Is it Time to Buy in the Comox Valley?

For many people, 2025 could include the possibility of buying their own home. Both interest rates and inflation continue to drop so it may be a good time to become a homeowner. Stop paying the landlord and invest in your own future. If becoming a homeowner is on your radar in 2025, there are a few things you should know before you start looking for your dream home.

Will 2025 be a good time to buy a home in the Comox Valley?

It’s easier to afford a larger mortgage with interest rates coming down. This typically draws more people into the real estate market. However, one of the side effects of falling rates over the last few years has been an unprecedented boom in housing prices. Along with declining inflation, the predictions are to expect economic stabilization in 2025. Will this increase consumer confidence and the housing market? Usually, it does.

Are you ready?

If you think it is time, there are a few things to consider. While individual circumstances vary, a few rules of thumb can help you make that decision. Ask yourself:

Are you ready to commit to living in one home for the next few years? If there’s a good chance you may need to move in six months, it’s probably not an ideal time to buy.

Are your career and short-term plans fairly stable? Are you thinking about making any big changes that could have an impact on your housing needs, personal situation, or income?

If you’re currently renting, are you ready to take care of all repairs, maintenance, and other tasks that come with owning a home?

Perhaps most importantly, are you financially ready to own a home? Buying a home could be the biggest financial decision you ever make. Remember to factor in all the expenses that come with homeownership, not just the mortgage payments. This includes things like monthly condo fees, insurance, utilities, repairs, maintenance, and property taxes. Some of these are expenses you will have wherever you live, but some will be new.

When a buyer is thinking about buying a new home, their decision should be based solely upon their needs. An expanding family, marriage, moving to a new city, getting into a new school district – these are all life moments that may require a new home.

The right time to buy is less about what’s happening in the market and more about your personal choices and circumstances.

If you have the down payment, income, and are ready to make the move to being a homeowner, then it’s the right time to buy. It is difficult (or impossible) to time any market. As long as you’re in the position to purchase, the right time is when you are ready.

Real estate in the Comox Valley is not a short-term investment where you can try and time the market for one or two years. You do need to live somewhere, and if you stay invested in real estate long-term, you can generally do well.

When to contact a Comox Valley REALTOR ®; How they can help

If you’ve decided to become a homeowner this year, start your search for a local REALTOR®. Find someone who will work best for you and your needs as early in the process as possible.

It’s never too early to start working with a Comox Valley REALTOR ®. They are the first draft in your real estate team. They can help connect you with a mortgage broker, lawyer, and anyone else you need.

A REALTOR® like me can answer any questions you may have and keep you informed about the latest ups and downs in the market. I can connect you with my network of professionals. I can walk you through each step in the home-buying process and help you negotiate the best possible price for your new home. Get in touch with me today!