One of the hardest things to do in property is pick the bottom of the market and at present we are seeing buyers holding off until the market gets there. But the only way to tell when the market has hit the bottom is when it starts to go up, and by then you may find that you’ve missed some good opportunities whilst trying to pick the markets lowest point.
History tells us that property markets work in cycles and obviously there is a top and bottom to any cycle. But when the market is at its lowest, stock levels start to wane and this can force change. Less property for sale means more competition and therefore higher prices.
There is no doubt that the market has fallen from the heights of 2017 & 2016. This means that Vendors will start to hold off selling their properties and buyers will start to see far less opportunities.
So if the right property for you is on the market now at a reasonable price and you can secure a low interest rate, what you are in fact seeing are excellent buying conditions and smart buyers will swoop.
Those who wait may in fact miss the bottom of the market entirely, and spend the next year wishing for a suitable property to be listed. And when it is, they may be faced with some heavy competition, higher interest rates and wishing they had bought “last year”.