Want to take advantage of the current property market?
Now is the perfect time to buy – but first things first, it’s time to get your finances in order.
Nathan’s prediction came true.
At the start of 2018, Nathan predicted that the property market would be flat across much of Australia.
He was right.
According to Nathan, the current property market is being affected by the monetary policies of banks and the availability of liquidity.
Less people can get loans and the cost of lending has gone up.
After 60 months of solid growth in Sydney, prices are now going down.
There are better opportunities to buy.
Nathan recalls how, in 2014, it was a bad time to buy, due to the increased competition from other buyers.
At the moment, Nathan is getting emails from agents every week with pages of price reductions.
Vendors are starting to negotiate more on prices which means now is a good time to put your bargaining skills to use.
How can investors prepare?
Nathan says buyers should make sure their finances are in order.
The finance market is changing on a weekly – sometimes daily – basis, making it more and more difficult to get a loan.
Things to consider.
Before making any plans to buy, it is essential to make sure you have the funds you need.
Consider doing the following before deciding to buy.
1) Find out how much you can service.
2) Find out your ability to purchase.
3) Have capital ready to use as a deposit.
4) Look at what you can buy in line with this.
Make sure you take action.
Once you have secured finance for your next buy, make sure you get out there and pick up some bargains while you can.
While it is unclear how long this market will last, Nathan believes government stimulus will eventually lead to increased buying. This may be the catalyst for another growth cycle.
Have you negotiated any good deals during 2018? Please share your experiences in the comments section below.