To wait or not?
Right now the big question I am hearing is ”Should we wait to buy”
Everyone wants to time their purchase right so they can get the most value out of their budget at the time.
Timing is everything with property, if you are looking short term. If you look at 20 years, buying at the top of the market will not have much of an effect on the investment, on the other hand deciding to sell after the market peaks can have significant impact if you are purely looking to profit. Timing when selling to me is more important than when buying.
I heard a saying many years ago which I believe rings true everyday regardless of the outlook, “The best time to buy real estate is five years ago”
As I enter my 20th year of selling real estate one thing I have learnt is, that it is near impossible to predict what is around the next corner.
I take us back just on 2 years ago when our world was thrown into turmoil with Covid19 on our doorstep.
I will be honest I thought our world in real estate was in real trouble, deep trouble.
2 years on we have seen growth rates of 30-40% and in some instances even higher.
The realisation and huge shift that covid bought about in work from home behaviours certainly had a significant impact on our market.
We have sold many a property to southerners who would often say “hey I can now work from home, I might as well sit in this beautiful unit looking at the beach rather than being in cold Melbourne” Sorry Melbournians but our climate is definitely better😊
We have seen a massive surge in buyers from down south making purchases whether they were moving now or just securing a property for a move at a later point in time. No one could have predicted this change in behaviour that in turn saw the rapid increases in our market due to demand out stripping supply.
My point here is no one can see what’s going to happen and making decisions on when to buy is what I like to call “ A massive punt”
A punt that I can tell too many stories about that hasn’t ended well for many a prospective home owner.
Most people looking to buy have long term aspirations for their property and yes at some point the value may decline. This will have no significant impact on you unless you need to sell. Even then you might be buying back into the same market so no real impact here. If you are looking to profit from your property purchase the secret is in identifying the ideal time to sell.
Regardless of the chatter out there in the media right now regarding what the real estate market might look like later in the year, I believe that if you are able to buy and you know where you want to live then get in the market now.
The way to build real wealth is through property without a doubt, so don’t hesitate and go for it, as no one can truly tell you what’s around the corner.
Who would have predicted a world pandemic including a housing crisis would result in possibly the sharpest rise in property values our country has seen.
by Dale Harris
Principal - LREA, Sales and Marketing Specialist, First National Burleigh | 0401 009 197
Should You Wait to Buy?
burleighrealestate.com.au
April 2022
First National Burleigh
Cnr of 6th Ave & Cypress Terrace, Palm Beach, QLD 4221
Ph: 07 5559 9600
