By Nicole Kay
Why is it that the right time to buy feels like the risky time and the wrong time to buy feels so good?
Housing Market fluctuations provide opportunities for both sellers and buyers. When the market is in its high cycle, the sentiment is optimistic and positive. The closer we are to the top of the cycle the more exciting and bullet proof we feel. As buyers, we feel invincible and secure believing that the market will correct any over spend we might make when purchasing by continuing to rise, right? And for a period of time this might be the case, until the correction.
Following a correction and subsequent fall in prices buyers become more conservative and tend to procrastinate about their decision to purchase, second guessing their own thoughts on price due to the new negative sentiment of a more subdued market. In truth this is the perfect buying environment, the right time to secure a property with confidence and free from heated competition. Buying at the lower part of the cycle will surely provide those who do take advantage with the potential for capital growth when the cycle starts moving in an upward direction again.
With the costs associated with buying so high (stamp duty etc) it makes more financial sense to focus on buying the ‘right property’ that you will hold for the long term rather than the ‘wrong property’ for the right price that eventually you will move on from.