The topic of buying Peterborough real estate has gotten more uncertain over the last few years. On the one hand, the benefits of owning a house (or a second or third) are undeniable. Even though the market has been unpredictable, prices really haven’t fallen much, and values are expected to keep rising as demand grows.
On the other hand, buying real estate comes with a long list of “what ifs.” What if you buy a house and prices fall or interest rates rise? What if you can’t find the right place within your budget? What if the house you place an offer on turns out to be unsuitable after all?
As the general cost of living increases, it’s no wonder that many people are on the fence about making the decision to buy a house in Peterborough or anywhere else. In this post, we’ll show you some unmistakable signs that the time might just be right for you to make your move.
Are you excited to buy a Peterborough home but not sure where to start? Our detailed Buying Checklist can help! Download yours for free right here.
The Market Is in Limbo
Depending on your personal situation, a changing market might just be the perfect time to buy a house. Yes, you read that right! When other buyers are hesitant, you can sometimes have your pick of the crop while enjoying less competition and more negotiating power.
Like other markets, Peterborough real estate is dynamic. The long-term outlook is positive due to demand from people relocating from the GTA. That said, there are still fluctuations and periods of slow activity. These are often associated with economic uncertainty or changing interest rates. If you’re judging by outside factors, a down market can be one of the best times to buy since many sellers are open to concessions.
Getting to know the market is a great first step before buying Peterborough real estate. The posts below will help you be a savvy buyer:
- How Can You Make Your Home Offer More Irresistible?
- A Walk Through the Neighbourhoods of Peterborough
- A Guide to the Current Peterborough Housing Market
You Are Financially Secure
It is often said that nothing worthwhile in life comes without at least a little risk and uncertainty. This is never more true than in real estate, as your house likely represents your most valuable financial asset.
As a homeowner, you have a world of responsibilities you never have to think about when you’re renting. You’re in charge of all maintenance and repairs, and it is more complicated than phoning your landlord to take care of the issue. And sometimes, it can seem like the expenses never stop piling up. Property taxes, utility bills, and home insurance are just a few costs to expect over and above your monthly mortgage payment.
However, if you have a solid down payment and can comfortably afford the carrying costs, buying a home can be the best investment you’ll ever make. This is why your personal situation matters far more than what the market is doing. Interest rates will change, and prices could temporarily fall every now and again.
Just remember that the overall trend in Peterborough has always been up. Buying a house as soon as you can comfortably afford it will allow you to start building equity and establishing even more financial security as time goes on. The sooner you get into the market, the more you will benefit from these long-term gains.
Is a home (or second home) in Kawartha Lakes more your style? The posts below will give you food for thought:
- What Are the Fastest Growing Towns in Kawartha Lakes?
- Dining in the Kawarthas: A Sneak Peek at the Best Restaurants
- Discover the Best Kawartha Lakes Golf Courses
You Want the Security of Homeownership
There’s no arguing the fact that owning a home comes with a lot of expenses and responsibilities. However, there’s also a great sense of freedom when your name is on the title. You can decorate and arrange your space to your heart’s content – all without having to get permission from the landlord.
You may need a permit for significant renovations, but any improvements you make can positively affect the value of your home. And you are the one who will benefit from it all. You enjoy the added comfort now and a higher selling price later if you decide you’re ready to move on.
When renting, it’s always at the back of your mind that you’re residing in someone else’s home. At any moment, they might decide to sell the property or to move in themselves, which means you’ll soon need to find another place. With Peterborough’s notoriously low vacancy rate, securing a new rental can be a tall order. A sudden eviction is something you’ll never have to worry about when you own your home.
There are countless reasons people from all over are relocating to Peterborough. You’ll discover just a few in the posts below:
- 5 Fun Things To Do In The City Of Peterborough Right Now
- Where Are Peterborough’s Best Eats?
- Is Peterborough Dog Friendly?
You Have a Support Network
You may have enough savings and a fantastic credit rating. Everything in you may be telling you it’s time to get out there and start searching for that perfect new home. But how do you know if you’re really ready, financially and emotionally? Even when all the stars align, it’s still a big decision that often feels intimidating.
It’s important to have a substantial support system before making your final decision. Your friends and family can give you some great insight into what features to look for in a house and neighbourhood. A financial advisor or mortgage broker can help you get pre-approved so you can create a realistic budget.
Most of all, a local real estate agent can guide you through Peterborough’s constantly changing market and secure a positive outcome. If you need access to other professionals you can trust, a well-connected Realtor® can refer you to the best in the city. When you’re ready, our experienced team will pull out all the stops to help you find your ideal home at the lowest possible price and favourable terms.
Do you have questions about buying a home in the current Peterborough real estate market? Our knowledgeable agents are happy to guide you from start to finish. Reach out today to 705-243-9797 or email team@jeffandkatie.ca to take the first step.
