I had another question come up again, now I know I might have talked about this recently but it just needs to be said again for some reason because people, I’ve been answering this question, It feels like forever a thousand years but probably more realistically 20 years someone has come to me saying all property prices are dropping here in Sydney or property prices are dropping everywhere, I’m going to wait for that bargain that’s going to come along yeah when property prices have dropped even further. When do you think it’s going to be the best time to buy or should i hold out any longer. Is it time to buy now, have property prices flattened out?
You know what, that is the worst time to make a decision. it’s the worst, it’s the worst reason to make a decision because you’re waiting for property prices to drop.
The number one thing for most people who are looking to buy an investment property or any property their number one consideration is because for most people they’re needing to borrow money to be able to get into the market so to be able to borrow money you have to get it from the bank most of the time So and if they’re a first time an investor or they’re a first home buyer or they’re needing to increase the amount that they’re borrowing or more recently just being able to borrow what you’ve already got has been a problem. So what does that tell you. It means the most important part of the decision making process of when to buy is when can you borrow, do I have to say it again. It’s how much can I borrow and when and who from. That is the biggest part of the decision making process. So don’t worry what the market’s doing.
If you’re buying a property, you make money by being in the market. You make money by being in the market not by timing the market because by the time you try to time the market you probably miss the timing. Like the stock market by the time you know it’s dropped it’s too late or by the time you know it’s bottomed out It’s too late.
So it’s all about being in the market so your time in the market rather than timing the market. So focus on being able to get approved for a loan that will allow you to get into the market. And that’s the best time to buy is when you can get the money. You wait around too long you’ll miss the mark. And so many people have found that over the last 12 months especially the last two years but last year 2018 was the year that so many people for the first time in their lives could not borrow the money that they wanted to. So what does that tell you. Focus on what you can control which is trying to get a loan and let the market do what it’s going to do.
So go out there and get a loan when you can and buy when you can. All right. Any more questions let me know please and or any feedback. Let me know please. We’d love to hear from you on any of our platforms whether you’re listening to us on the podcast or on Facebook Instagram or any other platforms. Please give us some feedback.