Ensure you never miss an issue of the
real estate business bulletin
Upgraders told to act now: RE/MAX

Upgraders told to act now: RE/MAX

by Reporter 0 comments

Upgraders that are waiting for a spike in the property market before selling their home could be falling into a trap, RE/MAX Western Australia managing director Geoff Baldwin has said.

According to Mr Baldwin, all indicators are suggesting the WA property market will continue to recover strongly and post steady value growth over the coming 12 months.

“When people see the market showing signs of growth the temptation is to hold off and wait for more profits however this can be a big trap if you are considering upgrading your home,” he said.

“Put simply, while you are waiting for your current home to increase in value the one you are going to buy will almost certainly be doing the same hover the gap will be widening.

“If you current home is currently worth say $500,000 and you are looking to buy a better house that is currently worth say $700,000 the gap is $200,000 today.

“However, if you wait for the market to increase 10 per cent you current home will go up to $550,000 but the better home will go up to $770,000 increasing the gap to $220,000 and costing you an extra $20,000.

Mr Baldwin said in a rising market the best advice for prospective upgraders is to take action sooner rather than later.

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Upgraders told to act now: RE/MAX
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?