Are you looking to buy a home for the first time? With certain factors coming together in the housing market, now may be the time to take the plunge. Keep in mind, though, that the “right” time to buy should be when you’re personally and financially ready and not an attempt to “time” the market.
Here are five good reasons to buy your own “home sweet home” now:
- Financing rates and terms are looking good!
Not only are interest rates near the lowest they’ve been in decades, but also low rates are available over longer terms.
- Homes are more affordable!
Real estate prices have been levelling off in many places and for certain types of properties, keeping affordability in check. In fact, the RBC Housing Affordability Measure has confirmed that homeownership costs have been easing up since the last half of 2012.
- The buying process is less pressured!
A slower housing market means fewer bidding wars on homes. That’s a huge relief to first-time buyers who find the process intimidating. It can mean more time to think about what you really want in a home, not to mention more opportunities to inspect properties, view data about properties or add conditions to an offer.
- There is a longer list to choose from!
For certain types of housing, there may be more listings to look at. This greater choice may up your chances of finding a property that has all the features you want in a location that suits you.
- You feel ready!
The ultimate trigger for taking the leap into home-ownership should be your personal situation. Do you really want to put down roots, make space for a growing family or fulfill a life goal? If you’ve already set a down payment aside, are prepared to make a long-term financial commitment and know what you want, you may have enough reasons to find a house to call your own.
We can walk you through the mortgage and financing side of the home-buying process ahead of time so you’ll know what you can afford and can search for a home with confidence.