Sellers are not getting their asking price.
On Monday FNB released their second quarter Residential Property Barometer and it showed that 85% of sellers are not getting their asking price.
There are some sellers whom are starting to sell their properties at a loss just to get out of the market. I think that if you really can not afford your property you have to start considering your options. Do you still want to be able to buy property eventually? if yes you might have to cut your losses now, so you can get in to the game the next round, more educated and experienced.
I hate having to get rid of property because I believe in the buy-to-hold method of investing, but I will cut my losses to ensure I can invest tomorrow.
There are a couple of real estate investing gurus out in the market today that make a lot of money off people wanting to get into the property market. Make sure that you are not following blindly, make your own calculations and ask questions, hard questions. You will quickly find some of these gurus do not really have the answers and blame everybody else around them for their failed methods.
Stay positive, the market will turn again.
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