Hi,
I have noticed that thier seem to be more properties for sale in my neighborhood and that prices are dropping by up to $50,000 for the same property 6 months ago WOW.
I am in the fortunate position of having cash after the sale of an IP, but in an unfortunate position on deciding to buy or not.My experience on this matter tells me to wait but i get a little caried away because i love buying a bargain and the chase.
Dom
[biggrin]Dom,
It’s simple really, you either buy or you don’t!!!The only question that should be stopping you (if you feel you are in the market to purchase) is “is this the one I want??” based on property type, location and of course price. What more do you want people to say??? [blink]
No, now is not the time???
Yes, yes buy now!!!
(please tick the one appropriate response)??!!!Oh pleazzzzz [rolleyesanim]……..if you’re old enough to tie up your own shoe laces, you’re old enough to make up your own mind on what is right for you!!!
Jo
I have always worn sandles Monopoly LOL.
I think i will just have to give you the cash and you can do the wheeling and dealing.I wish it was that simple but sometimes you can pay to much for the same property. (Domain.com Commercial.)In this particular climate i believe this is the case until thing’s settle down.
I know the old saying that any or now time is the right time to buy but thats, it is an old saying.
So imagine paying 20 30 or $50,000 to much and the repurcussionsin the futur lendings.Simple for some harder for others.
Dom[biggrin]Sandals are good too!!! [biggrin]
Yes, I hear what you’re saying Dom, but what I am suggesting is that you have to look at the bigger picture.
If you believe that prices are reduced from say 6-12 months ago, which indeed they are, then how can this be paying too much??? If you are hanging on, hoping to achieve even a lesser price, then you could be shooting yourself in the (sandalled) [biggrin] foot!!! When I buy, the only future gazing is done for the purpose of anticipating growth or increased value, and not the possibility of reduced price tags!!!
If you find an IP that is to your liking, meets all your requirements, and you can negotiate a good deal, where’s the problem??? The “unknown” future, in that that property might have been say 20K cheaper in a few months??? Unless you have a crystall ball, and can accurately foretell the future, that kind of logic is both irrational and unfounded!!!
Either way, I wish you all the best in whatever direction you feel right for you Dom.
Cheers,[biggrin]
JoYou must be an upmarket Aussie Dom[tongue]
The rest of us wear ‘thongs’..Sandals area bit trendy.
Know what you mean, imagine if you’d bought a while back only to see your value drop and those around you!
Hindsight is a great thing..which way do you see the market in your area going? lower or has it bottomed out and others are coming in to pick up the deals?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi DOm,
I concurr with Ms MO. You are never going to know exactly when the lowest price has been achieved, and like Shares, if you get on somewhere near the bottom of the price and get off (if you choose to) somewhere near the top of the price then you have won, no matter what! Some take more chances and others take less. And that’ll be reflected in whether they win more or losse more.It’s exciting, though, to see a change where the sellers are realising that they can’t charge the earth anymore, hehehehehehe. This is our time……..W.E.L.
P.S.: W.E.L. = wicket evil laugh
Cheers
C@34
I hate thongs, they give me blisters between my toes.
Keep smiling
Felicity
Wait a bit longer salacious,
Wait for vacancies to tighten up and of course rents will invariably start to rise, then make your move. (Duh stuff I know but worth noting……….. again!).
I reckon you’ll have a 2-year head start on the rest of the general public this way.
Too true qwerty, especially if the rumour turns into reality, and neg gearing does indeed get abolished, you’ll be picking up properties for a song Dom!!! [biggrin]
Jo
I have waited this long for property to decline in price whats an other 6 or so months.Who knows i may have gained $50,000.
I am not waiting for the lowest price i am waiting for the true value of property.
Dom [biggrin]
Dom,
Pardon my ignorance, [blink] but what (to you) is the “true value of property”???
I know what it means to me, and what each one gives back (not just in monetary terms, but in (investor) satisfaction, security etc etc) hence in so many regards, its value is for me, “priceless”!!![biggrin]
Jo
Old enough to tie up your shoe laces….thats too much Jo. hehe…..
Please give us another prize quote from your endless collection…Sal if you’re buying to hold then follow what Jan Somers says and that is it doesn’t matter when you buy, as you will pick up all the swings and roundabout over the long term.
If you are just speculating then that a different story.
So first determine (or explain) what your aim is…
Its like the people who bought the apartment for a lifestyle change.
At the interview they said they didn’t care what the value was or if it dropped, they bought it to live in and for their lifestyle requirements. They had no intention of selling so it didn’t matter to them.Sometimes we get too caught up in this property game, and should just enjoy life a bit more instead..
KP
Awww shucks!!!! [blush2][blush2][blush2]
Seeing as you’re my #1 fan KP; here’s another (but yet again, I can’t lay claims to it)……..
Dom, with respect to buying at this time:
JUST DO IT!!!!
NookieNikeFW,
The girls at work all wear thongs, Not one of them, wear them on their feet!!!!
Just my thought!!!bruham.[wacko] [withstupid]
Jo,
Why so keen to buy now, i think everyone has a different opinion ,strategy and changing circumstances.
The true value of property is the cost of actually reconstructing a property.
Therefore you would not want to pay any more for an older property if you could buy new.KP i think my aim is clearly to buy investment properties for early retirement, wealth creation and investment satisfaction and along the way meeting a range of interesting people.
Thanks for your input guys i always like to swim against the river just to see wher it begins.
Dom
[biggrin]Hi KP,
You said:
“Sal if you’re buying to hold then follow what Jan Somers says and that is it doesn’t matter when you buy, as you will pick up all the swings and roundabout over the long termâ€Actually that’s not completely true. Jan does warn about buying around the time of a boom in her books!!!
Hi qwerty,
You said:
“Sal if you’re buying to hold then follow what Jan Somers says and that is it doesn’t matter when you buy, as you will pick up all the swings and roundabout over the long termâ€Actually that’s not completely true. Jan does warn about buying around the time of a boom in her books!!!
I believe that Jan said to buy UNDER ther median market price every time and you wont loose in the long run.[cigar]
Cheers
C@34
Actually C@34 I don’t think you can loose at all in the long run! (As long as you have asbestos undies!)
Basically Jan USED to say buy when you can afford but check out Building Wealth in Changing Times page 158 paragraph 2. (Have a look in the book)
Buying just before a possible price correction could be dangerous to your equity and further accumulation of IPs!!
classic example: an old lady bought an apartment around the corner from me a few years ago paying well over the market. the agent was telling me ‘oh she doesnt care she is going to live her days out there forever’. well I see the For Sale sign up last week – either she’s had a turn for the worse or she’s changed her mind, but the property won’t be demonstrating any great gain. but yes there does come a time when you have to chill out a bit. It would be great for my parents to build a new low maintenance home, but time is short and the stress of it probably isn’t worth it.. so in this case it is probably worth paying someone else for their efforts.
Also Calvin don’t get confused with what Jan said – she may have said buy under the median, but she didn’t mean you can pay any price under that i.e. the median price in Perth is $250k, but it wouldnt be smart to pay $200,000 for a 1 bed flat in Armadale.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
Dom,
I was having a bit of fun at your expense (in jest of course) hence my Nike reference!!![lmao]
It is not my place to tell you what to do, and in any event, I wouldn’t even attempt it. I am sure you are quite capable of making up your own mind, and as I also said, whichever way you go, just remember do what’s right for you.
Cheers,[biggrin]
Jo
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