It's 2023 already, is it a good time to buy a house? Every home buyer has the same question: Is now a good time? When is the best time to buy a property? Should I buy it in Vancouver, Burnaby, North Vancouver, or West Vancouver? How would I choose?
Real estate markets are complex and affected by a wide range of factors, including economic conditions, supply and demand, government policies, interest rates, and more.
Here are some tips to help you make a more informed decision when you are actively searching for your next home:
1. Research and monitor the local market
It's important to research and monitors the local real estate market in Greater Vancouver. If you haven't decided where you want to live, try to look at trends in property values, rental rates, and market insights. You can find this information on real estate websites, news articles, and market reports.
2. Check financial options and budget
Put your financial situation and goals into buying consideration. If you are planning to buy a property as a long-term investment or to live in, and you have stable employment and financial resources to support the purchase, then it may be a good time to buy if you find a property that fits your needs and budget.
3. Seek professional advice when needed
It's always wise to seek the advice of a professional real estate agent or financial advisor who has experience with the Greater Vancouver real estate market. They can provide you with valuable insights and help you navigate the complex process of buying real estate.
If you are struggling to find out if it is the right time to buy your home now in 2023, you must ask yourself first: What makes you believe that you need to make a purchase? What is your motivation behind the purchase?
Is it because you want to...
1. Invest in real estate:
If you are purchasing an apartment/house/townhouse for investment, anything you find on the market that is cheap, below the market price, or repairable, then ANYTIME is a good time to buy.
Tips: Buy low, sell high, who doesn't like some extra money?
2. Self-occupied:
If you are buying it for yourself and you want to live in it for at least a few years, ANYTIME is good for you.
Tips: If you are in need, timing doesn't matter.
Based on current trends and patterns, here are Three types of people who may be more likely to buy a home in 2023:
1. You HAVE to buy a house:
There are situations in life in which you have to buy a new house, move to a new area or get a bigger place. Sometimes things just don't go as planned, for example:
Example 1: Imagine that you are getting married and you need a place to live with your new husband/wife. You can't say the reason why you don't buy a house is that you are waiting for the house price to drop. Believe me, the marriage may be depending on this...
Example 2: Imagine you are going to have a child and you need a bigger place. You can't say you want to wait around and find The Perfect Place to move in even when the baby is on the way.
Example 3: Your kid is going to school and you want them to go to a school in another zone with a better reputation. You can't say the reason why you don't make a purchase is that the house price is too high and you decide to give up your child's future. Which one is more important to you? Your child's education or saving some money.
2. You are planning to buy move-in ready homes
Due to factors such as rising raw materials, lack of work, and epidemics in the past two years, the risk of buying pre-sale houses has increased significantly. It's all over the news that a developer was seeking creditor protection with 16 undergoing projects. (Vancouver developer seeking creditor protection, facing $700 million in debt)
Tips: If you are looking for a pre-sale project whether it's for an investment or based on your financial situation, it is better to do some background checks and relevant records of the builder.
Also, the trend of remote work is expected to continue in 2023 and beyond, and some people may be interested in purchasing a home that better suits their work-from-home lifestyle. This could mean a larger home with a dedicated workspace or a home in a location that provides a better work-life balance.
So, if you have some savings and you can afford a larger amount of down payment, the inflation and interest rate are not going to affect you much. Plus, because of the incredibly high-interest rate, housing price has started to drop at a slow pace.
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