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This is a common question many people are asking, especially in a constantly changing market! Jatinder from our team answers this burning question of all time..
It’s definitely a good question and it’s on a lot of peoples mind nowadays. One thing to keep in mind is this market is always changing, it’s going up and down. And its been doing that forever. There were buyers 5 years ago, who were asking themselves the same thing, and the answer from realtors as a whole has always been the same: any time you can get into the real estate market is a good time.
Its always a good time to get your foot in the door and buy real estate but having said that, you still need to consider your own personal situation, your finances, and ultimately what you’re looking for in a home.
What a lot of buyers are trying to do right now is wait and time the market, and see if prices come down more. One thing to note is that no one has ever been able to successfully time the market and now is no different, because what is going to bring prices down is when interest rates go up. If interest rates keep going up and prices do come down a bit, you’re going to be indifferent because your payments will be going up considerably.
You need to keep in mind we live in beautiful British Columbia, a region where everyone wants to live!
The real estate market accounted for nearly 20% of the BC GDP last couple years therefore the demand for real estate and housing will always be there. We have a safe political climate, we have ski hills, trails, everything you could possibly want within an hours drive; a perfect place for everyone to live.
To summarize, as a buyer, here’s what you should do. Instead of trying to time the market and hope for prices to come down, you should be focusing on what kind of a house you’re looking for, features that you can’t live without, and the area you could see yourself living in and the payment your family is comfortable with! With the larger selection of homes staying on the market for longer, here’s where a real estate agent can really come in handy and help you negotiate an even better price on your future home! So yes, now is a good a time as any to start your home search!
If you have any further questions, or would like more information on this topic, feel free to reach out to us!