When is the good time to buy?

I often hear people say  ” I am waiting for the right time to buy ” “waiting for the market to go down”

What is the “right” timing?

I saw people who said exactly the same thing and actually still renting and regretting that they didn’t buy a house in the past.
I have seen people who waited and ended up the market gone up so high, and now they cannot afford to buy.

Other people could have bought a 3 or 4 bedrooms freehold house a few years ago, but bank’s lending criteria has changed and they won’t be able to borrow the same amount of money = approval amount has been reduced and cannot buy a similar type of property.  They can buy perhaps 2 or 3 bedroom cross-lease property now.

To me, “right time” means if you are capable of paying off the mortgage or not.
If you have any of the examples below, your situations or environment would change.  That means you wouldn’t be able to borrow so much like now.

Pregnancy
Redundancy
Unexpected sickness
Reduction of the salary
Reduction of the working hours
Government has changed the rules
Restriction of lending money for purchasers
Changing of interest rates
Loss of loved one

To me, when you can = right timing
There is no guarantee that when the market softens or you will be in the position to buy.
Of course you need to think about the timing but “when you can” it’s better to take actions no matter what the media or people say.

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