Ep. 171 - Should You Buy Real Estate Now or Wait?!

So let's get right into it.

Marianne, what do you think? Should buyers get into the market now or should they wait?

That is a very interesting question, Matthew, and that's a question that we find that a lot of buyers ask us, like, should we be waiting or should we just jump in and buy now? And I think, um, we don't have a crystal ball, so.

I think it depends.

I think it depends on your situation.

Yes.

Yes.

So let's break down the buyer, right? Like if you're buying, uh, as an investment, you obviously wanna, wanna get in at the lowest possible price, um, so that way you could buy it, and if your plan is to rent it out, you can potentially cash flow.

Um, or if you wanna buy it and speculate that the price is gonna go up and you're gonna turn around and flip it, you're gonna make a profit on it, yes, you wanna, you wanna buy it at the bottom of the market.

But, you know, we always hear that.

The, it, are we at the bottom? Are we at the bottom? And it's like you can't predict that.

You don't know exactly where the bottom is, but you can follow trends.

You can see are sales on the uptick, you can see where's the supply at, you can see, like, how long are properties staying on the market.

And so those are all important factors that we'll consider, that we'll talk about.

But what about the buyer who wants to buy something that they're gonna live in, the first time home buyer? What are your thoughts on that?

I think, I, I think it sort of goes hand-in-hand because if you are wanting to make a purchase, I don't necessarily think that waiting for the absolute bottom, bottom, bottom is the best thing in, in certain situations.

Like for example, if you're thinking to yourself, "Okay, I'm gonna wait if the, if it will drop, you know, a little bit more, let's say like another 5%.

So I'm, I'm gonna wait and see if it will drop a little bit lo- uh, a little bit lower," in the process of that there could be other factors.

Like more, there could be more people coming out there saying, "Hey, you know what? I wanna buy too." Or maybe there could be, um, an interest rate change.

So it's like you are waiting for it to drop a little bit lower, but then in reality there's all these other factors that might come into play, so it may not be worth it.

Yeah.

I, I think the, the competition is, uh, mentioning that point is key.

So if you're a first time home buyer, you guys, like right now we are seeing different pockets of, uh, different areas in real estate that are getting multiple offers.

Like they are coming back to the table.

Now they're not getting like seven offers, 10 offers, but they're getting two, three.