Spring is here!! I was really beginning to question if it ever would be. 2011 has been an "interesting" year thus far. Weather and otherwise. But one stable and predictable element, has been the Edmonton and area real estate market! Even with so many factors, including interest rates and changes in lending rules, the market remains steady. The Century 21 Dream Team is enjoying this market... A LOT! We have a nice healthy inventory to show to prospective buyers, and it has been easy to determine the market value of homes, and sellers know what to expect when it comes to selling their home. So far this year we have seen interest rates go up slightly, and then they came back down, and then... up again! Even with these changes, the rates are still nice and low. Who doesn't LOVE affordability?! Today is a great time to make a move.
For the most recent REALTORS® ASSOCIATION OF EDMONTON market analysis please click here. News Release EREB- May 3, 2011.
There was a reassuring article in the Edmonton Journal last month, regarding the near future of the Edmonton real estate market. This article expresses how Edmonton is on the verge of a boom. More jobs being created in the area, mean less vacancies and higher rent rates, which means that people will start buying homes. These market changes do not happen over night. But this does confirm that now is a great time to buy. Low interest rates and the probability of prices increasing in the next 18-24 months...if you have been thinking about it, now is the time to explore it.
If you are feeling that you are not yet financially prepared, to go ahead and purchase, I may be able to steer you in the right direction. One of our favorite mortgage brokers, Vincent Arcand, The Mortgage Group Alberta Ltd., has some excellent mortgage products, that do not mean high interest rates from "B" lenders.
One of these products is for purchasers that do not have money for their down payment and/or closing costs? With the 5.50% Cash Back Program lenders will give them the 5% down payment they require to purchase their home. Also, they will receive 0.50% back in their pocket that can be applied towards closing costs or a gift for their favorite realtor.
For Example: A $250,000 Mortgage under the 5.50% Cash Back Program will get you the 5% down payment ($12,500.00) as well as $1,250 for closing costs.
Another product he can offer is Mortgage + Improvements. This product enables a purchaser to afford to do some upgrades to the home they are considering.