Everyone seems to have an opinion about when the best time to buy an Ottawa house is. Some claim there is a perfect month or season to buy a home. In truth, many factors determine the “best” time to buy, especially here in Ottawa.
We asked Paul Rushforth when he believes the best time to buy is. He answered without hesitation.
The best time to buy a home in Ottawa is… yesterday.
Why Is Now the Best Time To Buy a Home?
Since we can’t turn back time, now is the time to buy a house.
Even though we’ve witnessed dramatic price gains recently, the Ottawa real estate market is not in a housing bubble. This crazy trend has already slowed, and the market will indeed flatten in 2022. That doesn’t mean the prices will drop, though. We expect prices to continue to rise, just at a slower, steadier rate of approximately 6% to 7%.
There is no reason to wait to enter the market. In fact, if you wait to buy a house, you’ll end up paying more.
Why You Shouldn’t Wait To Sell Your Home – A Tale of 5 Years
We were working with a family who, in 2016, was looking for a townhome. They found one they loved, priced in the mid-300s. The family felt the market was going to go down and decided to wait until 2017. During that first year, the sale price increased to $407k, and we advised them to get into the market. Still convinced the market would crash, the family continued to wait. Of course, over the next three years, home prices rose exponentially until the townhouse ultimately sold for $650k.
And who did it sell to? You guessed it! The same family that had fallen in love with it five years earlier bought the townhouse for hundreds of thousands of dollars more than when they first looked at it.
It simply doesn’t pay to wait.
Should You Wait To Buy a Home in the Spring?
Typically, the housing supply increases each Spring, but there is also more competition. There will be many people looking for homes in the springtime, so we’re expecting to see bidding wars again.
Right now, there are fewer homebuyers, so you have less competition and will see price reductions. Not only that, folks are busy thinking about the holiday season. So it’s the perfect opportunity to pick up a property right now.w.
What Do You Need Before Buying A Home?
The “best” time to buy isn’t only tied to the state of the local real estate market or a specific month. Your financial situation and how prepared you are to buy are equally as important.
We’ve got lots of advice for first time home buyers in Ottawa, but here are a few things that need to happen:
- Talk with a mortgage broker. You need to find the best mortgage interest rates, and we can help you with that through our mortgage channels.
- Determine how much home you can afford. Discuss the down payment plus monthly commitment, and make sure you are completely comfortable with the numbers. This is critically important.
- Get your finances in order, and don’t do anything to hurt your credit. Keep a stable job, pay your bills on time and avoid big purchases. Even if you’re pre-approved, a financial institution might go back after you’ve purchased a home and recheck your credit score.
Hidden Costs Homebuyers Need To Be Aware Of
It’s a fantastic feeling to get pre-approved and start the house hunt. You can finally look for properties in the Ottawa area and visit open houses with confidence.
In all the excitement, don’t forget to work out all the extra (often hidden) costs of buying a home here in Ontario. There are many Ontario fees and other closing costs involved that are above and beyond the agreed-upon purchase price. Experienced real estate agents, like our team at Paul Rushforth, will sit down with you to discuss appraisals, inspections and repairs, as well as other expenses, such as the land transfer tax, property taxes and legal fees.
What About The Real Estate Agent Fees?
Many Ottawa home buyers don’t realize that it’s the seller who pays the agent fees. When you hire a Paul Rushforth real estate agent, you have access to all our home sales data, resources and knowledge, plus our strong negotiation skills. We work hard to get you the very best deal, which, in the end, saves you time and money.
Hire An Experienced Real Estate Agent With Your Best Interest In Mind
The home buying process is emotionally charged and very complicated, so purchasing a home is not something you should attempt on your own.
When choosing an agent, hire someone with true negotiation power. A savvy real estate agent will do whatever it takes to get the best price for a property on the right terms.
The agents at Paul Rushforth Real Estate are highly trained sales professionals and practiced negotiators. While we understand the transaction needs to be a win-win for all—both the seller and the buyer have to feel like they’ve won—in the end, we represent our clients and will do whatever we can to fight for you.
We Take the Worry Out of Buying a Home
Have you heard about our Ottawa home buyer guarantee?
In short, if you aren’t satisfied with your home in the first 12 months, we’ll buy it back or sell it for free. You’re not going to find this type of commitment from other real estate teams.
Contact a Paul Rushforth agent and start house hunting today. We’ll help you navigate home buying, mortgage rates, and the twists and turns of the local market. And, once you’ve secured your dream home, help you protect your real estate investment.