“If there’s one thing that’s certain in business, it’s uncertainty.” – Stephen Covey
Should I wait to buy a home right now? It is a question I get asked daily.
I refuse to be one of the perpetual cheerleaders in real estate who claims it’s a great time to buy no matter what is happening.
I’ll be blunt with you… it is an uncertain time to buy. We do not know what will happen with interest rates or housing prices.
The short answer is that we do not know what will happen. If anyone is predicting the future let me know, I would love some winning lottery numbers!
On a more serious note, there are a few things you can consider.
1) Waiting for the Right Time to Buy Real Estate
No one likes this answer but it’s a serious one to consider. We know that long term prices are very likely to rise but short term is anyone’s guess. You can check out Andrew’s blog on the Real Estate Life Cycle and how to capitalize for more insight into the buying cycle as well. Due to this the longer someone waits the more likely it was the wrong decision but waiting short term can have benefits and bring some peace of mind. If you find yourself extremely worried about the market or interest rates this may be the right choice for you. The key step here is to choose a date where you will evaluate looking again rather than waiting for the perfect time.
2) Passively Active as A Buyer
During slower markets this can be one of the most successful strategies. The idea is to be prepared and ready to buy a home while scanning the market. If the right home doesn’t pop up for the right price you just keep looking. I generally suggest having a financing expert implement a rolling rate hold strategy for you as well. This can protect you from rising interest rates and give you the ability to choose to take action if rates rise. The goal here is to keep your choices open.
3) Actively Searching for Real Estate
It’s no secret that the real estate market has slowed down compared to six months ago. Buyers today are getting significantly better choices, lower prices and more options when compared to buyers seven months ago. Now is a time where you can negotiate with sellers and find exceptional deals. As a realtor it is extremely challenging to negotiate with a seller who has fifteen other offers, during slower markets I can really work with you to find an amazing opportunity.
If having a bigger yard, an extra bathroom, being closer to work or paying rent for the last time sounds like something you want to investigate send me a message and I’ll do my best to help!
Mortgage Brokers you can Trust
Kirkwood & Brennan is a two person team, Scott and Keaton ran a top 20 mortgage team in Canada for 5 years before starting Kirkwood & Brennan. Our 100% referral based business won Rookie of the Year for Dominion Lending Centres in 2021 and we placed in the top 2% of all brokers
We specialize working with home buyers, real estate investors and tax strategies and are here to help you grow your business.
Have an amazing day and good luck with the shifting market! If there is anything I can do to help let me know. My cell number is 778 847 0552 if you need anything and we can help clients across Canada.