Should i buy now or wait?

Question

I'm in Regina, S.K.. The news is saying that the city I'm in and Winnipeg is priced too high and there "might" be a correction going to happen. I am renting at the moment but planning to househack first, and buy and hold. Should i wait for a year to realize the correction or am I just having analysis paralysis?

Ryan Billingsley · Answer

@Penggoy Unggoy

The time to buy is always now.  If you wait you will miss deals.  Deals are found in every market at any given time.  The best time to start is now.  There will be no perfect time to act.  Take action.  6 months from now you will be living rent free and looking at a 2nd buy and hold.

Lee L. · Answer

Penggoy - totally agree with @Cathy Wells "You make your money going in ..." There are a few great deals in any type of market, and many more so-so to horrible deals.

It can take a while to get everything ready to make a purchase. Perhaps start getting all your documents ready. SHOP for rates. Perhaps have a pre-approval letter ready. So, if you do see a GREAT deal, you can put an offer on it. Go to open houses. Talk to people. Learn how to recognize a great deal in your target areas.

@Penggoy Unggoyundefined

Penggoy Unggoy · Answer

Thank you for the reply. I got lost thru the stream of forum. English is my second language and real estate is completely alien to me. I'm going to research on it asap!