Happy New Year! Will 2017 be the year you buy your first home? Are you still on the fence about it? Here is some updated information to help you make an informed decision, and to answer the question: “Should I buy my first home in 2017?”
Buying Your First Home in 2017
In most Canadian cities, buying a home makes a lot of sense right now. The housing market is stable, with rising home values reported across the nation during 2016. The job market and the broader economy have improved significantly since the recession years. And in many areas, owning a home is actually more affordable than renting right now.
But these are just the external factors. As a potential homebuyer, there are personal considerations as well. You have to make sure buying a home makes sense for you, based on your current financial and lifestyle situation.
For starters, ask yourself the following questions:
- Do you plan to live in the area for at least the next few years? If so, buying a house might make sense for you.
- Do you have steady and reliable income right now, with a reasonable expectation for continued employment and income? If so, you can put another check mark in the “buy” column.
- Would owning a home improve your quality of life in some way?
If you answered yes to these questions, then 2017 might be a good time to buy your first home.
Mortgage Rates Are Likely To Rise
As a first-time home buyer, you should be aware that mortgage rates are likely to rise. In fact, in anticipation of rate changes the government has already placed stricter qualification rules on buyers.
The point is, if you postpone your home-buying plans until later in 2017, you could end up paying more for a first house — and for a mortgage loan. So a strong case could be made for buying sooner rather than later.
We Can Help You Every Step of the Way
We specialize in helping first-time homebuyers succeed. We can help you find a home in the Niagara real estate market that meets all your needs, and help you make a smart offer based on current market conditions. This is the first step to success when buying your first home, and it all starts with market research. This is one of our key skills.
As a Niagara real estate team, we can help you navigate the complexities of the local market in order to find the ideal home. Please contact us at your convenience so we can talk about your home buying needs.
All the best in 2017.