shoud we sell in Byron?

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From: Shelly R



Hi Cynthia,
The Byron market has cooled down somewhat in
the last couple of months.
Agents are telling me sales are slow and vendors are no longer fortunate enough to be getting their advertised price.
There are a lot more properties on the market.It's not exactly a buyers market but
for the first time in awhile buyers have some
negotiating power.
The rental market is deadly,the worst in years.
As you know Byron is extremely seasonal.
I suspect the recent mad rush of purchases by investors has resulted in an over supply of rentals.
Considering the the value of property,permanent rental returns are very poor as there is little employment here.

Apart from all that,Byron has had fantastic
capital growth over the years.The town is
land locked with no near or future land releases.It's coastal,it's popular and
there is only one Byron,always has been and always will be.
Seems a shame to sell as you bought so well in 98.
Cheers Shelly
 
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Reply: 1
From: Anonymous


Shelly,
Thank you so much for your advice- I am inclined to agree as any of us who know the area can't help but adore it- but when the rental isn't doing what you need it is tempting to consider selling.
Perhaps what we should do is refinance, restructure and hold on.
Thanks
Cynthia
 
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