“When is the right time to buy?”. The question is not a new one, and has been contemplated by nearly everyone in the market to purchase real estate now more than ever.
It is easy to understand that there would be skepticism or doubt considering the abundance of “news” articles filtering in daily from various sources – some of which are speculative or unsubstantiated. On any given day, we can be presented with conflicting stories about what is really happening, “The market is hot”, “The market is cooling”, “The bubble will burst”, and so on.
So what advice do we give our clients? Real estate is cyclical, it goes up and down and back up again. Stop trying to figure out the perfect time to buy or you will blindly miss your perfect opportunity. The timing should be based on your financial health and budget. Buying something that you can comfortably afford now, makes for a great decision every time.
As for the property owners looking to sell an existing property and purchase another, keep in mind “Sell high, buy high” and “Sell low, buy low”. If you are looking at real estate within the Greater Toronto Area, there is no such thing as selling high and buying low.
The buying decision is easy when you have peace of mind knowing you can afford the property that checked the right boxes on your wish list and made your eyes light up at first sight. You will never question yourself again.
Happy property hunting,
All of us at Home & Condo Market, Brokerage