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  • Writer's pictureDiane Davidson

Should I Be Buying Now?

Many first home buyers are unsure if they should be making the leap into home ownership now, or wait to see if the market adjusts further, and then buy!

We are seeing the fallout for those that made the decision to wait and, in many cases, it isn’t pretty.

We have been working with a variety of first home buyers who found themselves three to six months ago, with pre-approvals and therefore in a position to buy, who made the deliberate choice to sit out a while longer. In EVERY case, these same buyers have, after obtaining their new lending approval, found themselves in a far weaker position with their purchasing power.

Our most recent buyers were approved $100,000 less which given the range they were shopping in originally, left very little for them to choose from. They are still looking!

Our thinking is that if you have finally saved your required deposit and your bank or mortgage broker has offered a pre-approval, use it!

None of us have a crystal ball, but this is a market we have seen many times before and will again, and there’s nothing surer than when it starts to lift, those that are not in the market, could quickly be locked out of it.

Remember what goes down, will at some point rise again and if you take a long-term view of your purchase, it’s likely the best investment you’re ever going to make.


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