How to purchase well in a declining market, with Jo Bell – Ep. 69
Also Available On
For the latest episode of this bonus series of the property investing journey, Mike is joined by Buyer’s Agent and Founder of Rent.Buy.Move and Buy Smart Real Estate Buying Specialists, Jo Bell, to talk about purchasing in a declining market.
With extensive experience in both buying and selling property, Jo has a wealth of knowledge earned in all types of markets. In this conversation Jo and Mike talk about the current market and answer the question on everyone’s lips – is the market declining across Australia, and is it a good time to buy?
It’s easy to see why Jo has had so much success. Her no-nonsense approach and clear language cuts through the confusion and talks to the heart of the topic. Jo explains why property investment is a long term proposition, the difference between market value and real value, and why it’s important to act when you find a property that’s right for you.
Jo and Mike discuss why it is critical to develop good relationships with sales agents and how the vendor’s motivation can affect the price. With examples down to the $1000, and Jo’s top tips for buying in the current market, this is a conversation you can’t afford to miss.
Here at MCG, we are passionate about creating a forum and education series for property owners and investors. We do depreciation differently, and offer a set rate for Replacement Cost Estimate reports. A first in the industry. Join our clients saving more on their tax today https://www.mcgqs.com.au/
Mike is joined by Buyer’s Agent and Founder of Rent.Buy.Move and Buy Smart Real Estate Buying Specialists, Jo Bell, to talk about purchasing in a declining market. With extensive experience in both buying and selling property, Jo has a wealth of knowledge earned in all types of markets. In this conversation Jo and Mike talk about the current market and answer the question on everyone’s lips – is the market declining across Australia, and is it a good time to buy?
What we cover in this episode
Dealing with the competition element at auction
Should you buy when the market is in decline?
Understanding the median value
The correlation between a declining market, decreasing volume and price
Vendor discounting and days on market
Discipline and having a concrete plan
Jo’s top tips for buying in a declining market
“I think always in property a longer term view is sensible because the cost to enter and the cost to exit is substantial in Australia so I don’t think we should ever be buying with the view to turn over in 12 months or 24 months” Jo 4:28
“Market value is hype, market value is what someone is prepared to pay for property. Real value is how a property actually stacks up given its size, its location, it’s access to amenities and transport” Jo 5:39
“Have a good relationship with the selling agent in the respect of having them contact you when things do come on market, but an agent will sell to the person they can sell the easiest to at the highest price, just remember that because they’re being paid by the vendor” Jo 8:10
“If you go in too soon with an offer Mike you’ll be disregarded because they haven’t had enough market feedback, so you’ve got to get the sweet spot of timing” Jo 11:20
“I caution anybody to be throwing offers in at the top range for the sake of getting a property, definitely keep it to the bottom end” Jo 12:20
Enjoying the Show? Let us know!
Are you a fan of The Geared for Growth podcast? If the ideas and tips we share in each episode are inspiring you to become a more knowledgeable property investor, subscribe to the show and leave your honest review to let us know!
Share This Story, Choose Your Platform!
The Geared for Growth property investing podcast was created by Mike out of a desire to provide value to his property investor clients. The idea is to source Australia's leading property investment experts and find how they and their clients are achieving exceptional results. The podcast is open to anybody interested in learning how to invest and the strategies you can apply to achieve exceptional results. You'll hear from buyers agents, mortgage brokers, strata managers, accountants and other professionals all sharing their insider knowledge.