Should you buy or should you wait?
Will property values drop?
Will interest rates continue to rise?
These are some of the questions running through the minds of property buyers right now.
The reality is that we don’t have a crystal ball so we don’t know the answers.
Yes, values may drop a little and rates may continue to rise a couple more times but don’t be paralysed by the “what ifs”.
Rather than being paralysed, be empowered by them.
These are my tips:
- Research the market. Become an expert in the area you want to buy in. Talk to agents, go to open houses, know sale prices. This puts you in the driver’s seat when it’s time to negotiate. Getting to know local agents will also let them know that you’re a serious buyer.
- Talk to your broker about options for structuring your loan to protect you against rates increases, ask them to run the figures on repayments at a couple of percent higher than the rate you’re likely to get now. Make sure you’re not putting undue financial pressure on yourself and know that you can manage the repayments without losing sleep.
- If you find your dream home and it’s not for sale, put a note in their letterbox and ask if they’re interested in selling. You never know, and with a private sale they will save on agents fees.
Importantly, you need to work on your own timeframe, achieve your own goals and move forward rather than being paralysed into inaction.
If now is the time to buy that house, make it happen – in an educated, empowered way!
