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Is 2019 a good time to buy a house? (If not, then when is?)

“Always pick your yard based on your Summer lifetstyle.”

~ KARL

March 25, 2019 - Karl Yeh

It still is a great time to buy for 2019. I mean, interest rates are at an all time low despite all the hype and the talk and despite things going up and down, historically, it always goes up. Buying a home is a longterm investment, so it is a good time to buy, in short.

Planning to buy a house this year? Should you wait? In this episode, we discuss if 2019 is a good time to buy a home or if you should wait. We explore what happens if the housing market dips and if home prices fluctuate throughout the year. Finally we answer when is the best time to buy a house. 

 

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Transcription:

Hi, everyone. I'm Karl, and welcome to another Home Buyer's School video, a channel where you get the latest strategies, tactics and tips from home-buying experts. And remember if this is your first time on this channel and you want to get the latest strategies from the experts, hit the subscription button below, hit the little notification bell, so [00:00:30] you don't miss anything.

Karl Yeh:                      

Today, I'm joined by Jessica McNabb, Area Manager with Brookfield Residential.

Today, we're talking about:

Should I buy a home in 2019?

Now, Jessica, there's a lot of talk whether you're in Vancouver, whether you're in Alberta...Whether you're in Toronto, wherever you are, is it a good time to buy in 2019?

Jessica McNabb:          

Yeah. There's a lot of hype and speculation...

On that question right now, as I'm sure you can imagine.

Specific to Alberta,

It still is a great time to buy for 2019. I mean, interest rates are at an all time low despite all the hype and the talk and despite things going up and down, historically, it always goes up. Buying a home is a longterm investment, so it is a good time to buy, in short.

Karl Yeh:                      

What happens if hypothetically the housing market crashes? Now, probably this question more applies maybe to Vancouver, Toronto not so much in Alberta, but

What happens if like the housing market does significantly dip?

Jessica McNabb:          

Well, historically, things have dipped in the past, as [00:01:30] you know.

If you look at a trend over the last 10 years or 20 years, your investment will still increase in value. It still will be a good time to buy at this time of year.

Karl Yeh:                       So, Jessica,

When is a good time to buy a home?

Jessica McNabb:          

There are better months than others to buy.

For example, in December, it's Christmas month, it's cold, people aren't typically out and about looking.

You might be able to get a better deal.

If there's a resale home out there and, as you can imagine, most people are shopping for Christmas gifts around that time, if [00:02:00] you're going to submit your offer on that resale home, maybe the buyer's willing to accept at that time.

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Karl Yeh:                       Do you know when prices ...

Do prices actually fluctuate during the year?

Do they go up, go down like during seasons or whatnot?

Jessica McNabb:          

They do.

If you're looking at the resale market, for example, in the springtime, people are usually more opted to buy a home in the spring, and you can see historically that the sales of homes go up in the spring, just because people are more motivated to buy in the springtime.Should you wait to buy a home?

Karl Yeh:                      

What about the people who say they [00:02:30] should wait to buy a home, like say either prices go down or maybe they just need to save up a little more?

Jessica McNabb:          

Yeah. That's a great question.

In terms of waiting to buy, the right time to wait to buy a home per se is if, let's say, you are very close to having 20% to put down on your home.

If you have less than 20% to put down on your home, you'll have to pay SMHC fees, so this is for mortgage insurance.

Karl Yeh:                       Yeah.

Jessica McNabb:          

If you have 20% to put down or close, [00:03:00] then that's the way that you can get out of paying CMHC fees.

That's when I would suggest to wait.

If it's in terms of waiting for a price to drop or an incentive to come about, these things fluctuate all the time, so there's never really a right time to wait for a price incentive or price drop because that's unpredictable.

Karl Yeh:                      

Yeah because you never know, like low price now could be lower next, or it could be higher.

Jessica McNabb:           Right.

Karl Yeh:                       You just ... right. Cool. Do you have anything else to add?

Jessica McNabb:           No, I think we've covered it.

Karl Yeh:                      

Awesome. Question of the day for you is[00:03:30] :

Are you planning to buy a house in 2019, and what are the factors that have influenced your decision to buy or not to buy?

Let us know in the comments section below.

Karl Yeh:                      

Remember, if you enjoyed this video or found it helpful, hit the thumbs up. Remember to leave a comment, and remember to subscribe.

Thank you, and we'll catch you next time. 

 

Your turn:

Let us know if you have additional home buying questions that we can answer by submitting them in the comments section below. 

Homebuyer's School publishes new content weekly so subscribe or check back regularly for the latest information, strategies and tips from homebuying experts. 

About Jessica McNabb:

University of Alberta: Bachelor of Science in Registered Nursing 2011 McConnell Place North Alzheimers Care Centre 3 Years - Client Care Leader Brookfield Residential 6 Years - Area Sales Manager Sold over 200 Homes

While a career in Nursing was extremely fulfilling, I also wanted to explore a career in home sales. After 6 years of being in the New Home Sales Industry, I still feel the same sense of fulfillment through taking clients from start to finish building their home.

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