It's a Great Time to Buy!
Good grief, another week of real estate misery in the papers, I don’t know about you but I am so bored with it all. Just once could the stories go along the lines of "why now is a good time to buy"? It actually is a great time to buy. There is more choice available to buyers and the rate of property price growth has slowed almost to a standstill. Almost, but not quite.
June 2008 statistics are out and they show a 0.2% growth in the median selling price in Upper Hutt from June 2007. Now this doesn’t sound like bad news to me, but hey, what do I know? There was some not so happy news though, there were 37 property sales in Upper Hutt in June, this was the lowest sales in a month since the real estate institute started keeping records in 1992 and way down from the 73 sales from June 2007.
Now, as a Real Estate salesperson myself, the last statistics are the ones that should be causing me to panic, 37 sales, approximately 90 salespeople in Upper Hutt, my maths isn’t great but even I can figure out that a lot of my industry colleagues are going to be hurting. But one thing I do know is that the market ebbs and flows with a good degree of consistency every year, it doesn’t matter how many sales there are, 10,000 or 1,000, the flow of the year shows that there are naturally less sales in winter than any other time. The hard working salesperson will continue to make phone calls, continue to show homes and will continue to sell property. The market will undoubtedly be stronger as winter dissipates, what is apparent is that we are extremely unlikely to see the numbers of sales that we have seen in recent years repeated or the rate of growth. This brings me back to my initial point, it’s a great time to buy. Now wouldn’t that be a great headline to see in a newspaper?
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