Million Dollar Question: When Is The RIGHT Time to Buy?
When you sell matters more than when you buy.
Recovery cycles in the property market are becoming shorter.
The long-term trend of property prices is upward.
Everyone asks this question because the stakes are just so high.
But the reality is that there is no such thing as 100% accurate predictions in the property market.
When you sell matters more than when you buy; as long as you sell in a favourable year, you will earn. Every customer and investor must ensure that they have holding power before purchasing their property. Holding your property until the right time guarantees a return. For example, if you purchased in 2000, you will need to hold until 2006 to earn a 9.83% return. On the other hand, if you had sold in 2003 or 2004, you would have made a loss.
Nonetheless, this holding time will vary. One pattern is that the property market cycle has been getting shorter and shorter, with the long-term trend of property prices being upward. There is always a recovery phase setting in after a period of downturn. This is because property price growth is linked to the country’s economic growth.
The answer to this million dollar question is surprisingly simple. While this answer focuses on the macro aspects, the micro aspects that determine property prices include age, location and unit structure. You cannot predict the future with precision, but what you do know is that property prices will go up in the long term.