Is RIGHT NOW a good time to buy a home?

March 18, 2019 | Posted by: Dana Stauber

If you've been thinking about buying a new (to you) property, the doom and gloom of the media might cause you to question whether right now is a good time to buy? Rather than asking whether the time is right, consider some other questions to help you decide:

Inevitably, one media source will report that housing prices are ready to skyrocket, while at the same time, another news outlet will raise the alarm to brace for the inevitable housing crash of 2019.

The truth is, it's nearly impossible to know for sure what's going to happen with the housing market. Even when you check with the local experts, it's hard to know what is going to happen next week, let alone in years to come. And “advice” from friends doesn't usually pan out all that well. Instead of basing your buying decision on external market factors, consider asking yourself:

Is now a good time for ME to buy a property?

When you stop looking at the market or opinions from others to determine your timing, and instead, examine your reasons for buying a property, the picture becomes much more clear. Here is a list of things you should consider when thinking about buying a property. Although they are subjective, they are things you can control.

  • Does buying a new home now put me in a better financial position?

  • Do I feel comfortable with my current employment status?

  • Do I make enough money now to afford a new home and still be comfortable?

  • Have I saved enough money for a down payment?

  • What is the intended purpose of the property? Is it reasonable?

  • Is there any scenario where I might have to sell quickly and potentially lose money?

  • Do I want to buy, or am I feeling some pressure that if I don't buy now, I might never be able to?

  • Am I scared that if I buy now, the market will crumble the second I do?

If you'd like someone to walk you through the process and outline your financial options, please get in touch to see what buying a property looks like for you.

Questions on your mortgage, or want to compare your mortgage to what is currently available? Please email me at danastauber@invis.ca

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