Let's answer these and help you make the right buying decision for you and your family.
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:
Once you have answered the above questions, you are ready to consider the timing in the marketplace.
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.
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 to 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 look back and realize that you missed out on opportunities due to taking advice from people who are more comfortable doing nothing than doing something.
Reaching Your Goal is Our Mission
Barbie and Shay