by DavidWT » Mon Aug 08, 2022 10:51 am
There is never the right time or the wrong time to buy a home as far as the market is concerned. You are not professional property investors looking to buy low and sell high in a short space of time. You are buying a long term investment and more importantly a home for yourselves. When you eventually sell the property it’s highly probable it’s because you are moving so it follows you are also buying. So if the market is down when you are selling then this will be the same of the property you are buying.
I have been working in the finance side of the property market for the last 30 years and my experience of people “waiting” for what they think is the right time never actually buy. There’s always something going on which could influence market conditions . Forever concerned about buying at a high point so holding off until it comes down and then realising it doesn’t come down and wishing they had bought already, or worried about buying when the market is falling in case it continues to fall. And if the market is flat does that mean the market is about to turn!! You will never predict movement accurately, it is simply luck . Remember you are buying a home to live in. You will only realise it’s actual value when you sell it and keep the cash, which might be tricky when you will continue to need somewhere to live!
The market moves all the time and will continue to do so. In the long term it doesn’t really matter when you buy. It’s all about when the right time is for you - not the market. If you happen to buy at the very bottom, basically that’s pure luck but no one can predict the bottom.
If your focus is all about the market and the “right time” there is a good chance you will probably never make the jump as you will continue to find reasons not too. I have met people like this in my time, and they continue to line the pockets of their landlords they rent from.
My advice is to get your mortgage finance lined up as much as is possible (assuming you need to borrow) then work hard on finding the right property that suits you both… and then just go for it!
There is never the right time or the wrong time to buy a home as far as the market is concerned. You are not professional property investors looking to buy low and sell high in a short space of time. You are buying a long term investment and more importantly a home for yourselves. When you eventually sell the property it’s highly probable it’s because you are moving so it follows you are also buying. So if the market is down when you are selling then this will be the same of the property you are buying.
I have been working in the finance side of the property market for the last 30 years and my experience of people “waiting” for what they think is the right time never actually buy. There’s always something going on which could influence market conditions . Forever concerned about buying at a high point so holding off until it comes down and then realising it doesn’t come down and wishing they had bought already, or worried about buying when the market is falling in case it continues to fall. And if the market is flat does that mean the market is about to turn!! You will never predict movement accurately, it is simply luck . Remember you are buying a home to live in. You will only realise it’s actual value when you sell it and keep the cash, which might be tricky when you will continue to need somewhere to live!
The market moves all the time and will continue to do so. In the long term it doesn’t really matter when you buy. It’s all about when the right time is for you - not the market. If you happen to buy at the very bottom, basically that’s pure luck but no one can predict the bottom.
If your focus is all about the market and the “right time” there is a good chance you will probably never make the jump as you will continue to find reasons not too. I have met people like this in my time, and they continue to line the pockets of their landlords they rent from.
My advice is to get your mortgage finance lined up as much as is possible (assuming you need to borrow) then work hard on finding the right property that suits you both… and then just go for it!