Waiting to buy? Why you should consider buying now

Posted Nov 20th 2023 in

If you’ve been on the fence about purchasing a home, you’re not alone. Rising interest rates and an uncertain economic outlook have given many prospective buyers pause. However, the current housing market presents some unique opportunities that make right now a compelling time to stop waiting and buy. 

Fading Bidding Wars

Competition is cooling off after a frenzied couple of years. With borrowing costs up significantly, fewer people qualify for a mortgage. As a result, the bidding wars of the past are fading. Multiple offers on properties are less common, giving buyers more negotiating power. There are also simply fewer buyers out there competing for the available listings. With demand down, you won’t face the pressure of submitting an offer immediately. You’ll have time to fully weigh your options.

Increasing Inventory

Inventory levels are beginning to rise for the first time in a long time. Sellers who waited out the pandemic boom are now choosing to list their homes, taking advantage of still-strong selling conditions. With more houses on the market across most areas, buyers have a better selection of homes to choose from rather than feeling squeezed into a purchase. Property value assessments also tend to be more accurate when based on larger samples of recent sale prices. 

Enthusiastic Sellers

Motivated sellers are more receptive than ever. Many who listed during the peak pricing period have since reduced prices or are willing to accept offers below the original asking price. Others are adding financial incentives for buyers, such as covering closing costs. Negotiations that resulted in sales going significantly over the original list price just a few months ago are less common now. This shift to a buyers’ market presents opportunities to get into a home at a more affordable price point with potentially stronger terms.

Projection of Low Rates

Rates will eventually come down from these elevated levels, potentially sooner than some may think. Most experts do not foresee the central bank continuing to aggressively raise lending standards indefinitely. When interest rates stabilize and begin to decline from here, existing homeowners will benefit from locking in fixed costs for many years to come. Property values also usually increase steadily over the long term. Purchasing now positions buyers to take advantage of those future trends.

In Conclusion

Timing the housing cycle perfectly is impossible, but the signs indicate right now could be one of the better windows. The early years of ownership tend to be when home values rise fastest. Waiting carries the risk of missing continued price appreciation and paying even higher prices down the road once demand picks back up. Statistics also show homeowners who buy when inventory is expanding rather than limited fare better financially. 

Strong real estate markets have local nuances that average national reports miss. Consulting with a knowledgeable agent provides invaluable insights. They can assess whether local trends reflect broader indicators or differ based on neighbourhood and property characteristics. Any opportunity areas they detect may not last if the market shifts again. Acting with the guidance of a pro who truly understands the community helps homebuyers make well-informed decisions with confidence.

Overall, those able to purchase see this as an environment with less competitive pressures and a chance to capitalize on pricing dips. For those ready to settle in for the long haul, now could be the time to find a home at a rate and price point that fits your needs. Taking advantage of the flexibility today’s market provides enables people to stop waiting and start enjoying the benefits and security of homeownership.

Buy Your Dream Home With the Baird Team

Are you still on the fence about buying a home? Contact the Baird Team today for an expert market evaluation and home-buying consultation. They can help you identify opportunities and give you the insight needed to make an informed decision about whether now is the right time for you to stop waiting and buy.

We at Baird Team specialize in selling homes in Courtice, Bowmanville, and Oshawa.

Contact us today!