply of housing, yet government plans have had little impact.
Every direction you look you find someone arguing for their position, and in the opposite direction there is another person arguing against it. So, the question then becomes–what are you waiting for? The property market is never stable. It rises, it falls, demand goes up, demand goes down. This confusion and uncertainty can paralyse property owners. Those wanting to relocate, upgrade, downsize-whatever their goals are–simply don’t, for fear of making the wrong decision.
If we sell today, might we get more tomorrow? If we wait long enough, could we buy at a lower price? At Clark Real Estate, we believe the most important price is the “Changeover Price” –the difference between what you sell for and what you buy for. It’s what the move will actually cost you.
If upgrading is going to cost you between $300,000 and $400,000, small movements in the property market won’t have a large enough impact to make the move any less worthwhile. If the market shifts by 10%, this will usually affect both the property you are selling as well as the one you are buying. Please don’t make the mistake of trying to time the market perfectly. It’s unlikely you’ll nail it.
Remember this great real estate advice: Rather than living in a property you don’t like and waiting for prices to rise, sell now and live in the home you do like. Then sit back and enjoy it’s rise in value.
So, what are you waiting for?
