Many home buyers in Nanaimo want to know, 'How do I know if it's a good time to buy a home?'
Often times what people are really asking is if they should wait to see if home prices go down. Trying to time the market is never a good idea. That's because, historically, home prices in Canada have tracked the rate of inflation - and recently by quite a bit more than that.
Of course prices could go down in the short term, to be sure. Nothing goes up in a straight line. But over a period of years, house prices have steadily appreciated. It's no secret that we're experiencing a boom in housing prices across the country.
So if you're in the market to buy a home, ask yourself these five questions:
1. With house prices the way they are now, and with interest rates as low as they are now, can I afford the monthly mortgage payment and still have enough discretionary money left over?
2. Do I like living in Nanaimo well enough to invest in a home here, or am I not sure that British Columbia is the place that I want to be for a long period of time?
3. Have I considered all of the home buying options that are available? For some people a condo or town home will make more sense than buying a single family home.
4. What are the realistic prospects for my income to increase?
5. Will my marital situation change, or will there be kids on the way? Young couples just starting out often opt to rent instead of buy, but when starting a family owning your own home can lay a strong, solid foundation for your new additions.