I emceed the International Ray White and Loan Market conference this week, where more than 2500 agents hit the Gold Coast ready to learn, celebrate and collaborate.
We heard from a former prime minister, international entrepreneurs and even rockstars! Surprisingly it was the rock star, Pink’s drummer Mark Schulman, who made the comment that resonated with me the most.
He was being metaphorical about life when he stated that “life is just a series of NOW experiences’’.
In real estate one of the hard life lessons that the industry teaches, to buyers, sellers and agents, is that real estate is a now business.
The property is worth what it’s worth now. The time you are selling it. It could be worth more in the future, but it could also be worth less. The only definite is that it’s worth what is on the table right now.
I remember selling people properties in 2007, honestly thinking that they would be worth more in a few years, as the market was flying, only to on-sell some of those homes for as much as 40 per cent less just a few years later.
Similarly, I have had properties on the market for years, finally got an offer, sold it and then a better offer comes in just after it sells (insert face slap emoji).
This is the cold reality of real estate. We use comparable sales to estimate or try to predict what a stranger that we haven’t met will pay for a property.
We use these sales as evidence to help buyers feel comfortable paying more, but if they won’t or the bank won’t let them, then their best offer represents market value that day.
Seasonally real estate is about to head into one of its most buoyant periods. As the NOW game works, this is the best time to sell. It doesn’t always go to script, but with the heat slowly leaving the southern states and heading north, ‘now’ could be the right time.
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