Have you been wondering the answer to these questions?
- Is this the right time to buy?
- Is there a better time to buy?
Let's answer these and help you to make the right buying decision for you and your family
Getting Started...
When deciding to purchase a home you have some very important questions to answer for yourself.
Take out pen and paper and write down and answer these questions:
Buyer's Questions
- Why do you want to buy a home? example: new job, need more or less space, want to move to a new town, move closer to family, etc.
- Where do you want to buy a home? be specific, which specific area, which neighborhood, what do you want to be close to (schools, sport facilities, hospitals, restaurants, entertainment, walk to work, etc)?
- What type of home and property do you want to buy? List the top five 'must have's' that you require in your new home. example: acreage, 3 bed/2 bath, view, garden, 2500 sf, etc...
- When do you want to buy a new home? Taking your needs into consideration, is this the best time for you and your family to buy your new home?
- How will you finance your new home? Are you pre-qualified for a mortgage? Have you spoken to a good mortgage broker?
- Have you chosen a Realtor Team who knows more than just what properties are available but Realtors who understand and care about helping you and your family to reach your Real Estate goals? Have you found a Realtor Team who will still be there for you after the sale is completed?
Once you have answered the above questions you are ready to consider the timing in the marketplace.
Is this the right time to buy?
Presently, on the Sunshine Coast, Vancouver Island and many other areas in BC, we are in a buyers market. There are many properties available to the buyer and many sellers are in a position of considering entering negotiations in order to sell their homes to perspective buyers.
The Real Estate market is traditionally one of cycles. History shows us that the market tends to ebb and flow in 7 to 8 year cycles. We are now in the lower end of the cycle. Are we at the bottom, very close to the bottom, or just on our way out and up the scale again...? No one knows the exact answer to this question, today is tomorrow's yesterday, and we will only know exactly where we were today when we can look back in the future.
The buyers who are ready and want to purchase a property that they can hold onto for a few years will very possibly breathe a sigh of relief that they purchased during the time when home choices were plenty, prices were reasonable, and sellers were willing to negotiate and motivated to sell.
You already likely know that during the times of the so called 'unstable markets' is when investors tend to purchase properties as they know that when they buy low and hang on, they have the opportunity to sell higher as the market cycles change. They are the ones that people look at later and say 'wow, they are so lucky to have purchased their property when they did'. No, they more likely purchased in the low end of the cycle and sold when it was high. Wisdom not luck.
Is there a Better Time to Buy?
The right time to buy is when you want and/or need to purchase a new home and property. You established your right time based on your own needs. But you may wonder, is there an economic better time to buy?
Could it be that the market has not bottomed out? Could it be that you might save a few thousand dollars if you wait? The answer to these questions is possible YES and just as possibly NO. It all depends upon who you talk with and who you gather advice from.
Where do you get advice from, who do you listen to in order to make decision for you and your family? If it's the nightly news anchor that you rely upon for advice then you will likely never move or invest again!
If it's your financial advisor, be sure to ask them what business experience they have in property purchase and sales, are they active in that market themselves? Don't be afraid to ask them hard questions as to their rate of personal success. If they don't have the answers that you need, find one who includes buying Real Estate as one of their personal investment strategies and one who will share their experience with you. If it's your banker, ask the same questions.
Whomever you choose to take Real Estate Purchase advice from just be sure that it is someone who is not only successful but wildly successful in their field of expertise. Money isn't easy to come by and it's important to make your decisions based on solid advice. Most importantly, rely on your own common sense and make your decision based on the needs of you and your family.
What you don't want is to have to look back on 2010 and realize that you missed out on opportunities due to taking advice from people who are more comfortable doing nothing than doing something.
Important order for your criteria:
- Write out and answer your 'Buyers Questions' (above)
- If you have established that now is right for you family, next step is to seek out a Realtor Team
- Start your search for the right home for you
- When you find a home the right home, be prepared to make an offer
- Complete your purchase, move in to your new home!
- Stay connected to your Realtor Team, they are a vast source of information
Reaching Your Goal is Our Mission
Barbie and Shay
**This is not intended to breach an existing Agency relationship