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NavigatorHome > Polish Property Blog > Have you got the Stomach to Buy Now?

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Have you got the Stomach to Buy Now?
March 2008

"If you are waiting for prices to drop they only do so for good reason so make sure you have the stomach for it."

 When you have worked in the world of property for a number of years it is possible to see the real "follow the herd" nature of buyers.

At the start of the millenium I worked in London as an estate agent. I was the kind of sad individual who kept meticulous records of buyers, including a list of those who said they were not going to buy until prices went down.

On the 11th September 2001 when two hijacked planes went into the twin towers every negotiator in my company was told to get on the 'phones and persuade vendors to reduce their asking price by between ten and fifteen percent.

Within the week the majority of the stock on our books had reduced values and I was working my way through a list of people who had waited for just this to happen. The reality was most were too scared to proceed. Now they wanted certainty on the global stage before they were ready to buy.

Today I see it again from private buyers and small time investors. The current stagnation or reduction in global real estate prices will not last long but most are too nervous.

The story is altogether different from the professional buyer. They are dancing with joy and running wild in a market where bargains are available at every corner, in every country.

By the time the frightened buyers of London returned values were already higher than pre 9/11 and they fought with sealed bids and contract races.

If you are waiting for prices to drop they only do so for good reason so make sure you have the stomach for it.

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