It’s all about the long-term view!
Don’t worry, don’t fear! There is no real estate disaster here!
The mainstream media is now a wash with the emerging news that property prices in recent weeks appear to have fallen. Yes, it is correct that for the short term, we are seeing subdued prices being achieved and properties sitting around on the market much longer that they were previously.
Money is harder to get and more expensive than we have gotten used to. Prices are indeed sliding backwards according to recent statistics. The question is, is this permanent? Absolutely not!
Well, not if you have a long-term viewpoint. Let’s face it, most of us own our property or in some cases properties on average longer than 10 years. Some say the average ownership is 14 years in Aotearoa, New Zealand.
If you go back 14 years, and look at the price’s properties sold for, you will surely now say “that was cheap then”. But if you look at the newspapers and read the articles published just before the GFC hit, they were all saying how ridiculously high house prices were in 2008! You see, it’s all relative.
I am willing to bet that in another 14 years’ time, should we be able to see into the future, we would no doubt fall off our chairs at the outrageous price’s properties will be then.
My encouragement to you, whether you are a retired couple looking to sell the family home or a first home buyer that bought your prized property at the peak of the market a few months ago. Don’t worry! In the context of when you bought it, versus when you sell it, you will always be better off no matter what the market does in the short term. All the while, you will get to raise your family, make memories, enjoy the place you live and maybe do a few upgrades here and there. If you own your property as long as most people do on average, your home will serve you well and hold a ‘market relevant value’ at all times. Rest assured.
If you are wanting to buy or sell at this time, as the saying goes, “keep calm and carry on” so long as you buy and sell in the same market, you will always be ok.
My very strong recommendation however, is that there is never a more important time to stick with the tried-and-true sales company and a skilled and competent salesperson. You are now competing with other vendors for the same buyer. I cannot emphasise how critical it is to employ the services of a great agent and agency, not a cheap or ‘odd ball’ one. Now is not the market to risk your property in the hands of the wrong (or cheap) agency.
Proudly Mcdowell Real Estate have been here 111 years. No company offers more heritage and stability in our city than we do at the Professionals!
Give us a call. We will absolutely protect your value in this tough market.