Where to from here? Buying and selling property in 2020.

Written by Stonehouse

Kim Franklin, Principal Agent. Writer of the Blog and guides here at Stonehouse. For more, check out our people or give us a call.

27 April 2020

It is no illusion that local and offshore financial commentary has been pointing toward another probable global recession, with 2020 being in the crosshairs for such a widely anticipated event. Another ‘correction’, similar to the 2008 GFC with many renditions of the effect this may have.

However, it seems we were all looking the wrong way on this occasion with an unquantified player stepping onto the court unannounced. Covid-19 will undoubtedly have its own agenda for our planet in its own right and must surely be an unwanted catalyst for fuelling any prior predictions, regardless.

Let’s keep it real from the get-go.

This situation will not have a favourable outcome in many ways, property matters included. Human loss from a global viral pandemic has not been a significant factor in prophetic economic forecasting. It had not been a consideration within our current speculation mentioned above, or in 2008; nor was a simultaneous catastrophic global business failure, mass global unemployment, or international country isolation – on a biblical scale.

Our immediate situation will not be business as usual. For anyone to bounce around in the ‘this will come right before Christmas’, or ‘it will all be OK next year’ is just heading towards mega disappointment at great speed.

We know this. We lived through the GFC aftermath from 2008.

In addition, Cantabrians know only too well what additional effects an untimely ‘rogue’ component has on a recovering economy from the 2010 – 2016 earthquakes in this region. Confronting the brutal reality of your own situation is vitally important at this time, making a plan and rigorously implementing it to survive each day; mentally, emotionally, and physically must be an immediate priority.

The full fallout has not arrived yet, there is rough water ahead. It is unavoidable. This is not the first time we have had an uncertain property market and it will not be the last.

To be fully prepared, the worst outcome has to be at the forefront of any practical thinking.

Should selling your property becomes a consideration for any reason, do not delay in getting an assessment on where the current market value may sit. Time will be a significant factor in this unpredictable climate, do not underestimate this. Be decisive.

Our expertise is in facilitating the successful sale and purchase of a property. We have parties lined up for site viewings of our stock in this coming ‘level 3’ week. Getting a real flavour for how the market is going to react first-hand, will provide an opportunity to verify the conditions we may be about to experience. As a Professional Consultancy, (not just a sales office), we will not be sugar-coating anything that would otherwise benefit our agency at the expense of our clients’ wellbeing. Understanding any immediate or foreseeable market shift will determine how we progress.

Dividing realistic fact from idealistic fiction has never been more important. This is a minefield, let’s avoid stepping on any.

Call us today for a confidential conversation on your property situation; an impartial, honest discussion without manipulation or ulterior motive.

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