When you ask yourself this question, picture this:
You’re a hunter, looking for that one prey that you chased for a long time. You finally spot it, admire it, get excited, but you realize that a crucial piece from your hunting gear is not with you. Now the other way around: You’re well prepared, but the prey is no longer there.
Same concept is in purchasing real estate: When you’re qualified to buy and will have a financial gain, a slight change in interest rate or price should not keep you from buying. With this in mind, don’t waste your time searching for real estate when you’re not qualified or the gain isn’t worth it. It will drive you and your agent insane, resulting in great dissapointment.
I know someone who keeps waiting for the prices to drop since 2004. He could have bought and sold by now and made a fortune, yet he is still waiting. To me, he will never be ready, regardless of his qualifications or the market.
If you’re not yet qualified, use your time wisely and find out what’s keeping you from your goals. Invest in a good accountant and a financial advisor and get yourself prepared. Small changes can make a huge difference.
When ready, don’t be afraid and don’t waste your time. Bank guidelines can change, impacting your qualifications. Best of luck.
Till next time, happy (real estate) hunting!