Some buyers are sitting back waiting for the market to “come down”, yet in many cases, you can buy excellent value properties for circa 2006/ 2007 prices right now. The only way to know when we have hit the bottom is when the market is going up and to reflect in hindsight. No one is clever enough to know when and how markets will react with certainty.
The time to act is now. There is a lot of stock, and buyers that can buy, will find outstanding value.
For sellers, waiting for a better market is madness given the uncertainty of when and if that will occur in the shortterm. If you want to or need to sell, then sell now, and buy in the same market. There is no guarantee that waiting equals price growth in the short to medium term. Why would a seller stay in a home that does not suit their needs any more, or would make them unhappy, to wait for a 10 or 20% growth, when the one they want to buy will go up by the same amount? It is better to move now, and wait for the one you buy to go up in value.
Anyway, in the office in past weeks we have seen 7 new sales, as well as a lot of offers being written and negotiated.
We see the start of some strong buyer activity. For buyers jump in now and act as value is high. We all know of instances when after the fact, buyers said, “I should have jumped in when…”. There has never been better real value, the time to buy is right now.
See you in the market (IB…Ed)