Hey hon, how are you going? what a bummer about your house taking so long to sell. I remember that you are from the sunny coast. Our house is in Cooroy in a great location, since we've lived here there have been a few neighbouring houses sell, some for much less than what we would want to sell for but then again our house is on the high side of the street and has more internal features in it. Hmmm I wonder if we should put it on the market and just see if there are any buyers. I wonder what real estate fees would be involved. I was just looking on a real estate website and the property market has dropped stacks from when I look a few months ago Now I'm wondering if we should just hold onto the house? we can service the loan no worries so maybe we should just ride out the storm... oh what to do, what to ??
Yeah, I think it's pretty clear the market in on a downhill spiral. Some suburbs are still performing well but as a whole, most areas are starting to hurt. We are in Perth and it's had a 7.5% slump in the past year. That's huge.
We are counting our blessings we sold our last house (which we built - walking distance to Fremantle - and had been in for only a year) at the tail end of the boom as our friends in the same area are struggling to sell their home. Just 2 years ago, they would have had people putting in ridiculous offers over the asking price BEFORE the home opens. Yes, it was that nuts over here. They've actually just taken their house off the market as it's been 5 months with only one offer and they need a break for a bit.
As you say, there would be pros and cons to selling now. You could definitely snap up a bargain in the near future BUT you also run the risk of selling your current house at a loss. It's such a gamble at the moment.
One of my close friends lives in Melbourne but her and her future hubby are going to move to the Gold Coast in a year or so. They've just bought a 4x2 with a pool close to the beach (5 minute walk) and only 10km north of Surfers. They paid $540K - $100K under the initial asking price. Admittedly it was a deceased estate but seriously, that seems crazy!
Perth definitely needed a shakeup in my opinion. It was so over inflated over here and while I'm grateful that it worked in our favour on several occassions, it has made it difficult for a lot of people and now the big slump is only making things worse. It will be nice to see the houses more afordable over here but it's sad that so many families, in particular, will be (or have already been) hit hard.
Thanks Taurean, we don't need to sell so we wouldn't let our house go at a loss. We would be happy enough to make a much smaller amount though or even break even as our 'win' would come from having so much extra money in our bank account, being debt free and being ready to buy when our dream bit of land shows itself. I think I've decided to put it on the market and see what happens. Not sure what the real estate fees would be but will find out tomorrow. Another bonus for us is that we could rent much closer to dh's work, at the moment it's a 30 min drive. Seeing I am not going back to work there is no need to be where we are now. Gosh so much to think about!
Sounds like a good plan and it can't hurt to see if there are any 'takers' out there
We moved to our current house (which we are actually knocking down early next year to build again - woohoo!) so we are much closer to DH's work too. We only a 15 minute drive in traffic (each way) instead of 40 minutes. We are in an even better suburb now too and plan on staying here - hopefully forever!
We can't remember exactly how much our agent fees were but we think it was around 2.5% and the only thing we paid for prior to the sale of our house was advertising fees of around $2K. We had a full coloured 'For Sale' sign out the front of our house which displayed beautiful photos (taken by a professional photographer) and details of the house. The agent also had gorgeous full colour brochures for clients and our house was on realestate dot com with loads of great photos. We were really impressed with what was included in our advertising costs and have no doubt it helped to sell our house faster (we sold in 6 weeks) and for our asking price
Now I'm wondering if we should just hold onto the house?
we can service the loan no worries so maybe we should just ride out the storm... oh what to do, what to ??
Reply With Quote
Bookmarks