Getting there, I hit up the back yard today after work. Needed to keep my mind off things. Mrs reckons I should get shitty more often hahahaha
Hopefully good things to come this year though.
You are viewing a single comment's thread from:
Getting there, I hit up the back yard today after work. Needed to keep my mind off things. Mrs reckons I should get shitty more often hahahaha
Hopefully good things to come this year though.
I hope things come good for you man. I mean, we're all faced with tough times in our lives; What counts is what we do when they arrive. Just keep moving forward, keep doing the things that keep you and your family strong and it'll all come together. ☝️
I really don't have it that bad and can't complain, just struggling with adulting. Stuck at the moment as COVID completely almost ruined us.
In short I drew on equity of current home to buy house and land further out. All was good had approval. Then right before title COVID hit,preapproval ran out. Went to reapply after paying deposits. Bank then said they couldn't loan the cash. (I put down 80k)
Scrambled to find a lender, got one. Land title was delayed due to COVID. finally titles for real, Bank also says new changes can't fund the whole thing. They covered the land, I lost 40k on build deposit. (Currently taking action due to COVID not my fault)
Now I'm stuck with paying for land, current unit and can't build.
Trying to sell the unit, all I'm asking is 440k which is lower end of the market and what we need to cover deposit for the build. But everyone is under paying using COVID as an excuse.
House is too small for us atm and just bleeding cash with the struggle of paying 2 mortgages.
My current unit value is 460k to 480k literally an older one sold before COVID at 470k and many new ones with less land and shared drive ways going for more.
But like I said, I'm not in a bad position. We'll get there.
I recall the land purchase thing and that that there were issues with the loan. It sucks and sometimes the timing of things is diabolical, clearly in your case it is. (Covid etc.)
Here in Adelaide things are selling well, good prices and reasonably quickly. I was under the impression that was the case elsewhere but clearly in Melbourne it's not. I guess the negativity of the second lockdown and the ramifications of it have dented confidence. I'm in the industry here but that doesn't mean I know about other States and so I could be wrong. Just surmising.
All I can say is to ask the sales agent for recent sales data of similar properties in and around your suburb. RPdata (core logic) will be able to demonstrate what's sold recently, last three months, and that's what's most relevant. It seems you're not asking an exorbitant price but the market dictates and with little or no action on yours there's a reason why. It is important to know that reason as it may be something you can work around. Your agent should be doing this stuff, not just sitting back...They need to be proactive.
The market is always going to lowball, it's what they do, and then the agent negotiates. The problem comes when no one is there to offer. I don't know the situation but try something different: Change the photos order on realestate.com.au, change the text and give it a new look. Change the price too...For instance, if you're asking $440,000 flat make it $439,950-$449,950 or some such thing...A little bit over and little but under what you really want. It shows movement, that you're willing to work with the market, and may draw in buyers. That, with a refresh on the appearance, may help.
Remember, the marketing price is about drawing people there, that's all. The selling price is negotiable but the sales person needs someone there to negotiate with to get the ball rolling. I'd never ask a person to change their acceptance price, just the marketing price.
It's difficult for me to say (help) much without knowing all the ins a s outs of it, but have a think about the above, if you haven't already.
Good luck and all the best.
Yeah we relisted from 420k - 460k to 440k - 460k.
I think the main issue is there aren't many buyers. Same reason why we are moving a little further out. It's cheaper. It's about Location. End result we stick it out for another year, grow equity, pay down debt and then rent this place out as an investment property.
Ok, seems like you've got a handle on it. I hope it all falls into place and you folks can get on with life.
Positive today, we sold out house for the 440k. Now off to rent and to start building
And just like that you're done!
Nice work mate. It must be a load off your mind huh?
In part yes, now to find a rental, move and build. But these are good head aches to have. This means 12 months of growth as a family which is awesome
Rentals have been hard to secure here for tenants; A lot of competition. My brother in FNQ is finding it hard too...Something will come up. The hard work is done though and you'll be able to push on and get things done!