Time is on your side in uncertain market
Most importantly, one does not need to rush the transaction/deal. Time is on your side. Use the time to review and research property data/sales to establish fair market value or better than fair market value.
If it is an investment acquisition, look to achieve a good yield, one that may outperform the average. Check your numbers and triple check there are no mistakes.
Speak to your bank or broker and provide them with as much detail as possible. Just because you have been approved for finance does not mean the bank or institution will not change their mind on the finance structure and in particular during these uncertain times.
In addition, keep the agent informed of progress during exchange and settlement. In my opinion a volatile share market does not spell “doom and gloom” for property. There is opportunity in the market if you are prepared to invest the time.
Traditionally property experts talk about “time in market”, however in uncertain times like we are in now provides the perfect opportunity to “time the market” along with “time in market”.
Byron Rose is the president of the Real Estate Buyers' Association of Australia and is principal of Rose&Jones.
