The last week has seen a trend that I haven’t seen in my time in real estate. The phones not ringing, emails have come to a halt and not much is happening at all.
The rental market is still very tight with latest figures showing thew market has not improved. Rentals are only taking a matter of days not weeks to secure a good tenant. The vacancy rates are still very low at 1.5% for Newcastle.
Experts are saying that the depressed market has worse to come. Some analysts are predicting as much as 10% further reduction on housing prices. Real Estate is a market where you can buy and sell at the right or wrong time and end up with mixed results. now is the time to buy.
My experience says that there are some vendors who are willing to take offers that are far below their expectation.
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