If you plan to buy a property in the next few months, you should be scouring the internet for articles and data that will give you insights into the market.
Staying on top of real estate articles takes stamina, however, and it’s more efficient to use the services of a broker to give you the best and most relevant information.
As an experienced broker, I also spend time keeping up with property news and trends, and one article grabbed my attention the other day. It promised the “wisest home-buying advice you’ll ever hear”.
I clicked, of course, and wasn’t disappointed. The wisdom came from HGTV’s Property Brothers, Drew and Jonathan Scott.
If you’ve never heard of them, they’ve built an excellent reputation for buying rundown homes, remodeling and then selling them.
Their bottom line is simple: there’s never a wrong time to buy if you find the right property.
I agree. While many are wringing their hands because of the recent rate rises, smart buyers are undeterred. They’re hunting for the right property, knowing the tide will eventually turn on discounted prices and high interest rates.
And when they do, these buyers are expected to profit from the likely capital gain that comes with a market rebound.
Below, I’ve listed the key points made by the Property Brothers and published on Realtor.com.
Perhaps it will inspire your buying strategy. In the meantime, if I can help you find your next property and sell your existing home, I’d be delighted to hear from you.
- “The big thing is you need information,” says Jonathan Scott. “You can make a good purchase whether it’s an up or sideways market, whether rates (are) up or down.”
- Do the math. If you find a property at the right price, it doesn’t matter how the market is performing.
- Folks should still be cautious to avoid overpaying. Retain some financial flexibility so you have a budget for any improvements.
- Take out the emotion. Jonathan says: “Even if you get worked up about a dream bathroom or kitchen, don’t ignore the (absence of) the other things you said were mandatory.”
- Work with agents who understand how to value a property.
- Don’t underestimate your future needs. Find a home with a footprint you can grow into rather than resell in five years because of space constraints.