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Know When To Hold 'Em, Know When To Fold 'Em.....

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  • Know When To Hold 'Em, Know When To Fold 'Em.....

    I have been selling real estate for nearly 20 years and am in the top echelon of sellers for my organisation.I am privileged to have, as long term clients, many investors who have a professional awareness of their business and who know and abide by their legal obligations.They treat me with civility, politeness and respect, as I do them.
    I have seen the property cycles come and go.Along with each cycle,many new investors fall by the wayside,often because they are impatient,make bad choices,are inexperienced,and fall for get rich quick schemes.
    They do not really have a feel for when to buy and sell.They cannot see the road ahead.
    Among my listings for this week are 3 residential properties from investors who are facing foreclosures for differing reasons.They are all clients that have dealt with me several times, over many years.They know that, for them, NOW is the time to Sell,even though one of them will be lucky to retrieve their purchase price of 8 months ago.
    I think that these vendors are making wise decisions to quit now; they know what is best for them.They know that the market will not improve and that come Spring when a flood of listings occurs,market prices will collapse. The signs are there now.And they know that prices will stay down for a long time,taking property investment back to its original basis of being an excellent long term investment.
    Property has become overvalued in NZ.It will fall, is falling, and many of the "new" investors who have bought within the last 4 years will be confronted with a severe plight.I am fielding calls and visits daily from such people,seeking my opinion on the current market.They bought seeking capital gain;some are facing big capital loss.And buyers are very thin on the ground.Waiting, waiting....
    You need to know when.

  • #2
    Originally posted by ladyagent View Post

    They know that the market will not improve and that come Spring when a flood of listings occurs,market prices will collapse. The signs are there now.And they know that prices will stay down for a long time.


    Property has become overvalued in NZ.It will fall, is falling, and many of the "new" investors who have bought within the last 4 years will be confronted with a severe plight.I am fielding calls and visits daily from such people,seeking my opinion on the current market.
    I appreciate your honesty and I believe what you are saying to be correct. I hope you are just as honest with your buyers, when they ask for your opinion on the current state of the market.

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    • #3
      For 20 years,or thereabouts,my buyers seem to have been satisfied with my honesty and ability.Many remain loyal clients to this day .I just tell it the way I see it and it is usually right .. (but not always!).

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      • #4
        So, if I were to come to you today as a buyer, with a pocket full of cash. You'd advise me not to buy at the moment???

        I've heard of 2 examples of Real Estate Agents, in the last 2 weeks, trying to talk the market up. One Agent was from Levin and the other from Upper Hutt.

        Their comments were:

        "prices are beginning to move again" and

        "we've bottomed out, America is rising again, and we're following"

        Talking the market up is one thing but these statements are blatant lies.
        Last edited by Aston; 02-05-2008, 04:14 PM. Reason: sp.

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        • #5
          It is always your choice when to buy.You know what is best for you.I do not advise people when to buy.

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          • #6
            Thank you, that answers my question perfectly!

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            • #7
              Ladyagent

              I think people like yourself on this website, are absolute diamonds. You've been around (you know what I mean) for obviously a long time (several cycles) and can share insight with the younger investors among us.

              I've seen Olly Newland speak at a couple of seminars and I couldn't help but wonder, with the experience of being in several (4 I think he said) cycles, if it wasn't like being able to see into the futures crystal ball.

              Of course, this is the thing we call 'experience', and it can't be bought.

              I appreciate your words of wisdom Ladyagent.

              Thanks.

              Cheers - Pete.
              "Measure Twice - Cut Once"

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              • #8
                good on ya ladyagent, most of us know whats happening out there, and good to hear it confirmed from `the other side`
                an agent in hawkesbay told me yesterday prices werent dropping!! in amazement that anyone could think they were! i replied off the top of my mind `ask any valuer` `they dont know what theyre talking about` was his reply. i said thanks and bye. adding him to the list in the OUT column.

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                • #9
                  ladyagent, how would you define these people who are "seeking my opinion on the current market"? Would you call them investors, traders or speculators?
                  Thank you.
                  Don't argue with idiots, they'll drag you down to their level and beat you with experience.

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                  • #10
                    and if you don't mind me asking, there are some things I'm curious to clarify in this section:
                    And they know that prices will stay down for a long time,taking property investment back to its original basis of being an excellent long term investment.
                    How do they know that the prices will stay down for a long time?
                    How "prices staying down for a long time" will "take property investment back to its original basis"?
                    How property "prices staying down for a long time" make property "an excellent long term investment"?
                    As always looking forward to your reply!
                    Don't argue with idiots, they'll drag you down to their level and beat you with experience.

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                    • #11
                      Originally posted by Aston View Post
                      I appreciate your honesty and I believe what you are saying to be correct. I hope you are just as honest with your buyers, when they ask for your opinion on the current state of the market.
                      She doesn't work for the buyers.
                      www.3888444.co.nz
                      Facebook Page

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                      • #12
                        Ladyagent,

                        If you are as you say, in the top rungs of your company for sales, and assuming your company is not a small one office oufit, then you are cold, heartless and you go for the jugular, giving little thought to the clients well being unless that client is likely to come back to you with a listing.

                        You are also a clever businesswoman who knows how to charm and, if need be, to get a good price for your vendor from a inexperienced buyer. You know how to talk the talk and to be all things to all men, changing hats at the blink of an eye.

                        And to the novices here who praise your ostensible honesty and openness, there are plenty of other agents on this site who are just as informative and helpful as ladyagent but who may be less inclined to act as if they are talking to a potential client.

                        xris

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                        • #13
                          Originally posted by Keys View Post
                          She doesn't work for the buyers.
                          Yes I accept that she acts for the vendor but if I approach Ladyagent, as a buyer, and I ask her opinion of the current state of the market I would hope that she'd tell me the following..

                          "that come Spring when a flood of listings occurs,market prices will collapse"

                          and also...

                          "Property has become overvalued in NZ.It will fall, is falling, and many of the "new" investors who have bought within the last 4 years will be confronted with a severe plight"


                          Call me a cynic but I'd be VERY surprised if she would tell me anything vaguely resembling her above quoted comments..

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                          • #14
                            but as a buyer you could be choosing to purchase a house for any number of reasons, some of which are unrelated to price.

                            Lady agent is first and foremost in the business of SELLING houses, not giving free advice.
                            two ears and just one mouth.. for good reason.

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                            • #15
                              Originally posted by princess View Post

                              Lady agent is first and foremost in the business of SELLING houses, not giving free advice.
                              I'm well aware of the business of a REA.

                              The bottom line of what I'm saying here is that REAs have two "opinions" of the market... one they convey to buyers and the other to vendors.

                              And what's more they tell lies.

                              Comment

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