When you're looking for a new home, the timing needs to be right at your end. You are about to make one of the biggest purchases of your life and you need to be certain that all of your ducks are in a row. You will know that the timing is right when everything seamlessly falls into place. You'll also have a gut feeling that this is the right time for you.
Timing isn't all about what is happening with the real estate market at large. Real estate is and always will be a long-term Investment that will pay off well over time. Whether the market conditions are perfect or not should not influence whether you go ahead and make a purchase now. You know that 20, 30, 40 or even 50 years down the road you won't want to still be renting from somebody else and following their rules.
When you own your home you have freedom. Market conditions can go up and can go down over time, and this is to be expected. You don't have to put your life on hold, however, while the market is balancing itself. You can go ahead and make a decision based on your own timing. In the end, you will be the one that is sitting back in your home and relaxing. You'll be the one that can barbecue on the patio in your backyard or sit on your front porch watching the neighbourhood children peddle along on their bicycles on the sidewalk. You'll be able to own a cat, a dog or another pet and won't have to get permission from the landlord to do so. Yes, you'll have freedom and will have the ability to make choices.
Don't leave your decision to purchase a new home in the hands of an exterior market. History has proven that in the end you will end up with a tangible investment and there's nothing that can compare to owning your own home. Think of the long term outlook and stay true to your goals. Think about your own timing and whether it's right for you now. Somewhere down the road you'll look back and be thankful that you took a long-term approach to real estate and were able to enjoy your home for so many years.