Waiting to buy …?

I have been dealing with a lot of buyers recently who tell me they are waiting for the lowest point of the market before they purchase – my question to them is, “how will you know when that is”? Many experts use sales statistics for forecasting and calculating patterns and trends; the danger with that is they are all taken from the past, which means we won’t know it was the bottom of the market until we look back and compare those sales statistics with other months and years. It was the same when the market spiked post Covid; no one could have predicted how fast or high that market would rise, until it did. We can look back now and see exactly when the market peaked, plateaued, and then dropped.

So, we know the market will rise again. It may take months, it may take longer (it may have already flattened out), no one can confidently say – it will only be obvious to most in hindsight. As agents, we get to see changes as they occur in real time; positive sentiment from buyers, an increase in weekly open home attendees, improved auction results (across various agencies) and an increase in multi-offers, this is how we monitor what is occurring week by week. Who knows how long this current market will last, but if you want to buy a home to live in and enjoy for years to come, and you have your finances sorted, then now is a great time to buy!