The decision to buy real estate today or wait must be a personal one. At the end of the day investing in real estate must be a decision that you feel right about pursuing.
There are great arguments to both sides of the conversation. Particularly in the Okanagan, we have finally trended into a balanced market. Some will view this trend as the beginning to doomsday, meaning our market is on the verge of crashing/correcting. Others – myself included – see this shift as a super positive and exciting thing. We are no longer in a market where you need to make knee jerk reactions to your first thoughts on a property. You no longer have to worry if you don’t buy it tonight it won’t be there tomorrow. We have time now to make thoughtful decisions. Prices have stagnated so there is no fear that if you don’t buy this month, you’ll have to pay an extra $5,000 or more next month.
Will property values go down? Stay the same? Rise back up in the Spring Market? My crystal ball is unfortunately out for repair so I don’t know. Here’s what I do know. The Okanangan real estate market has historically been cyclical. We have experienced true peaks and true valleys. Our market did crash in 2008 and very recently we finally recovered to selling prices at or slightly above.
In addition, I know that we are in the midst of baby boomers retiring and relocating to the Okanagan. YLW has recently undergone expansion projects. Kelowna has just re-elected a young mayor who is pushing to bring new industry to the area. Not to mention, people relocating from the coast inland for a more affordable lifestyle. The Okanagan has great momentum and I’m optimistic.
As for buying now or waiting, again, it is a personal decision. The future is unknown but there are two other key factors to consider:
- Wait to see if the market does continue trending down and potentially save a few bucks on the sale price of your new home
- Buy now and take advantage of the low interest rates, which are predicted to go up in 2019.
Here’s an article that you might find interesting to help you decide: click here.
As always, if you have questions about what is best for you, please feel free to contact me. I am here to help.