To sell or not to sell?

To sell or not to sell? I hear a lot of people say they are going to sit the market out and wait for it to improve before selling.  That makes sense if you have no intention of re-entering the market, but it doesn’t make sense if you plan to buy in the same market.

The reason being is, it’s all relative.  If you are selling below your ideal sale price, it’s likely that you will also be buying below another seller’s ideal sale price.  So what does that mean? Simply it means if you take an offer that’s $10,000 to $20,000 below where you ideally wanted to sell, the property you buy is perhaps going to sell at a similar discounted rate or percentage.

Likewise, if you wait for the market to improve, any capital gain you have achieved is likely going to be offset against your purchase. The variable here is how much you are going to pay in Selling Fees, Stamp Duty and Conveyancing Fees.  Those fees are based on Sale Price.  The higher the sale price, the higher the fees.  There’s no getting away from that.

My experience is that there are only two real reasons that prevent people from making smart moves, profitable moves, during a slow property market.

1. Lack of consideration and education of the property market.  The people heard mentality to simply follow status quo.
2. Ego and pride.  They don’t want to sell below their ideal figure.

These two decisions ultimately end up costing people more than just financially, they stunt or delay people from moving forward with other plans, enjoyment and life decisions.

One of our current listings:- 16 Bartlett Way Canning Vale.

Written by Real Estate Plus Licensee Brock Gurr.