Wait a bit- or sell IP now

illawarra IP has been listed for months. Selling to reduce debt. Finally got 2 offers but 15-10% lower than asking price.

Accept it or wait a bit. Is there value in waiting til Spring, hoping more momentum in market. Or take this the second offer.

 

No one can answer this question for you based upon the information provided.

Do you need to sell?
Is it tenanted?
If so what is the monthly shortfall?
What exactly will you do with the funds?
What are the terms on offer?

And probably 50 more.

 

What does your agent suggest?

 

Any answer you'll get here is pure speculation. so really there are two choices.. spill your financial situation/reason to reduce debt and get 50 opinions from online strangers, or go see a financial planner. Typically a FP will take a conservative view to property, focusing on whole-of-portfolio stability. If they say hold, that's probably a good indication you're safe. Odds are if you have any vulnerability in your portfolio they will say take the offer. Then its just up to how much risk you want to wear, and if you think they pay-off is going to be worth it.

 

Agreed on above. There is no way to provide an answer to that without additional back ground information into your motivation for selling and the purpose of the funds upon sale.

People sell property for all sorts of reasons and whether or not you accept an offer is determined entirely by those varied reasons. Generally speaking, if you don't need to sell and aren't happy with the offer then don't take it!

- Andrew