Hey everyone, Kevin here from the Feely Group at EXP. In today's blog post, I wanted to help answer the question that's on everyone's mind: is now a good time to buy or should you wait?

The answer to this question depends entirely on who you are and what you're looking for from a property. Are you an investor looking to make a quick flip in the next year or two, or are you someone who needs to buy a home because you need a bigger house for your family, need to change location, or are looking for a better living situation?

If you're looking to make a quick buck and sell your house in six months to a year, then no, it's probably not a good time to buy. A lot of people who made that purchase last year are definitely regretting that decision.

However, if you're looking for a home for your family where you can see yourself living for at least five years, then it might be the perfect time to buy.

We don't know when we're going to see interest rates stop increasing or even go down, or when we're going to see the market bounce back. But one thing's for sure, and that's the city of Ottawa is projected to grow by 50% by 2046, from 1 million people to 1.5 million in the next 23 years. There's already a shortage of homes for the population of the city, which has caused housing prices to skyrocket over the last couple of years. Even though the price of homes has dropped significantly over the last year, the interest rates have increased so much that it's actually less affordable today than it was before.

Not only are the monthly payments much higher in today's interest rate, but the qualifying rate has changed as well. So even if you were approved for the average price of a home last year, you wouldn't be approved for it today, even though the average price has gone down.

For those who think that prices are going to go much lower, it's important to remember that we don't know the future, and we don't know where prices are going. While it's likely that we'll see prices come down, we're also likely going to see interest rates continue to increase. We might even see another interest rate increase this week.

The best way to evaluate if it's time to buy a home is by evaluating your needs, your budget, and seeing if it's affordable. According to the CMHC, if your housing expenses are more than 32% of your income, then you're financially burdened. If they're 50% or above, then you're seriously financially burdened. When running your numbers, make sure that you're under that 32% threshold. If you find a house that fits your needs, and the cost is less than 32% of your monthly income, it might be a good time to buy.

There's also a famous quote by Warren Buffett that says, "Be fearful when others are greedy, and be greedy when others are fearful." If we take a look back at the Ottawa estate market over the last couple of years, we can agree that some people were greedy, and some people are paying that price today. But it's now an opportunity for a lot of people who are looking to buy to get a great deal. So here are three ways to get a great deal in today's market.

The first way to get a great deal is to find out the seller's circumstances. Does the seller need to sell, or are they just trying to sell? If they're just trying to sell, then you're not likely going to get the deal of the century. But if they have a reason that they need to sell, and they need money now, and with 40% less home sales going on and no one else offering on their home, you may be able to get the deal of a lifetime.

The second way to get a great deal is to look for sellers who have an assumable mortgage. Assumable mortgages are mortgages that can be transferred to a new buyer. If a seller has an assumable mortgage with a low interest rate, you can take advantage of that low rate and pay significantly less each month than if you were to secure a mortgage at today's interest rates. So, if you're looking to buy a home, it's a good idea to ask the seller if they have an assumable mortgage and what the interest rate is.

The third way to get a great deal is to look for off-market deals. Off-market deals are when sellers are willing to sell their home for less than it's worth on the market, but they don't want to go through the process of listing the home. They might not want to deal with staging or preparing their home for sale, or they might not want random people walking through their home in the middle of the winter. You can find off-market deals through companies called "iBuyers" or by working with a real estate agent who has connections to motivated sellers.

In conclusion, there are multiple ways to get the best deal on a home. Finding a motivated seller, looking for sellers with assumable mortgages, and finding off-market deals are all great ways to get a great deal on a home. Keep in mind that the market can be unpredictable, and prices can go up or down. But if you do your research and use these strategies, you'll be well on your way to finding your dream home at a great price.