I have often been asked by both first time and seasoned real estate buyers, the same question if it is the right time or the best time to invest in real estate.
Prospects of mine who are looking at investing in their second, or third or fourth property often asked: 'Do you think the price will go further north?' 'Do you think now is the right time to buy?' 'Do you think the quick economic recovery is sustainable? Should I lock in my profit now? My reply to my prospects and clients is always: 'Really, I do not think anybody knows or can predict the direction of the real estate prices.
However, I think, anytime is a good time to invest, as long as, the purchasers are ready to purchase.
By that, I mean, purchasers should do their sums.
i.
e, a) Obtained the approval in principle of minimum loan from the bank; b) Well covered to service the housing loan, factoring the situation if unemployement arises; c) Increase of interest rate, which will adversely increase the monthly service loans d) The preparation for incidental expenses such as repair costs, insurance, mortgage insurance, conservancy fee, property tax, etc We have own belief of the market situation, thus, the best approach is to follow ones' sentiment.
Yes, information can be obtained via the internet, from the real estate agents, the economists, the developers, the government, etc, ultimately, the buyers are the ones investing, thus, buyers are the best judges for their investments.
I thought real estate agents when they are being asked of the same question, not to reply with: 'Now is the best time to buy, there is no time better than this time.
' Putting myself in the shoes of the buyers, the immediate message my nerves get is:' Yes, I know, you wanted your fee.
' I am not suggesting my reply is the best, but, if agent puts herself/himself into the buyers' shoes, you will probably have the same sentiment as them.