If you were a fly on the wall listening when I am discussing with my close friends and family the current Real Estate market and what we should do, this is what you would hear.
Investment Properties Purchases
If you are looking to buy an investment property buy something now or soon! We often try to get too clever about timing and essentially it is trying to pick the bottom of the market. We have had a good 12 months of a falling market and we have seen over the past 4-5 months prices settling rather that continuing to fall. I believe we have bottomed out. This is also evidenced by the number of homes for sale being pretty stable for the last 8 months or so at 15000 homes for sale.
Trading up Trading down Trading side ways
You are going to sell a property to buy something else that suits your needs, I believe there is no better time to do this than now! As long as you are buying and selling in the same market any losses on the sale will be picked up in the purchase, effectively sell low buy low.
The great advantage of doing it now is you have the best chance of finding the perfect home right now because of the volume of houses for sale. So get over what you think you will lose selling now because it will even out when you buy
Just getting out of the market
For those of my friends just getting out of the market I tell them to wait. Hold off selling if it is financially viable to do so as this current climate will not last forever. It would be better to speak to our friends at Loan Market and get your mortgage rates improved and hold tight. Set a time in 12 months to review things again.
In any of these circumstances it is always best to make time with one of our Real Estate or Finance experts and discuss all of the options available to you.