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South Coast Property Specialists (Carlene Franzen) Tips #1072: You Can’t Pick the Top of the Market

Vol 16 September 15th 2017 Making money in real estate should be simple. All you have to do is to Vol 28 December 7th, 2017 Vol 48 April 27th 2018 buy at the bottom of the market then sell at the top of the market. How hard can that be? In a hot market like we have at the moment, we often see prospective vendors (sellers) wait and wait before putting their property on the market, just in case they sell too early and don’t sell at the top of the market. We also see the reverse scenario with purchasers in a slow market waiting to buy so they don’t pay too much. There are several difficulties with both of these approaches. Firstly, buying and selling property is rarely a fast transaction. It’s not like zipping down to your local white goods store and buying a new TV which you can collect from their loading dock and have it working before the nightly news comes on. Most people selling a property will do so through a real estate agent. But to do so, most vendors have scheduled several agents to inspect the property, who will then provide them with a market analysis and a proposal which outlines their recommendations on the marketing plan, method of sale (private treaty or auction) and of course the commission and other expenses that may be incurred. Once the agent is selected and agreement is signed, they are not legally allowed to market the property until the vendor’s solicitor or conveyancer can provide a “Contract for the Sale and Purchase of Land”. This requires activities such as legal searches for the title and obtaining zoning documentation from council. Then of course you may need professional photography to be booked which has been known to be delayed by poor weather or access to the property if it happens to be tenanted. Once the property is on the market and an offer is made, it usually takes some time for the purchaser to undertake their due diligence with a building and pest inspection and arranging their finances before the property finally “exchanges contract” and it is legally sold. All these activities can take several weeks which in a rapidly changing market may have meant you have already missed the top of the market. The second difficulty with picking the top of the market is a technical one, but somewhat obvious when you think about it. You can only know the top of the market in hindsight. It is only when you look back at the recent sales transactions that you can see when the market turned. The other point to keep in mind, is that if you are buying and selling at the same time, there is an element of relativity in the price you get for your property and what you have to pay for your new one.

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Nov 26th - Robin Simpson at the Moruya Golf Club Nov 27th - Joe Driscoll at Tomakin Sports Club Dec 17th - Daniel Champagne will be returning to Smokey Dan's Dec 24th - Rick Bamford at the Moruya Golf Club Jan 1st - Bonnie Kay and the Bonafides $20 at the Moruya Golf Club

Jan 16th - “Eurobodalla live music” at the Moruya Golf Club Roddy Reason – Friday 28th January – Free at the Moruya Golf Club

The Catholics – Thursday 3rd March. Paid event cket pricing TBC at the Moruya Golf Club

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The Eurobodalla Country Music & Social Club will be holding it’s free monthly concert in the air condi oned comfort of the Mechanics Ins tute Hall Nelligen on –

Sunday 28TH NOVEMBER 2021. Commencing at 11.00am. The concert will be held in line with COVID REGULATIONS Entertainers include, Alan Neal, Steve O'Meley, Wayne Gumm, Brian Coulton, & many more. Visi ng entertainers are welcome and should contact:- Brian 0497278433 or Marie on 0418977003 Raffle and chocolate wheels are held to help defray expenses. All welcome for a great a ernoon of entertainment and friendship. This club supports Batemans Bay & Moruya Hospital Auxiliaries

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