Don’t Hold Out For Major Price Drops Before Buying

Housing prices in Canada are falling and they do seem to be following a trend that will have them drop even more. This doesn’t, however, mean that you should wait around for “bottom out” prices before buying.

According to the Canadian Real Estate Association, the average price of a home at the end of 2008 had fallen to $303,594. By the end of this year, buyers should that average price drop even more. It is anticipated, however, the 2010 will see a return in sales volume at least of a modest amount. This could begin to bring prices back up, as well.

So, what does this mean for you as a buyer? Basically, if playing the waiting game for the absolute lowest prices is what you have in mind, you might just lose out. Although it’s smart to shop low and seek out an excellent house in the process, procrastinate too long and prices might rebound a bit.

Getting a great deal in the present market is not a problem. To make sure you get the best house for your investment, do make sure to:

• Take the time to really shop around – Buyers are anxious to close deals and move on with their lives. It’s hard to recall a time where they’ve been more motivated. With this in mind, you can find some incredible properties available at very good prices. Take the time to shop around to find a house that not only suits, but also wows at least a little.
• Exercise due diligence before buying – Just because a house has a fantastic price and looks great doesn’t mean it is. Do take the time to obtain proper appraisals and home inspections before signing on the dotted line. This will help you better understand if your once-in-a-lifetime deal is all that it’s cracked up to be.

Today’s market does present some incredible options for buyers. With prices low and expected to drop even more, it’s tempting to wait to buy. If investing is in your future, just make sure you don’t wait too long to get in on the action. Back to Blog