To sell or not to sell?

Ha! Well the agent definitely didn't want to tell me, but one of my properties is on the market, so.. If the buyer's feedback is anything to go by combined with the current state of affairs, I'm now expecting that come auction it will pass in.​

 

that sounds very extreme. How could the agent be so confident it’s dropped so fast when the market has barely had time to react yet.

sounds like a red flag to me. Maybe check with other agents

 

A "potential" decrease isn't a decrease Dmash.

 

I know, that has crossed my mind. A quarter percent rate rise and then boom, 25 percent reduction in value. It doesn't equate to me. There was lots of "we'll push for every cent" and "buyer's are liars" lol, but they were definitely trying to warn me to lower expectations and questions like "but didn't you only buy it for x amount" amd "I'm having a lot of hard conversations with owners" which was concerning to hear from my own agent. Night and day to the talks we had just a couple of weeks ago. It's like we we're discussing am entirely different property.

 

Look at current comparables to yours. If they are selling for a lot more than the agent is telling you, I'd look for a new agent. If the comparables are selling for much less than you want, it's likely your expectations were unrealistic from the start and the agent just told you what you wanted to hear to get the listing. And now he's 'expectations managing' you to get it sold. This happens a lot.

 

While there's no denying that some areas are coming off the boil, it doesn't ring true for all areas. You want an agent that will work with you to get the maximum they can, not one who just wants a quick sale, so he can get his commission. Check listings, and current selling prices. Compare to what you've been told by your agent.

 

The market isn't really crashing at the moment, it is more in a holding pattern actually. The market is waiting for clarity on things like the election as well as interest rates.

What I have seen personally, and what agents in multiple areas have confirmed to me, is that the defining feature of the market right now, is not really falling prices, it is very poor quality of stock. There is still plenty of buyers out there, and this is definitely not 2018. So if you have a good property, this alone will distinguish you in today's market, and the market is strong enough to get a good price.

 

What I have seen personally, and what agents in multiple areas have confirmed to me, is that the defining feature of the market right now, is not really falling prices, it is very poor quality of stock. There is still plenty of buyers out there, and this is definitely not 2018. So if you have a good property, this alone will distinguish you in today's market, and the market is strong enough to get a good price.[/QUOTE]
Thanks very much John. This aligns with what I had thought. Ie. it's more or less plateauing/marginally dropping if anything. It does make me nervous that the agent is eluding to a sudden crash. Whether they never believed in the guide they offered or they're just hoping to sell quickly is another question.

 

You’ve only got cold feet because you’re emotional about your PPR. But your reasons for wanting to upgrade are sound.

Sell now. Rent in your new OR old area depending on personal needs and wishes. Buy when you see what you like. I’m fussy so the type of place I actually like only come up about once a year.

 

Both Libs and Labour have similar agenda re: property as an overall asset. On basis of that, I don't think election outcome would make much a difference on someone's decision to purchase property now or later.

Infact there may be more people wanting to get their piece of the cake just after the election (I think). Buy now (if your situation permits) whilst the panic of interest rate hike is still fresh in vendors and other buyers mind.