Don’t wait to buy property. Buy property and wait.
I came across a post on social media and thought I would share as it really is a great insightful piece.
“In 1957, when mortgage rates hit 7.5% some people decided to wait for them to drop before buying a property.
The reality of this by waiting for them to go back down to what they were 18 months prior, they wouldn’t have purchased a home until 2008 i.e. when they first dropped. What this would have meant was they would have been in rented for 51 years whilst waiting for rates to go down, yet the value of the property in that time, would have increased by 9,351%."
That’s crazy but true and a good way to put things into perspective.
So that is why you should not ‘wait to buy a property’!
Don’t wait to buy property. Buy property and wait.
By The Katie Fox Team on 23rd Nov 2023
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