Thunder only happens when it’s raining…
If Stevie’s lyrics to ‘Dreams’ held up to meteorological theory, “Thunder only happens when it’s raining” might be corrected to “Thunder can occur in instances of precipitation or as an evaporative effect on cloud condensation”, which, let’s face it, isn’t quite as catchy.
So what’s this got to do with property, I hear you ask..?
Well, the headlines of late have mostly been doom and gloom BUT we must remember that property trading doesn’t cease if there’s no boom…
There are many reasons why people move. Some examples of this are a growing family who needs an extra bedroom or bigger yard, an executive whose long hours mean they want to live closer to work, a relocation back to home from overseas, that long awaited retirement that may entice a sea-change or new beginnings after death or divorce. In other words, not everyone’s motivation to move is purely financial, and therefore we need to get it out of our heads that the only time the market operates is when it’s booming!
Selling in a booming market often means that you’ll be buying in that same boom ie. big sale price equals big purchase price. Selling in a more regular market means you’ll most likely receive a more reasonable price and also pay a more reasonable price. You’ll also hand over less stamp duty to the Government and that’s a win too.
It’s elementary really.