First time buyer - bad time to buy?

[Benjamin123]

Hi,

I was just wondering if any experienced investors could provide their thoughts on the current market? I'm currently in a position to purchase my first property but under no pressure to do so, do you think property values are likely to fall later this year? I know its very difficult to predict but the market seems so be relatively inflated at the moment due to government support, would appreciate a steer on whether now i should purchase or wait and monitor the market over the coming months?

Any thoughts would be most appreciated.

Thanks

 

[PaigeO]

Hi Ben, I’m in a similar sort of position where I’m not entirely sure if right now is the time to buy.. even though I am ready to buy. Have you had much feedback elsewhere on your concerns?

 

[PaigeO]

Hi Sethi. I agree with this if someone was looking to buy and stay in the property long term (4+ years) which Ben may be. However, I find myself in a position where my partner and I will be buying a ‘fixer up’ property to then sell within a 1-2 year time frame. My concern is buying now whilst prices are high will only hinder us when we come to sell (if the economy does take a bit of dip and our property ends up having a negative equity when we come to sell.

 

[sonawane]

Don't overthink on a bad and good time. In the real state as per the past forecast price, today's price is always higher than ever. You will get relief on tax and somewhere on stamp duty, But not on overall buying. Soon you buy earlier you start saving. Waiting for a good time will put you in such a section where you have to close a very expensive deal. This 2021 is the best year for the home buyer because there are Indian tax exemption norms implemented to give some relief to the home buyer. Don't wait more put your complete effort towards a home purchase. The best option is you can buy an affordable home below 45 lakhs to get extra tax relief.

 

[John Medina]

I think this covid is the worst time to buy properties. You have no idea when covid will go, when the prices will raise up and how much they will increase.

 

[SunnyArms]

I think it's a good time to buy properties. Interest rates are lowered and some RE agents sometimes lower the house price just to have a sale.

 

[DeniseDArteaga]

Buying a property can be stressful. There is a lot to think about when you’re getting involved in real estate transaction.

 

[Dora Wi]

I don't think it is a particularly bad time to buy. It's just important to choose the area of the investment carefully as trends have been changing a lot due to the pandemic.

 

[bhupinderbhatti]

I think it's a good time to purchase a property. Since property prices are expected to rise in the future.
If you want to buy a property in BC, Canada then check this website Listings Nearby

 

[michelle1121]

My husband and I did purchase a house but we were put in a position where we did not have much choice.

 

[michelle1121]

I think it depends on many things like location, details about the house, inspection reports, neighborhood, and much more. It's just a matter of preference. Also, just like what the others said, there is no right time to buy. There is only opportunity. If you miss an opportunity on a great place, then it will be your loss. What property are you thinking about? If you're thinking about getting a house, I'd like to suggest Trilogy. The houses are great for families or for those who want to start a family. You can learn more here about them.

 

[tomsmithwrinch]

Have you considered living with other people? My friends were sick of renting out individually (felt like they were just throwing money away) and so decided to buy together. They used the software app MaryR which essentially enabled them to buy together, yet own individually. It basically allowed them to track which shares they owned of the house (according to their unequal contributions etc),whilst also building up their individual equities according to their shares. Would recommend if you haven't thought about it already. After all, a problem shared is a problem halved lol.