I’ve found the answer to this question! I found it while reading this month’s – Feb 2011 – Australian Property Investor (API) magazine. The answer was buried in with a bunch of other “candidate” answers.
So, when I say I’ve found the answer, what I really mean is … I found the answer that I believe is correct. The one that works for me. You may disagree. And, that’s ok. If we asked 20 people to read the latest API magazine looking for the answer to, “when is the best time to look for property?” we’d probably get 15 or so completely different answers.
Now, before telling you the answer I selected, I’d like to start by sharing a few answers I discarded as follows:
- “This year is a great opportunity for property investors.”
- “2011 is going to be heaven.”
- “In 2011, I will certainly be a buyer rather than a seller.”
- “With the new year bringing good market conditions, it could be the ideal time to invest in property, …”
All these assertions (opinions), strongly suggest that 2011 is a great time to look for investment property. And, maybe it is. I certainly don’t know.
On page 19, in the News & Views section is an article called, “Outlook Positive.” It gives a pretty concise explanation of why 2011 is slated to be a good year to look for investment property. The review is based on the Australian Property Monitors’ annual State of the Market report. Here’s a snippet of the article:
“The prospects for the Australian residential property market in 2011 are positive, … The economy will continue to strengthen on the back of an already significant resources boom, the Australian labour market is near full employment and with increased economic activity, skill shortages will quickly emerge and place upward pressure on wages and salaries, …”
All good. But, it doesn’t answer my question, “When is the BEST time to look for investment property?”
This year, 2011, may be a good time to look; may even be a great time to look, but is it the BEST time?
Nope. Not the answer to my question.
I kept looking.
Then on page 16, I found it. The answer! It’s very simple. Very straight forward. Very easy to understand.
Get out your pencils! Write this one down!
Drum roll please ….
QUESTION: When is the BEST time to look for investment property?
WINNING ANSWER: ALWAYS!
That’s it.
Not as specacular as you expected? Sorry. Normally, the best answers are not long-winded; not complex, not convoluted. No, they’re usually just plain and simple. Just the way I like em.
Where did this answer come from?
From a tried, true and tested property investor. A property investor with many years of experience. Experience going back over 4 decades. I’ve read two of her property investing books. I’ve attended a property investment seminar featuring her as a guest speaker.
Most Australian property investors have probably heard of her. She’s well known in property investment circles. She’s Jan Somers – property author and millionaire (as it says in the latest API magazine!)
There’s more to Jan’s winning answer than the word “always.” Here’s the full text,
” …, we’re ALWAYS (my bold and caps) on the lookout for any sound investment property that comes along and will continue to purchase selectively, regardless of the economic or market conditions.”
I can relate to what she’s saying. I’m always looking for property. I look even when I’m not looking. I’ve even bought property when I told myself I wasn’t looking. But, guess what? I was looking and didn’t even know it!
When I read Jan’s explanation, the word “always” hit me like a tonne of bricks. Why on earth would you stop looking? Why would you take 6 months off from looking? Because someone told you the next 6 months would be a bad time to look? Is that a good reason?
And, I’d like you to pay close attention to her last phrase. It’s only 7 words but they sure are powerful and seem to go against the mainstream thinking. But, I believe they go hand in hand with the word “always.” So, I would highly recommend you remember Jan’s words as follows:
“…, regardless of the economic or market conditions.”
For more on Jan’s property investment philosophy, I’d highly recommend you read her books. A good start would be “Building Wealth Through Investment Property
Thanks Jan for sharing this powerful property investing wisdom; this powerful nugget of knowledge based on years of direct property investment experience. I appreciate it.