Does this question come to mind as you consider your personal and professional circumstances, your current income, and your current debt load?
When is the right time to buy property?
I’m going to make a controversial statement here. So get ready for it. There isn’t a bad time to get into property ownership.
Of course, it’s very important and necessary to carefully consider and honestly examine such things as your financial circumstance and affordability, income, down payment amount, mortgage pre-approval amount and rate, and your property needs.
But if you’re basing your decision to buy on current market conditions, you may benefit from making some changes to this line of reasoning. This way you don’t miss out on a possible opportunity, which could yield positive returns for years to come.
The right time to buy is anytime. In a very short time frame, the market can shift quite drastically. So it would not be advantageous to base your decision to buy or not to buysolely on market conditions.
What is most important is knowing how to navigate the different market conditions in order to buy smart and negotiate your purchase expertly and effectively.
It’s also wise to position yourself right so that you’re ready when you come across the right property. This applies for all market conditions – balanced market, sellers’ market or a buyers’ market.
And remember location matters! Even if you feel the property you buy will be your ‘forever’ home, keep in mind that things could change. So it’s best to buy in a location that will be attractive to buyers if you were to sell the property someday.
So, when is the right time to buy?
Based on research and experience, it is beneficial in the long run to get into the property market as soon as you can.
Don’t wait until the time is perfect, because it never is! Work with a Realtor, that will help you to further assess your situation in an honest and transparent manner and help you to make smart real estate decisions no matter what type of market it is.
Happy smart buying!