One question that keeps coming up with pretty much everyone I know - friends, clients, family - When is the right time to buy? Some people in the industry are getting tired of the question but I love it. No one knows for sure when the exact bottom is going to come or if there will indeed be an actual bottom mark. More likely there will be a flat period which will last several months and will include some moderate changes both north and south of the median. After that as people become more comfortable with a stable market and creditors start to loosen the purse strings we will see an escalation in purchasing which in turn will drive the market upward. Okay so that’s my best guess and we’ll just have to wait and see if I’m right or not but back to the question at hand. When is the right time to buy?
After that as people become more comfortable with a stable market and creditors start to loosen the purse strings we will see an escalation in purchasing
To every person there is a different answer. We have to look at each individual and determine what your goals are. Are you looking for a quick turn around. Are you looking to invest in a rental property or are you thinking of buying a home to live in for the foreseeable future ( 5 or more years). Each of these people will get a very different answer but because they’re asking when will it come and not will it ever come it means that we are already through the worst of the downturn.
it means that we are already through the worst of the downturn.
Two months ago people were predicting the end of capitalism and talking about a long Depression comparable with WWII. The media hit us everyday with news that made us rethink our futures. Credit was frozen and we were seeing property values decreasing quickly. Just two months later it seems that we are all taking a deep breath and realizing that things aren’t as bad as predicted. We’ve already seen the stock markets level off, 94% of Canadians are still employed. The default ratio on mortgages In Canada remains very low and commodity prices remain reasonably stable. The federal and provincial governments are spending big on infrastructure which is keeping the economy alive and providing the much needed confidence in our future and now, as I predicted in October, people are starting to see that these downturns open up huge opportunities.
people are starting to see that these downturns open up huge opportunities.
Very good deals are already out there and getting your finances in order will help you when you’re ready to jump in.
Real Estate pricing is in reach to many who had lost hope a year ago and money is cheap for those who qualify. If you are asking When is the right time to buy? one thing is for sure - you should be getting ready now. Very good deals are already out there and getting your finances in order will help you when you’re ready to jump in. Get a pre-approved mortgage now and start looking with your realtor.
If you have any questions or would like me to help get you started give me a call or email me.
Barry Connerty, CENTURY 21 In Town Realty Vancouver BC 604 685 5951