The take off
As the plane prepares to take off, everyone on board is looking forward to their destination, enjoying a rest, catching up on some work during the flight or the in-flight entertainment.
A few optimists might even be looking forward to the in-flight food.
For the property market, this is when anticipation is growing.
Buyers and sellers are keen, with both asking prices and listings rising.
Even though prices haven’t increased significantly, investors are confident that they soon will.
It could even herald another boom, but it’s too early to be sure.
The inflight safety demonstration
We’re in the air. Uh oh!
Thanks for reminding us that things can go wrong.
Now we have to assume the crash position, see how to use oxygen masks and check where the emergency exits are.
We are even shown how to don life vests equipped with a light and whistle.
It’s not comforting to know that disaster could strike – not comforting at all.
This occurs in the property market when doubts emerge, as buyers and sellers start to pull back, suddenly aware that markets do sometimes crash.
Asking prices and listings fall as we brace for the worst, but will it occur, or will we land safely?
Unfortunately, a few flights do end in disaster, and this also sometimes occurs in property markets when demand collapses.
Everyone tries to sell and no one is buying. In other words, asking prices drop and listings rise dramatically.
Property prices then fall, and many investors are ruined.
The safe landing
Luckily, virtually all flights end with a safe and happy landing.
The passengers are now excitedly looking forward to their holiday, business meeting, catching up with friends and family, or simply arriving home again.
In the property market, such times herald the start of a real boom.
Asking prices are shooting up and it’s hard to find properties listed for sale because buyers are snapping up properties as soon as they go on the market.