Unsure about entering the housing market?
Unsure About The Housing Market? Here’s a Plan.
If you’ve been thinking about buying a property, whether that be your first home, your next home, your forever home, or a home to retire into, the current state of our economy might have you wondering: Is this really the right time to make a move? There is certainly no shortage of doom and gloom out there.
The truth is, that’s a tough question to answer in the best of times. It’s nearly impossible to know for sure what’s going to happen next with the housing market in Canada.
So here’s some advice. Instead of basing your buying decision entirely on external market factors, like the economy or housing market, consider looking for the answers internally. When you stop looking at the market to determine your timing to buy a home, and instead examine the personal reasons you have for wanting to buy a home, the picture becomes much clearer.
Here are some questions to consider. Although they are subjective, they are the things you can control. Ask yourself:
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 maintain my lifestyle?
Have I saved enough money for a down payment?
How long do I plan on living in this new home?
Is there any scenario where I might have to sell quickly and potentially lose money?
Do I really want to buy or am I feeling the pressure that I might never be able to if I don’t buy now?
Am I scared that if I buy now, the market will crumble the second I do?
There’s no doubt that buying a home can be stressful, but it doesn’t have to be. Having a plan in place is the best course of action to help you make good decisions and alleviate that stress.
If you’d like to have a conversation to discuss your plans, ask some questions, and map out what buying a home looks like for you, we can address many of the unknowns together.
The best place to start is to work through a mortgage pre-approval. There is no cost for this service, you’ll learn exactly what you can qualify for, and it will provide a lot of clarity about your situation.
You might decide that it’s best to wait before buying, and that’s just fine. You might find that now’s a perfect time for you to buy! If you'd like to talk, please connect anytime. You’re not in this alone. We can work through everything together.