Timing is everything. But trying to perfectly time a moving object is really hard.
The Toronto real estate market is a moving object, and for months, some would-be home buyers sat on the fence because they decided the media knew better than real estate professionals about the best time to buy a place to call home.
Granted, I wouldn’t trust most real estate professionals either. Some are in it to make a quick buck, and some have their real estate license but are clueless about real estate.
But the true professionals who actually treat this position as a profession and have a vested interest in doing what’s best for their clients, as well as keeping an outstanding reputation get lumped in with all the others.
To those of you on the side of not trusting real estate agents and relying on the media to tell you what to do with real estate, you missed a great buying opportunity over the past several months.
I saw a similar thing happen in 2008 and suggested that if you were on the fence because prices were too high at the beginning of 2022, a 20% decrease in home prices should be taken advantage of.
Instead, you used media fear and hype about high interest rates as yet another excuse not to buy a home.
To those of you who can afford to buy a property and chose not to take advantage of the market, you deserve it.
Now you can continue to blame everything else about why you still don’t own.
You’ll blame real estate investors, agents, banks, the government, and other homebuyers for paying stupid prices.
But here’s the thing, you were trying to time the bottom of the market and that is impossible.
What you should have been doing instead was focusing on the prices compared to the year before. And if you were observant, you would be a homeowner right now.
But you read a blog post or watched the doom and gloom on the news about people who now wouldn’t be able to close on their preconstruction condo and thought you’d be buying a house at 50% of what it was.
In other words, you let your feelings and fears get wrapped up in what the world is saying right now. If the timing for you is bad and the market timing is bad that does not invalidate a lifetime of real estate ownership.
Those are different things.
No matter what the real estate market has thrown at people over the years, the long-term positive aspects of homeownership far outway the short-term downturns.
The average boom cycle of the real estate market is a lot longer than a bust. See below:
The long-term benefits of homeownership far outway the dips.
So instead of trying to time the market, spend time owning IN the market.