Kitchen Table Real Estate:
First time buyers, this might an opportunity for you!
Due to the pandemic, the real estate spring selling season which normally starts in March has stalled. Homes sales are half what they were last year and prices are on the decline.
So is it now the time to buy?
Depends on who you are, how stable your job is and if you really can afford a home and all that goes along with home ownership.
For first time buyers this pandemic could be your best opportunity to be a home owner.
But first, you need to know exactly what you can afford and what you can’t. Your financial institution, mortgage broker or you realtor can help you determine the basics.
Homeownership isn’t for everyone. All I’m suggesting is that opportunities like that don’t come very often and when they do you need to be ready:
Get pre-approved for your mortgage.
Secure your down payment.
And if your employment is expected to be stable then you’re ready to go.
Buying a home involves risk and you can be sure some think that the pandemic will persist and prices will go even lower. Others think that we are in the early stages of an economic recovery and now is the time to act.
So be prepared, do your homework and get ready, this pandemic might be an opportunity for you.