Timing is everything.
This is true in life and in real estate. The challenge in real estate – especially in the dynamic Calgary real estate market – is that circumstances can change quickly. If home buyers find a property they want, and the overall circumstances are positive to make a good investment, often it is best to act rather than wait for something better.
Reality versus mirage
This is the advice that jumps to mind as I read the recent media coverage speculating on the potential ‘deals’ to be had in Calgary real estate over the next year. How long will current conditions remain stable? What direction will they head in the next six months? The answers are anyone’s guess.
But the conditions today are real and available now. Speculation is just that – it could prove true, but it could also prove to be a mirage.
Clear positives today
Particularly when considering today’s historically low interest rates, there are clear positives to acting now. Certain banks have already made slight increases to mortgage rates in recent weeks and many believe that signals the general direction to come.
Another important factor to consider is that the market responds rapidly to optimism. Something as simple as a modest uptick in oil prices can inject a completely new mindset into the marketplace. A motivated seller can change overnight to a patient one, believing a stronger market is right around the corner.
Will better deals come along for buyers? Maybe. But with the current rates and market situation, I would bet on a “seize the day” approach winning over “wait and see.” Keep that in mind when considering great properties like these.