Is Now a Good or Terrible Time to Buy a Home?
by Kenny on March 23, 2020
The coronavirus pandemic has sent the stock market tumbling and left Quebecers wondering how to handle basic needs, like getting work done and finding toilet paper.
“We’re at peak uncertainty. The business situation has changed right when it’s supposed to leap into overdrive this spring.” says Kenny Langburt, residential broker at ReMax Ambiance. “There will be people who see this window of opportunity in the market as advantageous. The people who wanted to buy in a few months, these are the people who have paused their search, but the serious home buyer who sold a few months ago at the highs and who has no choice but to buy, or is bargain hunting, keeps on shopping.
So should you pause your home buying plans? That is entirely up to you.
In Quebec, home buyers are still out there and visits continue despite the measures of social distancing requested by the government and orders that all nonessential businesses to cease operations across the province, making it significantly harder to complete a purchase.
Depending on your appetite for risk given the economic situation, the coming months might actually prove to be a better market. And asking or listing prices may fall if sellers worry that buyers are dropping out.
Ironically, this downturn comes at a time when getting a home mortgage is more affordable than ever. “Personally, If you’ve decided to buy, I am encouraging mortgage prequalification by buyers, by phone of course, and even suggest making virtual tours, and building contingencies into your buying plan”.
If you live in a condo or apartment, your building may impose restrictions on how moving companies operate. Ask the moving company how they’ll handle delays or even if they are still operating during the crises.
If you’re renting, talk to your landlord about what would happen if you needed to extend your lease because your closing date was delayed
Your closing date could be delayed because someone gets sick or notary offices close.
Appraisals and inspections may further complicate the process.
If you’ve got a flexible timeline or you’re not ready to tackle these kinds of questions, then pause and wait”, says Kenny Langburt of ReMax Ambiance.
If you need a hand navigating through this crazy time, feel free to reach out to me at klangburt@gmail.com and in setting aside some time to talk.
“The housing market will still be here when you’re ready to jump into it”.
