2007 - 5 years ago

Its hard to believe but 2007 was 5 years ago. If you bought a home 5 years ago your mortgage may be coming up soon. 2007 saw 2240 homes in Red Deer sell. If 50% of those took a 5 year mortgage then they will be renewing this year at one point. I am suggesting 50% because some sold, some took 3 or 4 years some probably walked away.

My thoughts are this. If 1120 homeowners need to renew this year what are they thinking?

My thoughts are that real estate is a long term  investment. Most people cannot expect to buy a home and sell in a few years and make a profit. Your home is just that - a home. If you are happy and comfortable then I suggest to renew ( at a lower interest rate now) and forget about it. Over time your equity will come back and it will be a worth while investment.

Just my thoughts.

Thanks for reading

Ken Devoe - Century 21 Advantage

Ken Devoe

Ken Devoe

CENTURY 21 Advantage
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