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The market in Albany has certainly taken a turn for the better over the last few months. More people are making offers on properties so the number of transactions has increased. Those living locally should have noticed more SOLD stickers appearing on signboards lately, which is reflective of the change in market conditions I’ve described. I’ve been writing multiple offers on some of my new listings and have experienced fierce competition between buyers recently, which is great news for sellers as it results in them achieving premium sale prices.
One of the most common things I hear people say when talking about real estate is “If only I’d bought that house at ……… (such and such a street)”. There are many people that live with the regret of not buying a property when the opportunity presented itself earlier in their lives, whether it was a home to live in or an investment property.
For those who have been contemplating a property purchase in Albany this year but not done anything about it, please give these facts some serious consideration. Property prices in Albany are as low as they have been for at least 10 years, and interest rates for those people needing to borrow money are at historically low levels. The increase in the volume of sales that we have been experiencing is suggestive that the Albany market is moving on to the next phase of the property cycle where we will see property prices stabilise before they start to increase again.
My advice to those who are procrastinating is that now is as good a time as any to take the plunge and make a property purchase. In the last 6 months we have sold properties to a lot of people are fed up with not earning any significant interest from their cash sitting in their bank. We expect that more people will follow suit over the coming months and this will add to the demand for properties. In other words, if you don’t get in on the action now, you may miss out on the property you have had your eye on or be forced in to paying more for it in the future.
Franklin D Roosevelt once said: “Real Estate can not be lost or stolen nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care it is about the safest investment in the world.” Give yourself the present of a new investment this festive season and contact the friendly staff at Merrifield Real Estate to help make it happen. As this year draws to a close, don’t be another person left thinking “if only I had bought that property”.