
Are you ready to become a homeowner?
While individual circumstances vary, there are a few rules of thumb that can help you decide if this is the right time for you. For example:
Are you ready to commit to living in one home for the next few years? If there’s a good chance you may need to move in six months, it’s probably not an ideal time to buy.
Are your career and short-term plans fairly stable? Or are you thinking about making any big changes that could have an impact on your housing needs, personal situation, or income?
If you’re currently renting, are you ready to take care of all the repairs, maintenance, and other tasks that come with owning a home?
Perhaps most importantly, are you financially ready to own a home? Buying a home could be the biggest financial decision you ever make. Just remember to factor in all the expenses that come with homeownership, not just the mortgage payments. This includes things like condo fees, insurance, utilities, repairs and maintenance, and property taxes.
“When a buyer is thinking about buying a new home, their decision should be based solely upon their needs,” Halabi says. “An expanding family, marriage, moving to a new city, getting into a new school district—these are all life moments that may require a new home.”
For Hough, the “right time to buy” is less about what’s happening in the market, and more about your personal choices and circumstances.
“If you have the down payment, income, and are ready to make the move to being a homeowner, then it’s the right time to buy,” she says. “We can’t time any market. So as long as you’re in the position to purchase, the right time is when you’re ready.
“Real estate is generally not a short-term investment where you can try and time the market for one or two years,” she adds. “But if you stay invested in real estate long term, you can generally do well.”
-Credits: Realtor.ca (01/06/2025) David Elver Hoping To Buy A Home In 2025? Here's What You Need To Know!
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