Four Signs It’s Time To Buy A New Home

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Whether you’ve been mulling over the idea of buying a new home for some time already or you’re starting to get the impression the real estate stars are aligning in your favour, knowing when it’s the right time to buy a new home requires some foresight.

While we work with ambitious new buyers all the time, sometimes even the most eligible buyers need some convincing and encouragement that they’re the perfect candidates to buy a new home. With today’s hyper-fast, ultra-competitive market, we don’t blame you if you have some apprehension about the home buying process.

However, if you’re considering buying a new home and find the following four signs apply to you, you can take our word for it that entering the market isn’t something you need to feel fearful of.

The Numbers Make Sense

Every smart home purchase starts with running the numbers. First and foremost, if you want to buy a new home, you have to know what you can afford to spend.

One of the most disappointing situations eager new buyers can find themselves in is when they’ve over-predicted what their budget is. Don’t set yourself up for heartbreak by ogling online listings before you know what you can afford.

The best way to find out early on what your new home budget looks like is to speak with a mortgage lender. Whether it’s through your personal banking institution or a private mortgage lender, if your financial situation looks good on paper, count that as a sign it could be the right time to buy a new home.

You’re Getting Cramped

Another telltale sign it’s time to buy a new home is when your current one just doesn’t seem to function like it used to. Whether you’re expecting new little ones or your little ones aren’t so little anymore, personal space can begin to feel like a luxury when families grow.

If your hallways and common spaces are starting to give you flashbacks of crowded subway stations at rush hour, it’s probably time to upsize. While it’s not always easy to part with a home that’s served you so well in the past, we take pride in our ability to help our clients find new homes that perfectly suit their lifestyles.

Interest Rates Are Interesting

One of the most influential factors that has contributed to the housing market boom during the COVID-19 pandemic over the past year or so has been the sharp drop in mortgage interest rates.

Many new home buyers are taking advantage of the opportunity to buy a new home while initial fixed-term mortgage rates require less interest to be paid to a bank or mortgage lender. While we’re cautious of how mortgage rates will respond in the post-pandemic world, the trustworthy Mortgage Professionals Canada predict the housing market will continue to strengthen beyond 2021.

So, if you’re thinking about buying a new home, perhaps today’s lower interest rates should come as a sign of encouragement.

Your Neighbourhood Is Changing

When it comes to the business side of buying and selling real estate, knowing how to spot telling changes in certain neighbourhoods should also influence your decision on whether it’s time to buy a new home or not.

At Sidorova Inwood, we try to help our clients view all real estate purchases like investments, and knowing when your home’s stock has reached its highest is certainly a clue it might be the right time to sell and invest elsewhere.

If a neighbourhood is starting to feel less trendy and more gentrified, or it’s starting to show signs it might be taking a turn for the worse, our investment ears perk up. By buying low and selling high, we’ve helped countless clients not only make substantial profits from their real estate ventures but also move into more vibrant neighbourhoods with better long-term investment potential.

As west Toronto neighbourhood experts, our team is always up-to-date on the most telling real estate trends and more. If you’re looking for more personal real estate advice on whether or not it’s the right time for you to buy a new home, don’t waste another second waiting — contact us here to set up a free consultation today.

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