Is Buying A House The Right Time For You?

This pandemic has been a challenging year for most Canadians. While safety precautions affected our daily lives and our economy, real estate business has unwavering operation as an essential service as well as coped with it.

While there were fewer sales and transactions of homeownership, there was no doubt a dip of activity. However, the market bounced much faster than expected and adding more opportunities ahead.In response to COVID-19 and its health protocols, the real estate industry has improved and improvised 360/3D virtual tours for clients, electronic signatures, and remote closings for transactions. This may be a good time for first time home buyers to dip their toes on real estate market.

Depending on your financial health as a prospective buyer, you may be questioning yourself, “When is the right time to purchase a house?” This article will help you gain knowledge about the different variables present. Likewise, this will provide tips when it is the right time for your homeownership journey most especially if you’re eyeing at buying a house with poor credit .

Buying A House

The following are conditions to consider when deciding to make a house purchase:

Choose The Right Time Of The Year

Normally, January is the best time to look for offers and shop for home. Not many buyers would endure the cold weather after winter. Sellers would more likely accept lower offers because properties take longer to sell in this month of the year.

The market heats up in February onwards until spring which is the busiest month for home buyers. Homes become more presentable for buyers in spring and they expect to move in summer. As more home shoppers look for more available purchase, real estate prices go up and competition increases.

As the year reaches fall, prices usually drop as well as the number of listed homes in the market. By the time of December, the market freezes due to the holiday season. This will resume operations on January of the following year.

Visit Buyer’s Market With Lower Demand

You could shop homes in a buyer’s market. Prices are low due to low demand while available options are high that results in a lower-priced home purchase. This is the exact opposite to a seller’s market in terms of demand and availability. They’re typically low in availability but prices are higher than usual.

Sellers can choose and decide which offers are to be accepted and considered as the best one. Bidding war can also arise if multiple offers are presented and you might lose your dream home if your price is not the most lucrative.

Don’t Wait For The Perfect Opportunity

Do not wait for the market to dip in its lowest because no one can pinpoint when the lowest price is possible for a home purchase. Real estate goes up and down so waiting for the perfect moment is almost impossible. Just buy a home when you find the right one and don’t overthink when your dream home will appear. Moreover, if you’re looking forward to transact with a mortgage lender with bad credit experience, do it immediately before another borrower beats you to them.

Assess Your Financials and Living Circumstances

Homeownership takes time commitment and a lot of money. Before hoping into shopping for home, make sure your finances are stable and assets are strong as your credit health. Ask yourself if you could properly handle large purchases and monthly payments for your home.

There are things you should also consider like location, housing needs, people who’ll live in your house, maintenance repairs, and emergency funds. Always remember that home purchase and mortgage loans always add up to your monthly budget. You are responsible to evaluate and calculate your mortgage payments.

It is highly recommended you religiously monitor your credit health. You don’t want to have a bad credit for mortgage record that lenders will discover soon. Finding a reputable lender dealing with bad credit will greatly help you to qualify for a loan. There can be delays in getting an approved application; however, buying a house with bad credit standing is still possible.

Final Thoughts

Take into account the information mentioned above and arrive at a decision to buy a house. You should likewise prepare in advance your finances. Pay your outstanding debts, repair your credit score, save enough money for your down payment, and live frugally. Buying a house is an experience worthy of anyone who can show determination and discipline to control their expenditures. Always seek assistance from a seasoned mortgage advisor like Dominion Lending Canada and other similar agencies if you encounter any hiccups on your property purchase.

Dominion Lending Oshawa is your best mortgage solutions provider in Canada. Founded by Faizal Garasia in 2019, we have a network of more than 90 lenders including the largest banks, credit unions, trust firms, and financial institutions across the country.

Contact us at (416) 825 0142 or send an email to [email protected] today to learn more.

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