When Timing is Everything.

How do you know it’s the ‘right time’ to buy a new home?

With an unprecedented property boom behind us, and uncertainty ahead - think rising interest rates, global unrest and even the ‘r’ word… yes, that’s right… recession… at the forefront of everyone’s mind - the question we’re asked most as real estate agents is ‘when is it a good time to buy a new home?’

And you’d be forgiven for wondering if there’s actually going to be any better time than now to buy property.

So how do you decide when to take the plunge?

Unfortunately there’s no perfect, ‘one-size-fits-all’ answer.

While there are usually great opportunities to be found whenever you’re planning to buy a new home, here are some things that can help decide if the time is right for you.

Embrace the unknown.

With interest rates currently the highest they’ve been since May 2012, it’s no wonder people are getting nervous about buying property.

Add in a healthy dose of global uncertainty, house prices that are through the roof and government policy that’s far from stable, and you’ve got a perfect storm of doubt.

It’s near-on impossible to predict what’s going to happen.

So in times like these, it pays to look to history to tell us what’s likely.

Check out property trends that have occurred under similar conditions in the past - have values gone up or down in these pivotal moments?

Plus, focus on understanding what’s likely to influence house prices in your preferred area, like the number of houses for sale, ‘days on market’ data and any investment being made in services or facilities in the surrounding suburbs.

Stay up-to-date with industry news and get in touch with reputable sources - like mortgage brokers, real estate agents and your bank - to gain useful property market insights.

Remember, a little research goes a long way to helping you make a decision.

Consider the long haul.

While we can’t always foresee the future, it pays to consider your income, both now and in the future, as well and any circumstances that are likely to change.

That’s because financial security is essential when buying a home - it determines your ability to pay a mortgage.

So before taking the plunge, think about your future goals and how your job or lifestyle may change over time.

Are you planning to get married soon? Maybe start a family? Do you want to advance (or switch) your career at some point? Or do you simply want stop renting and start putting your hard-earned cash into a mortgage.

All these things come into play when deciding if it’s the right time to buy a home, so it’s important to be honest and factor them in.

Don't bite off more than you can chew.

Ultimately, the number one factor when deciding if it’s a good time to buy a new home?

Your ability to afford it without drowning in debt.

But while this is sobering, it doesn't mean you have to give up your dream of home ownership.

It simply means being realistic and honest with your budget, doing your homework and making sure you're aware of all the associated costs so you can find the right property for you.

Consider the size of your deposit, as well as things like insurance, stamp duty, legal fees, future interest rate rises, moving expenses and your willingness to rein in unnecessary spending long-term.

And remember, there's no need to rush. Take your time. The perfect home is out there!

Consult the experts.

When to buy a new home is a big decision, but it doesn't have to be a scary one.

There are professionals out there whose job it is to make the whole decision-making process simpler, smoother and less daunting.

Talk to a few banks to see what home loan options you have, and get pre-approved for an amount you can afford.

If that sounds overwhelming, get in touch with a reputable mortgage broker to make sure you’re getting the best deal out there.

Here are some local legends that we’ve come to know, trust and confidently recommend to our own clients:

✔ Annette Tothill Finance | 0420 973 551 | tothillfinance.com.au

✔ Nectar Mortgages | 0430 110 304 | nectarmortgages.com.au/dustinmcmahon

✔ NJK Finance | 0483 009 076 | njkfinance.com.au

Do some online research around historical property trends in the areas you are looking to buy.

And finally, touch base with an experienced and reputable real estate agent. They’ll be able to provide you with a local property market report that outlines recent listings and sales in those same areas.

Plus, they can provide additional guidance and support throughout the buying process.

Check out sites like Rate My Agent - Australia’s #1 real estate agent ratings website, to find the best agent for you.

While it's impossible to pinpoint the perfect time, with the right knowledge, preparation and expert advice you'll be well-equipped to make the most of your home-buying experience and embrace the exciting journey of homeownership when the time feels right!

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As property experts with over 21+ years combined experience in buying, selling and managing property in Adelaide, We Connect Property are ready and waiting to offer expert guidance and support when you need it most, and answer all your questions about selling your property.

Check out our 5 star Google reviews here or Rate My Agent testimonials here to find out what our happy clients think!

And if you’re just getting started, or looking for valuable property buying, selling or investing tips?

Check out these other handy articles on our blog:

Give us a call on 0403 799 983 today, or drop a line to sales@weconnectproperty.com.au - we can’t wait to chat!

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We Connect Property - your Adelaide real estate & property management specialists.

DISCLAIMER: All recommendations made by We Connect Property are general in nature and not to be relied upon as legal or financial advice. To ensure accuracy, we always strongly recommend seeking independent, professional advice tailored to your specific situation before making any investment or financial decisions.