WHEN SHOULD I BUY A HOME?

When should I buy a home?

I hear this question a lot as an agent. When is the best time to shop for a home, what season should I buy in, is it better to buy in the fall, winter, summer, or spring, should I wait for the market to turn???

These are all great questions and things to discuss with a professional. BUT…. My advice would be the same advice I received when I bought my first home – WHEN YOU ARE READY! This might sound oversimplified but let me explain. Here are 3 reasons why it is best to buy a HOME when you are good and ready!

1. Saving a downpayment for a home is no easy feat. You need a minimum of 5% down for an insured mortgage, not only that you also need to be approved by a lender for that mortgage. In Canada that requires review of your income to debt ratio and what is called a “Stress Test” which looks at a set interest of 5.25%, or the interest rate you’ve negotiated with your lender plus 2%, whichever is higher at that time. It’s not as simple as saving a downpayment, and this can take an immense amount of time and planning to ensure you are prepared.
2. The market ebbs and flows. The market changes daily, weekly, monthly, and annually. Trying to guess the market is like trying to guess the winning numbers of the lottery. While there are market conditions to consider, attempting to guess if prices will go up or down at any given time might leave you perpetually waiting on the sidelines. Having an agent who understands your needs and who understands the market is crucial. Let them crunch the numbers and help you get into the home you are looking for.
3. It takes time. I’ve worked with some clients for more than a year. Helping them prepare for that big step in homeownership, refining their needs and searching for that perfect home. As first-time homebuyers, sometimes knowing exactly what you are looking for can be tough. You may have a lot of ideas, needs, and wants. You will have many questions and may not know some of the questions to ask. Having someone help navigate this with you, will help you learn what to look for, what to ask, and how to measure your needs vs your wants. Eventually, you will find exactly what you are looking for!

Bottomline, there is a lot of preparation that goes into buying your first home. The time is right WHEN YOU ARE READY! 😊