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Buying in a seller's market

We are often asked by first-time buyers whether it makes sense to buy in a market as hot as the Okanagan has seen for a long time.

The answer is yes, assuming you’re planning to be in the market for the long haul. In any market, a plan to own for the short term, or considering a fix and flip, is a riskier one.

There are a number of factors that make the decision to buy a two thumbs up. These factors are:

  • Interest rates are still historically low. Although we have experienced a few rate hikes during the past few months, interest rates are still extremely favourable.
  • Renting is often costing more on a monthly basis. As rents creep up (maybe a little faster than creeping), even as house purchase prices increase, the math still usually works in favour of paying a mortgage versus renting.  
  • Over the long run owning real estate is always a great investment. History always seems to repeat itself. Even most of those who purchased during the last real estate boom ending in late 2008 are realizing gains if their homes are sold today. The trick is to stick it out and wait until you are in a position to sell high (or higher!).
  • Owning is an investment in your future. If you are renting, continuing to rent is helping someone else invest in theirs. 

Investing in real estate is one of the best investments you can make. If you are purchasing a home as your principal residence, it is one of the best tax-free investments you can make.

Even though prices are higher than they were a few years ago, or even last year, a long-term investment in your future is always a good one. 

Our recommendation is buy now – and don’t wait. You don’t want to be looking back in a year saying to yourself: “I wish I would have bought when the prices were lower last year!”



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About the Author

Lisa Salt is a Vernon born Realtor® who, along with her husband Gord Fowler from Calgary, lead one of the most successful and dynamic real estate teams in the North Okanagan. 

An international clay target shooting champion, Lisa brought the attributes of hard work and diligent focus to the real estate industry to create the success she and her team have today. 

To experience the local knowledge and expertise that only someone born and raised in the Okanagan can offer, call Lisa today and 'Just Add Salt'.

Website link:   http://www.saltfowler.com

Contact e-mail address:  [email protected]

 



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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