Thinking about investing in real estate but wondering about timing? Smart move!
If you’re an investor thinking about diversifying out of Wall Street stocks and into real estate, or if you are an active real estate investor thinking about improving your investing to invest more profitably, then perhaps you’re wondering, “When is the best time to buy investment property for Chicago investors?”
As many savvy investors know, it’s not really about when you SELL a property that the money is to be made in a deal, but rather it’s about when you BUY the property and at what price. You may not be able to “time the market” perfectly but you can certainly watch the trends and make smart buying decisions to buy attractively-priced properties based on what the market is doing.
3 Tips To Know When Is The Best Time To Buy Investment Property For Chicago Investors
Tip #1: There’s a balance between buying at the right time versus getting caught up in “analysis paralysis”. Hang around real estate investors long enough and you’ll meet some who aggressive action takers while others just end up thinking and analyzing and waiting (years!) for the best deal to come along. Unfortunately, it’s entirely possible to wait for the best deal forever because you’ll ALWAYS find reasons not to buy.
On the other hand, it is important to do your due diligence and to determine if an investment is right for you. There’s a balance. Connect with us and we’ll help you find a potential investment that may be a good fit for you. Just call our office at (312) 757-8232 to speak to our team about what you’re looking for.
Tip #2: Buy low. This might seem obvious but it’s important to mention. If you’re watching the market and trying to figure out when is the best time to buy investment property for Illinois investors, it’s easy to fall into the trap of waiting for the bottom of the market and then noticing that everyone is selling… so you decide to wait for the prices to come back up so you know that you won’t lose any money on the value of your asset. However, you SHOULDN’T wait for prices to come back up; you should buy when prices are low, even if you don’t get the exact “bottom” of the market.
Tip #3: Buy now. The third tip needs to balance out the first two tips: buy now. Rather than waiting to see if prices will go lower, or waiting to see if there’s a better deal in the future, it’s often better to buy a good deal at a good price and enjoy good cash flow now, then to wait for a perfect deal at a perfect price for great cash flow in the future. The years you may end up waiting for that “unicorn” perfect deal will mean lost cash flow that you could have been earning.
Wonder when is the best time to buy investment property for Illinois investors? It’s simple, do your due diligence, buy low, and buy now.