If you’re looking to buy a new home, your mind might be full of questions. What is happening? What should I do? How might the tariffs affect me? How is it all going to play out?

Today, such uncertainties continue to rock our world. You are reading this article because you have an interest in real estate. You may be deciding to purchase or sell a condominium, a freehold townhouse, semi or detached home. You may be wondering about investing or divesting at a time the market seems to be low, interest rates are falling and whether it all gets better or worse.

I am not here to tell you what to do. Rather I will simply discuss the market and real estate thinking.

My son, Jonathan Schwarz, a real estate broker with Johnston and Daniel, says the market varies from day to day, from area to area and from product to product. In the resale market, there are still situations of multiple offers and others where houses sit. What does this all mean?

It could be an opportunity to get your house in order.

1. Have a look at your financial position.

If you have a partner, put all of your debts and assets together and create a balance sheet. Do a combined profit and loss statement without your current financing or rental to figure out how much disposable cash you have available to either service debt and put down a deposit. Meet with your banker and find out how much mortgage you qualify for. This will save a lot of anguish later. This process will help you determine what your deposit is and how much mortgage you can get.

2. Based on the above findings, you will know what you can afford, and then decide what kind of lifestyle you desire.

This can be influenced by what you can or cannot afford. As an example, the current market is soft on condominiums, and if that is what you want from a location or price perspective, start by driving or walking the area where you want to buy. In fact, no matter what you wish to purchase, it is critical that even before looking at homes, you spend time and get to know the area you want to live in. Is it walkable? How close are stores, schools and restaurants and other appealing amenities?

3. Find a lawyer.

The first thing you need to do is identify your expectations as to what the lawyer will do and how much it costs for the satisfaction of that expectation. In other words, “What am I paying for?” Get a quote from the lawyer in writing. In a real estate transaction, the central act of the lawyer is the conveyancing. This means all of the steps necessary to transfer a property from one party to another, including all necessary searches and paperwork. This central work is what you pay for. You need to ascertain what other things it includes, or more importantly, what it does not include. And, importantly, find a lawyer who specializes in real estate lawyer, not one who merely dabbles in real estate on the side.

4. Once you have an area and type of home selected, find a realtor to assist you.

Don’t hire someone just because they are a relative. Firstly, interview a number of agents. Let them sell you first. If they can’t sell you, how can they sell your house to someone else? Ask for references and follow up with them. Call people who they claim they did a great job for and speak to them. Ask for a written proposal as to how they will proceed. You want a plan not a promise.

The real estate market moves in a cycle. If you are purchasing a home to live in, the right time to buy is when all the pieces above align and you’re fully prepared. If you’re getting married, having a baby or simply want the stop paying rent to others, these are all good reasons that can dictate your timing. If you’re fully ready with the points above, you may be ready to make an offer. You may think things will improve or get worse, and sometimes you’ll be right.

In the end, if you’re fully prepared with these points I’ve outlined, it will be the right time to buy, and the cycle will make you right in the end.