You don’t have to be Warren Buffet or Elon Musk to think differently or to understand that when the market is all moving one way, maybe there’s an opportunity in the opposite direction.
What do I mean by that?
It’s my way of telling you that right now could be the best time to buy.
Real estate markets are cyclical, and savvy investors know that preparing for an upswing can lead to significant opportunities. While it’s impossible to predict market movements with certainty, being ready for a potential upturn can position you advantageously. Here are six ways to prepare for a market upswing:
Don’t rush
Making a rash decision just because you want to capitalize on the tapering price trends will be a mistake. Create a plan and stick to it, and don’t be put off by doomsayers in the market. If the time is right for you, it’s right.
Intensify research
Focusing on the style, size and location of the property you wish to buy is the best action right now. Engage with a great broker and leave no stone unturned.
Money talks
Stay engaged with your bank or mortgage broker to clarify your budget. Rates are moving up, down and sideways all the time. Resist the temptation to predict the market but always be in a position to know exactly what you can afford. A pre-approval in your back pocket is still essential.
Tough talk
Be in a position to negotiate a great deal with a seller, and you shouldn’t be afraid to walk away if that’s how the conversation rolls. Resist the temptation to low-ball though on a property you genuinely like just because you feel market conditions require it. You may just offend the seller.
Low-ball catch
Let’s spend a moment on this. Buyers often low-ball when they don’t love the property but are prepared to buy at the right price. That’s not always a recipe for long-term home ownership happiness. Your dream home does not have to be the bargain of the century. The value comes from how long you own it.
Future proof
Even when you find a great home at an awesome price, take a breath. Make sure it will meet your needs for at least the next 5-10 years. This is especially important if you’re starting a family or have little kids who’ll turn into teenagers quicker than you might imagine.