There has been alot of talk recently about how the market is improving, is picking up, how 2009 is going to be just like normal. I am afraid alot of that is just plain wishful thinking.
Yes, there is more activity than some agents were expecting – but some agents had gotten so used to zero transactions that a few properties being bought and sold feels like boom time.
I will stress again that the most positive aspect of the correction to date, perversely, has been how speedily house prices have fallen – really plummeted, fallen off a cliff, overnight (in the relative terms of the property market). Many have seen this and are negotiationg hard on the limited stock that is currently available.
So, at last, we have some kind of a market.
But I am afraid not even a few swallows make a summer. There won’t be a nice, easy-to see bottoming out. In fact, there won’t be any regular pattern at all. In the short to medium term the market will look more stable – but wrinkled and bumpy.
We will see flarings in the market as sellers price appropriately, and frustrated buyers find what they are looking for – and then it will go quiet again.
My advice has remained the same for 6 months. If you want to sell, speak to your agent and get onto the market. And if you want to buy, take advice and get into the market.
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