5 Reasons to Buy a House Right Now

Buying a house is a highly individual decision, but current trends are creating a favorable situation for many would-be homeowners.

Interest rates are low, inventory is rising, home prices are ever-rising, and rents are through the roof.  

Five Compelling Reasons to Buy a House Right Now

1. Interest Rates Are Still Low

A fixed rate mortgage now averages about 3% and variable rates are even lower.  Do the math with any mortgage calculator you can find online or on my website http://www.hazlett.ca/Mortgage-calculator.  Use that as a guideline only because you may be able to negotiate even better rates.  

Then compare what you are paying your landlord in rent vs paying yourself.

Then make an appointment with your bank or mortgage broker and see if you qualify.  There's no obligation and you'll know for sure where you stand.

2. There’s More Inventory

During the spring, there's not a lot of homes available.  The principal of supply and demand prevails so there are bidding wars and people seem to lose their minds.  This is known as a Seller's Market.  

Right now, there are more homes available and typically after summer holidays even more will be coming up for sale - hence the market typically shifts to favour the buyer (known as a "Buyer's Market").  This is when you want to act.

3. Home Prices Are Going Up

It's no secret, it's all in the news.  Home prices are constantly rising and are out-pacing a typical person's ability to save.  A home in the $350,000 range last year, is probably now closer to $400,000.  Did you save an additional $50,000 last year to be able to afford the same house?

If you don't get into the market now, then when?  

4. Rents Are Sky-High

Sometimes you just have to rent...maybe you just moved out on your own or you're going through some sort of transition period.  But rents are high!  If you are renting, the landlord can charge you the most they can get.  Only the year to year increases are regulated if you stay there.  

Secondly, you are paying your landlord's mortgage for them.  By buying your own place, you are building your own financial security -- not your landlord's.

5. Employment on the Rise

Perhaps nothing is as important to the financial stability you need to buy a home as steady employment. 

If your employment situation is in good shape and the other four factors check out, then it may indeed be the right time for you to buy a home of your own.

And when you're ready, give me a call