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Should You Buy Now or Wait?
Buyers | 3 minute read
So many buyers I talk to right now are feeling this massive uncertainty about what to do, and the questions I hear most often are:
- Should we wait to buy?
- Are interest rates going to continue to rise?
- Will house prices be coming down?
- What if we buy now and property values drop, and we're upside down on our mortgage?
These are all valid concerns and very good questions, and here are a few thoughts - which I am happy to share; however, as an important disclaimer, please do not take any of this information as financial advice.
So ... what ‘should’ you do?
While I don't have a crystal ball and cannot predict the future, here's how I like to think about this whole situation, and I hope this helps you get some clarity.
Look at the Big Picture
Many people talk about timing the market, when the focus should be the timeline in the market.
When we look at the big picture, and everything that’s happening in the world, the economy, the financial markets, the real estate market … everything happens in seasons. What goes up must come down. The good news is that it also goes back up.
Having said that, it’s safe to say - change isn’t just coming - it’s here. To get through it and make the most of it, I believe it’s crucial that we don’t just freeze and feel paralyzed about taking action because we are afraid to make a mistake. Life goes on. We have to adapt as quickly as possible, and in order to do that, we must look at the bigger picture based on accurate information.
Remember the news headlines are selling attention! When it comes to social media normal and average do not get attention.
If we knew for sure that interest rates were going to come down soon, it might make sense to wait it out.
If we knew for sure that property values would continue dropping, it might make sense to wait it out.
But what if interest rates don’t go down? Or what if it takes another year? After all, what we are calling a ‘high’ rate right now we used to think of as completely ‘normal’ not too long ago.
What if the current price of a home that you like balances out the interest rate and your payments would work out to be the same as they would with a future higher price and lower rate?
If you are thinking of buying in the near future, I think it is very important to get the right kind of mortgage and be very intentional about your timeline, the type of property and the location you’d be buying in to minimize risk as much as possible.
Because sometimes it's not the right time to buy.
Having said that, you cannot eliminate risk fully, of course, and as your trusted advisor and REALTOR®, it is my fiduciary duty to give you as much accurate information as possible so you can make the right decision for your situation.
© 2022 - Current by Loralee Burns, 460 Realty, 102 - 626 1st Ave, Ladysmith, BC. All Rights Reserved. All information provided is deemed to be reliable but cannot be guaranteed. It is represented subject to errors, omissions, changes, or withdrawal without notice. MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. Not intended to solicit properties currently listed for sale.
