When it comes to the world of buying property, everyone says timing is everything or choosing the right time to enter the market can make you or break you.
Whenever you decide to buy your first home or investment property, time is on your side. Over the long term, history suggests the compounding returns of a well-chosen property will add up, whatever the market happens to be doing when you first buy. My advice would be getting into the market rather than watching it from the sidelines. One of my favourite quotes:
"In baseball and in business, there are three types of people. Those who make it happen, those who watch it happen, and those who wonder what happened." -- Tommy Lasorda
What about buying today?
Cheap money or low interest rates create a great opportunity. Low interest rates lead to low monthly payments, this increases your chance of getting a mortgage as your serviceability increases. Years from now, we'll look back and say, "Remember back in 2016 when you could get a mortgage under 5%? Those were the days!"
Don't listen to the media
The media pays meticulous attention to the real estate market. Auction results go up? The market is booming! Auction results go down? The market is crashing! Back and forth over and over. Remember, the media platform is accountable to advertisers that spend money with them, selling clicks rather than wise investment advice.
Real Estate Prices Are Cheap!
Yes, real estate prices have climbed significantly over the last three years. However, for those willing to hustle to find great deals or use a buyers agent, great deals can be found. I remember my Dad telling me how expensive real estate was in the 1980’s, Melbourne’s median house price was around $89K, and today it’s around $750K! Ten years from now you will likely look back at 2016 and say, "Why didn't I start back then?"
By Mark Ribarsky. Wise Real Estate Advice
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