The Golden Rule.

Firstly, shout out to half of Mosman in Europe!! I'm jelly...stuck here in Sydney....another week, another raft of conflicting media reports on what is happening in the market.

Despite the wishes of many motivated home buyers stock remains surprisingly low. This may have a lot to do with Winter, school holidays etc but whatever the reason choices are limited.

This lack of supply is creating a real dilemma for people thinking of moving, the big question being do we buy first or do we sell first?

Both strategies carry risk.

If you buy first at the moment it’s a pretty bold play. I find it fascinating how many people go out looking and buy because ‘they got a good deal’ but are then shocked when they sell their own home to find the interest in their own property is underwhelming.

Equally if you sell in a stock tight market you face the risk of not finding anything suitable and possibly becoming marooned if the market does the unthinkable…prices goes up.

It feels like we are hanging in the balance at the moment but the golden rule when it comes to property is you should buy and sell in the same market. Doing this covers your position, sure you may sell for less but you buy for less…it’s the changeover that matters.

In my opinion, the best play in this market is to sell first and negotiate a longer settlement. This gives you complete certainty on what you have to spend and additional time to find the right property, but the catch is you have to buy.

Whilst I think it’s unlikely the market will go up sharply in the next few months I’m old and wise enough to know that it could. Look at what happened in the face of a global pandemnic and lock down…the experts came out calling a crash…where are they now?

Thank you to everyone who got involved last Sunday at the Mini Mos, it was a great day and we felt very proud to be part of it (my legs disagree).

Until next week,

David