I'm sure you've heard of the phrase "buying low, selling high".
I've recently noticed that a few apartments are selling for around their 2002-2003 price. Makes me feel a bit sorry for their owners because they didn't see any capital gain for 6-7 years, I guess they obviously "bought high".
So if I were to buy that same IP in 2009, would I, too, be "buying high" given the recent price increases over the last 2 years?
I am dithering over whether to buy IP#1 this year or next year. We are leaning towards using a BA to do so (because I'm prone to paralysis-by-analysis --- evidently!). I know that it won't take long for a BA to find a suitable property, but prices seem quite high at the moment, I don't want to have engaged a BA at the time when prices had peaked.
Or should I really be focusing on "time in the market", not "timing the market"? (try telling that to the people who bought in 2002-3 and are now offloading their IPs with no cap growth)...
Cheers
I've recently noticed that a few apartments are selling for around their 2002-2003 price. Makes me feel a bit sorry for their owners because they didn't see any capital gain for 6-7 years, I guess they obviously "bought high".
So if I were to buy that same IP in 2009, would I, too, be "buying high" given the recent price increases over the last 2 years?
I am dithering over whether to buy IP#1 this year or next year. We are leaning towards using a BA to do so (because I'm prone to paralysis-by-analysis --- evidently!). I know that it won't take long for a BA to find a suitable property, but prices seem quite high at the moment, I don't want to have engaged a BA at the time when prices had peaked.
Or should I really be focusing on "time in the market", not "timing the market"? (try telling that to the people who bought in 2002-3 and are now offloading their IPs with no cap growth)...
Cheers