Is Now The Right Time to Buy a House?
You have probably heard about the property cycle and that house prices have fallen, but may be recovering, and perhaps there is another recession on the horizon... how is that going to affect property prices? Perhaps the feeling is that now, with so much uncertainty around, is not the best time to buy...
Now is actually as good a time as any to buy a home if you have a stable income. Sure prices may fall, but they will also go up again and if you have a long term view, this normal cycle of house prices doesn’t really matter. Nobody really knows what is going to happen and you could wait forever trying to predict the best time to buy.
Especially when you are talking about buying a home (not an investment property) if you buy and sell in the same market (i.e. around the same time) you are going to get value for money.
If you want to wait until house prices stabilise - then one rule that you could use is to buy when prices start consistently going up again. Checking the Quotable Value Data that comes out every month is the best way to find this out, you can even subscribe to get these statistics emailed to you.
You can be confident that if you buy a house right now you will be paying less then for the same house 2 - 3 years ago and now you may even be able to afford a house in a suburb that was previously out of your reach - and you definitely have more negotiating power in the current market.