Buying a New Home
If you’re considering purchasing a home in Regina for sale, ask any real estate agent worth their salt, and they’ll tell you: Now is the time to do it.
The real estate market is changing by the day, and whether you want to purchase a home in the beautiful White City or a luxury apartment in Lumsden, market prices and levels are in your best interest now; circumstances a year from now (or even six months from now) are not likely to be as hospitable.
So why are they? If you are interested in buying a home, why shouldn’t you wait? When is the time now to make a move?
Homes are getting more expensive by the day…
Speaking of costly, Regina selling homes is getting (literally) more expensive each day. In reality, as of June 2018, home prices have risen for over five years every month.
And the pattern does not display any sign of slowing down. Experts expect house prices will leap up to 5% further in 2019 and a further 3.5% in 2020. That means you can expect to pay an average of 8.5 percent more than you will pay today if you buy a home or one-person apartment for rent in Regina by the end of 2020.
Merge the rising interest rates with rising house prices, and from now on, you have the formula to pay a lot more for a house a year than you’d pay today.
Competition is getting fierce.
Another explanation now is an excellent time to buy a home is that everyday housing markets are highly competitive.
Now that much of the world has recovered from the recession, growing numbers of people are purchasing real estate. So the more people who are on the market, the more there is a demand for housing.
Competition in markets around the country is getting serious. Homes are sold almost immediately, often at the above asking price, and sellers often have multiple offers to deal with.
Competition in most property markets is still manageable, and offers are yet to be found. Again, as the economy continues to grow, the game will heat up even further – making it considerably also challenging to find and purchase your dream home (not to mention expensive).
And there are fewer to choose from
Low-inventory is one of the factors in increasing home prices. If so many people are trying to purchase homes and not enough homes for them to purchase, it is pushing up house rates and demand.
Now we have a big problem with low inventory, but sadly there is no easy solution to that problem. When interest rates rise, it is less likely that people will sell their homes to maintain the lower interest rates on their mortgages.
The story’s morale is: the inventory is weak now, but the list is likely to be lower in the future, meaning prices will grow even higher. It’s easier to buy now than wait before the situation gets worse.
That’s a big decision to buy a home. So if it is a decision that you are making, now is the time to pass. Today you will enjoy lower interest rates and a less expensive (and less stressful!) overall experience than you would if you had to wait. To find your dream home and get out there!