In my opinion, now is the time to buy. Your borrowing capacity is at an all-time high. It might have taken a dent over the last few months, but as interest rates go up, your borrowing capacity will go down. There is a little bit of a dip in buyer confidence. Buyers are definitely hesitant about making offers, so there’s less competition. There are more properties on the market. We saw agents last year were able to be overly optimistic with prices and wait 3 months before finally getting the price they were chasing. This year with the property market plateauing if not correcting a little, these agents will be caught with properties they’ve overpriced or given the owners false hope. Over the long period, house prices have always gone up. You might wait to try to save $25,000, but if you’re planning on living in it for 10 years, in 10 years’ time the $25,000 will likely be insignificant. Ultimately, if you find the right property jump on it. Don’t wait for the market to keep dropping as you’ll likely not find the right house until the market turns and prices and competition from buyers increases. If you know what you want, don’t wait for the price to dip a little – as you wait you are probably paying off someone else’s mortgage vs investing that money into your home loan. We will find more people don’t sell unless they have some life changes – divorce, death, moving for work, upsizing, or downsizing; so if the market drops it’s only if people have to sell will they actually be selling. Many people will hold their properties until the market is “back up”. What does this mean? It generally means most sellers will be motivated to sell and unless they’ve got an inflated price expectation, should sell for market value. If you’re out there looking. Good luck.

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