Hi Boys and Girls,
There is always lots of talk about the market, and much of it is noise and self-serving comment with an agenda.
Here's our latest experience, and yes it is only one market, and you can use the info for your own conclusions. No agenda, no self interest.
We have a 2 x 1 unit in Central Frankston, which we have been trying to sell for a little over 3 months now (need some cashflow from the CG). Good location, close to everything, quiet court, rear courtyard, etc.
We are talking lower end of market price range where the majority of buyers are - FHB's, retirees and investors for our type of property (maybe not investors due to current yield on purchase price).
Was appraised by local agents at $265-$270k. I agreed, and we set it at $269k and were hoping for $265k.
After 2 months with this agent, we had exactly NO offers of any sort - other than one old Nanna who needed to sell her place first in order to buy (she still hasn't sold apparently).
There was also next to no interest as well during this time by way of enquiries.
So, gave this agent the heave-ho, and signed another. Still agreed on the price range, but recommended we go with a selling range of $245-$270k.
I said he was wasting his time, and would only get wood-ducks offering low $240's, but he was adamant he could get 'em up.
Fast forward 2 months, and the unit next door was advertised for $269k, very nicely renovated. Sold for $265k after a couple of weeks, but sale fell over due to no finance. Back on the market now at $259k.
Meanwhile, we have had not one offer of any kind with our you-beaut selling range; not even a stupid mid-$230's try.
So, I call the agent yesterday, told him he was wasting his time and ours, thanks a lot and see you later. He wan'ts to change the advertised sell price to $245k+.
We talked about things for a bit, he did his darndest to talk it up and keep things alive; reckoned that maybe - he said maybe the FHB's might come out again now that the stamp duty has been discounted.
I then mentioned the difficulty with getting finance and he said that "this has been and is continuing to be a problem across the board", he also said there were a big number of properties on the market right now, with lesws buyers, so it is harder to sell. No kidding.
I then said that we want to sell it, but will not be giving it away either, and when I said we want to nett $250k and could he honestly say he could achieve this (I knew the answer already) he said "Um...no".
We are going to re-advertise it for rent today - I hear rents are on the increase.
So, in a little over 3 months, the price has gone from $269k to $245k if you are lucky.
Now, Frangers is a big place, a blue collar city, so this - to me - is a good yardstick for the market....DEAD.
There is always lots of talk about the market, and much of it is noise and self-serving comment with an agenda.
Here's our latest experience, and yes it is only one market, and you can use the info for your own conclusions. No agenda, no self interest.
We have a 2 x 1 unit in Central Frankston, which we have been trying to sell for a little over 3 months now (need some cashflow from the CG). Good location, close to everything, quiet court, rear courtyard, etc.
We are talking lower end of market price range where the majority of buyers are - FHB's, retirees and investors for our type of property (maybe not investors due to current yield on purchase price).
Was appraised by local agents at $265-$270k. I agreed, and we set it at $269k and were hoping for $265k.
After 2 months with this agent, we had exactly NO offers of any sort - other than one old Nanna who needed to sell her place first in order to buy (she still hasn't sold apparently).
There was also next to no interest as well during this time by way of enquiries.
So, gave this agent the heave-ho, and signed another. Still agreed on the price range, but recommended we go with a selling range of $245-$270k.
I said he was wasting his time, and would only get wood-ducks offering low $240's, but he was adamant he could get 'em up.
Fast forward 2 months, and the unit next door was advertised for $269k, very nicely renovated. Sold for $265k after a couple of weeks, but sale fell over due to no finance. Back on the market now at $259k.
Meanwhile, we have had not one offer of any kind with our you-beaut selling range; not even a stupid mid-$230's try.
So, I call the agent yesterday, told him he was wasting his time and ours, thanks a lot and see you later. He wan'ts to change the advertised sell price to $245k+.
We talked about things for a bit, he did his darndest to talk it up and keep things alive; reckoned that maybe - he said maybe the FHB's might come out again now that the stamp duty has been discounted.
I then mentioned the difficulty with getting finance and he said that "this has been and is continuing to be a problem across the board", he also said there were a big number of properties on the market right now, with lesws buyers, so it is harder to sell. No kidding.
I then said that we want to sell it, but will not be giving it away either, and when I said we want to nett $250k and could he honestly say he could achieve this (I knew the answer already) he said "Um...no".
We are going to re-advertise it for rent today - I hear rents are on the increase.
So, in a little over 3 months, the price has gone from $269k to $245k if you are lucky.
Now, Frangers is a big place, a blue collar city, so this - to me - is a good yardstick for the market....DEAD.