Is now a good time to buy a property?

As you can imagine, as brokers, this is a question that we get asked by clients a lot- almost on a daily basis.

But sadly, no matter how many times the question gets asked, the answer still remains incredibly open ended.

The mortgage market is constantly changing, as is the property market, no one day is the same, and if you take too long decide, you may lose out on a rate and or property.

The reality however is that everyone is different. There is not a once size fits all approach to buying a home. For some people this may be the perfect time to buy a home, for others, this could be the worst time imagineable!

I tend to ask clients on 2 things when it comes to this question:

Do you like the property?

Is this your dream home? Does it tick all of your boxes? Are you having to sacrifice something that was previously a non – negotiable in order to get this house because you’re bored of looking? Is the location perfect? Does it have the right amout of space and amenities in the surrounding area?

Is the monthly payment affordable/ within your desired budget?

Are you breaking the bank to try and get this property? Does this property still allow you to live your lifestyle- go on the holidays, dinners out with friends etc.? Are you still able to save on a monthly basis?

If the answer to both of these headline questions is yes, then I would say it’s a good time to buy a house for you particularly. If the answer to either of them is a no, then it’s probably not a good time for you.

Buying a home is very different for everyone.

Everyone has different criteria in what they are looking for out of their home purchase. For some, it’s the forever home. For other’s it’s a stop gap for a few years to get out of rented.

This is why the “is it a now a good time to buy a house?” question, is akin to that of “how long is a piece of string?”.

The way to get the best answer to this question for you, is by working with an expert broker. Let them understand your circumstances, your goals and desires, and then you can work out if now is a good time to buy a property for you.

At Oremont, we specialise in expert, honest advice that is tailored to you. So get in touch today, because who know, now could be the right time for you to buy a property!