In 2019, 56% of Canadians planned on waiting until 2020 to buy a new home. What those thousands of buyers didn’t know was that a global pandemic would arrive in 2020 and make their moving plans uncertain. Does this sound like your story?
As we near the end of 2020, should buyers continue to wait? Or is it time to make your move in the real estate market? We think you should seize the day, but here are some things to consider before you decide.
Employment Security
The workforce has been rattled by Covid-19 with some industries being hit particularly hard. If you have a career in one of these industries, like hospitality or fitness, you may want to evaluate your level of security before taking on a large financial obligation like a new home. However, if you have a secure career and source of income, you have less reason to pause your home buying plans.
Interest Rates
The Bank of Canada’s current interest rate is the lowest it has ever been at 0.25%. This means that first-time homebuyers have a better chance of securing a loan than they did before the pandemic. If you’re looking to buy your first home, now is the perfect time to take advantage of the low-interest rates and mortgage access.
Some Buyers Choosing to Wait and See
Some buyers will inevitably pause their home-buying plans to see what happens after the pandemic. The future is unknown, but we know that those buyers choosing to wait are giving ready buyers less competition. We’ve been in a seller’s market for a while now; taking advantage of this time when some buyers are choosing to wait could help you secure the home of your dreams.
Your Dream Home
When you find a listing that checks all your boxes, it’s important to act fast. There is an inventory shortage in Southwestern Ontario, which means your dream home won’t be on the table for very long. Sure, you could take a moment to ask yourself if it would be better to wait and see. But in that time, your dream home could be swept up by another buyer.
Work with an Experienced Realtor in Hamilton
No one knows what the future will bring for the real estate market. There are dozens of contradicting predictions out there, making it hard to find solid evidence to wait. If you have secure employment, funds in place, and are ready to find the home of your dreams, there’s no time like the present.
The de Denus team has the experience and expertise to find you your dream home in Hamilton for a great deal. We’ll show you the best neighbourhoods to suit your lifestyle and budget, and make sure every step of the home-buying process is taken care of for you. Contact us today to learn more.