Buying or Selling Properties Now?

LTrops on 22/03/2020 - 14:24

Wife and i were just in the market for investment property 2months ago but since the covid pandemic - we will put this plan on hold for 1-2 yrs.

Had a real estate rung me the other day - the agent was for a house we visited in December. So 4 months in then a random call - is business very slow now?

Just wanting to have a feel what’s happening now if you’re selling or buying?

Seller:

  • What is the interest like? (i know this will differ with each location)
  • what do you do after each open inspection? Sanitised the whole house? I assumed its much worse if you’re still living in the property.

Buyer:

  • interest? On hold? Best time to buy?

Keen to hear any of your thoughts.

Home & Garden

Comments

  • TheBilly on 22/03/2020 - 15:35
    +6

    I just bought a PPOR this month. I think the best time to buy a PPOR is when you need it. The best time to buy an investment is when the numbers stack up to highlight it's a good decision. Have you done the numbers on a property you are interested in?

  • Zachary on 22/03/2020 - 15:42

    4 subs, no posts….nice….

    If you wait and the house prices drop, there could be a chance that there could be no one willing to sell since the pandemic wipes out all businesses so you won't be able to buy anything even if the house prices comes crashing down because no one is gonna be there to sell to you. I guess you can squat in it…?

    On the other hand, if you don't wait and buy it now, at least you will get the house but probably won't be at a nice cheaper price….

  • Euphemistic on 22/03/2020 - 16:58
    +3

    Nobody knows what will happen in the short term. In the longer term it’ll get back to ‘normal’ though.

  • Traveller107 on 22/03/2020 - 22:59
    +2

    Neighbour had an open yesterday. Over 20 groups and 4 written offers already. This is a house that's been on the market for a month but there seems to be a sudden rush of buyers now. Good offers too. Looks like Genuine buyers are rushing to buy now. Cheers!

    • Traveller107 on 23/03/2020 - 10:06
      +1

      So get negged for stating what has happened with the neighbours property instead of speculating or fearmongering? Good one!

    • AlanHB on 23/03/2020 - 11:28
      +2

      Ive attended quite a few auctions lately and I haven't seen slowing down yet either.

  • ProlapsedHeinous on 23/03/2020 - 06:41

    a lot of people holding back on new builds too, due to the coronavirus. a lot of uncertainty atm

  • Hadiunforgiven1 on 24/03/2020 - 09:03
    Merged from Buying a House This Crazy Time (COVID-19)

    Hi everyone,
    I bought a house in Sydney 4 weeks ago and paid deposit of $110,000 (5%). I will have to settle in 10 days. Do you think I should pull out in this market and lose my money? What else will I lose? Or I should ask the owner for more discount?
    Thank

    • [Deactivated] on 24/03/2020 - 09:05
      +1

      member since 5 minutes

    • [Deactivated] on 24/03/2020 - 09:08
      +1

      no need to flex but ok, which suburb

    • TheBilly on 24/03/2020 - 09:11
      +2

      Can you afford to keep it? is your job secure? how much do you earn? what will your loan amount be after settlement? There is like 20 other questions to be answered before your question.

      • Hadiunforgiven1 on 24/03/2020 - 09:15

        I can afford paying the loan for another 6 months if I do not work at all but I am asking this because of the market in the next 6 months that I can buy a house up to %20 less than this!

    • EightImmortals on 24/03/2020 - 09:11
      +3

      So you can walk away from 110K with no problems? I call bs.

    • TheMindsetTraveller on 24/03/2020 - 09:22
      +1

      If you do not settle, you can incur the following 1) interest chargeable per day you miss settlement 2) once you can't settle after an extension you lose your $110K and 3) you will be potentially liable for up to the price difference the seller sells it for.

      Let's say the seller has sold the house for $1.9m. You originally contract is $2.2m. You can be up for $300,000 plus interest charged daily, less $110,000 deposit.

      • Hadiunforgiven1 on 24/03/2020 - 09:25
        +1

        WOW! SO it's better to stick with whatever it is!

        • TheMindsetTraveller on 24/03/2020 - 09:28
          +1

          Speak to your lawyer to confirm. Obviously everything is negotiable per se but strictly speaking; you agreed to buy at $2.2m, the seller now can only sell for $1.9m, he had a $300k loss. There could have been potentially another buyer at $2.195m when you exchanged contracts.

        • ssquid on 24/03/2020 - 09:32

          Who would have thought actions can have consequences!

  • wirelessbrain on 28/03/2020 - 13:25
    Merged from Given The Coronavirus Situation, When Will Be The Best Time to Buy a Property in Melbourne?

    I'm hoping to take on the first home buyer scheme and planning to buy a property (ideally freestanding house or townhouse in the suburbs within no more than 15km from Melbourne city) sometime in the next 6-8 months. Given the coronavirus situation now when do you would be the best time to buy?

    • elgrande on 28/03/2020 - 13:27
      +7

      Wait until 5pm tomorrow afternoon.

      • [Deactivated] on 28/03/2020 - 13:38
        +4

        just to be sure…

        AEST OR AWST?

    • plmko on 28/03/2020 - 13:40
      +1

      6-8 months will still be boom time prices, enjoy.

    • [Deactivated] on 28/03/2020 - 13:44

      Who knows?

      sometime in the next 6-8 months

      Why not?

    • Nugs on 28/03/2020 - 13:54
      +1

      1995
      .

    • Brodo Faggins on 28/03/2020 - 13:56

      @OP - How long is a piece of string?

    • chumlee on 28/03/2020 - 14:00

      4:55pm

    • Ughhh on 28/03/2020 - 14:14
      +1

      BOGOF on 01/04/2020

  • [Deactivated] on 28/03/2020 - 17:17

    Had a real estate rung me the other day - the agent was for a house we visited in December. So 4 months in then a random call - is business very slow now?

    Same thing happened to a mate and I , except that it came from the vendor directly rather than his RE. They were willing to take a $120k less than previously. They couldn't afford to keep paying 2 mortgages and wanted to offload this property ASAP. Only time will tell if that was a good deal or not.

  • [Deactivated] on 03/04/2020 - 12:57

    Wow. I am a security guard with two degrees (Commerce & Accounting), earning 60k gross finding it hard to afford rental with family and new bub and people during the current crises are buying properties, visitng auctions :-D

    Moment of silence for me :D

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