With the downward shift in oil prices Albertans are enjoying paying less at the gas pumps but the latest talk is of the Economy & what the Impact will be on the Central Alberta Housing Market. No one knows for sure what the Future holds but this would be my Advice to potential Buyers /Sellers:
Lets First look at First time Buyers - you're most likely renting & paying a high $ amount as rental rates in Central Alberta are exorbitant- you're paying your landlords mortgage and will continue to do so until you Buy. Interest rates are the lowest they've been in 60 years making mortgage payments Affordable - often less than rent. As long as you're buying a home to live in for a while and have worked out Affordable payments you don't have to worry much about the ups and downs of the economy. Buying Real Estate will become part of your Long term Financial Success.
Secondly Buyers contemplating a change in Real Estate - If you're considering a Move from your current home to a different property you need NOT be concerned about potential market changes as you are both Buying and Selling in the same market - so if the price of the home you buy goes down so would the home that you sold have gone down. As long as you're feeling secure in your employment/ financial situation & the payments are within your means it makes sense to have the home that suits your current Needs and Wants & will form part of your Longterm Financial Plan.
Lastly Investors - so you're thinking that you would like to be the Landlord benefitting from renters who pay your mortgage - an Excellent idea - but is now the time? Once again Investors should think Longterm - you aren't buying a property to sell a year down the road. I recommend a minimum 5-7 year turnover with Revenue Properties. Currently rental rates are very high & vacancy rates are very low - if you choose the right type of Quality Revenue property you'll attract a Quality tenant who'll sign a Longterm lease often providing an Impressive rate of return.
So whether you're ready to Buy your First Home, Make a Move Upward or add to your Real Estate Investment portfolio contact me as & I'd be happy to meet with you to Put a Plan in Place to make your Real Estate Goals a Reality.
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