A few points that might help you decide if you should buy now or wait.
Should you wait before you buy a home? The answer to this question is debated a lot in the real estate world, and each side has valid points. Truly, the answer is going to be up to the individual. However, I still want to share a few points with you so you can make an informed decision.
First, different industry experts and banks have predicted that there is going to be a price adjustment in the next 12 to 24 months. Some say there will be a 20% to 40% reduction, and some say prices might just be stabilized over the next couple of years. Since there are these differences, you have to look at things case by case, market by market, and submarket by submarket, to identify if prices are going to truly fall.
When making this decision, also make sure to look at the personal situation. In my business, I always tell people to buy when it’s right for their family’s needs, not when the market dictates it. The reality is that if you try to time the market, you’re probably going to make a mistake. You could be waiting for a change that never comes, or you could miss the window of opportunity for your family. Therefore, pay attention to the personal situation.
Another factor that’s not talked about often is opportunity costs. The reality is that if you haven’t purchased a home, you’re probably renting. That means the money you’re paying is helping pay someone else’s mortgage and increasing their equity over time when you could be doing that for yourself. Also, I believe that rental prices are going to continue to go up, so avoid all of this if you can.
As inventory increases and competition decreases, buyers finally have more options. Therefore, now might be the time to enter the market. Everyone’s case is completely different, so if you want to talk about your specific case, text or call me at (514) 917-6284. If you have any questions about real estate, email them directly to me. No matter what you need, I would love to help! Reach out anytime.