Hi folks,

As this is my first column of the year I thought I would address the new years market, the people who are thinking they should move but are a little unsure. They may be nervous of market conditions or apprehensive of potential work changes. So the question is “Should you buy or wait?”

Timing is important in most decisions that we make, this is especially true when thinking about the purchase of a new home. The right time to buy is different for everyone and there are some factors to consider when evaluating the best time for you to act.

Your personal financial position is a huge factor in making a decision, if you are already a homeowner you may not know the present value of your property or how much equity you have in it. (some people are carrying negative equity, where the property is now worth less than when bought) For anybody with a home to sell your first point of call should be a Real Estate Agent to value your existing property. If you have no property to sell, contact a bank or mortgage broker to ensure you know what you can afford.

If you do make the decision to look and you have narrowed down your area, are there homes available in your price range? A scarcity of homes could cause you to pay a higher price than you are thinking, this is especially true if a location is in great demand.

I believe that any time is a good time to buy in real estate, provided you are looking long term and can hold a property long term in case of a downward spiral in prices.

It simply comes down to your personal considerations and with approximately 600 properties on the market in Upper Hutt today there should be something out there for most buyers.