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Should You Wait To Buy Property In A Cooling Market? (July 2022)

 

Many would be property buyers are currently taking a wait and see approach.

 

This approach is a result of human psychology- we hate the idea that we would pay more today for something that will cost less in the future. It’s also encouraged by so media ‘experts’ who so confidently tell us how much prices will drop.

 

Well my view is that you shouldn’t be sitting on the sidelines, for several reasons.

 

1. No one knows the future- you can research what happened yesterday to make a better decision today, but that info gets old fast.

 

2. Markets shift rapidly, and the best opportunities only come when you are involved and paying attention.

 

Then there’s the danger of bargain hunting – it can be tempting to buy a property because it looks cheap rather than because it ticks all your boxes, and thats a trap. In reality the best properties actually maintain their value.

 

Perhaps the biggest reason I don’t believe in the wait and see approach is that there’s quite a bit of volatility in the market. Volatility creates uncertainty, which creates opportunity.

 

So rather than take a sideline approach, I hope you can see there’s a case to actually do the opposite. 

 

Immerse yourself stay educated, and be psychologically ready to buy rather than hesitating and missing out.

 

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