Last week in real estate was another steady week. Friday was a highlight on the financing front when it was annouced by mortgage brokers the 5 year rate was available at 3.99%.
Yes 5 year mortgage at 3.99%!! Wow record low rates combined with excellent selection and buyer negotiating ability makes for an ideal time to buy real estate. Today I spoke with Scott at Regional Mortgagevia ...
Posted by Patrick Galesloot
on March 24, 2009
A busy few days kept me from updating on how February ended in Red Deer. It ended on a positive note. After experiencing a few months of sluggish sales we experienced an increase over January.
The bulk of the activity is occurring in the $250 - $350,000 range. The activity that occurred in January in that range probably pushed the wave up into higher ranges for February. ...
Posted by Patrick Galesloot
on March 8, 2009
My earlier blog post I asked you 4 questions and to email me your thoughts. http://www.century21.ca/patrick.galesloot/Blog/2008_Red_Deer_Real_Estate_Market
Where do you see house prices going long term?
How long do you plane to live in that house?
Should you wait?
Can you afford to wait to buy based on past price trends?
In follow up I received comments that got me thinking some more about ...
Posted by Patrick Galesloot
on January 24, 2009
It's been a busy few weeks in the financial markets, with constant attention to mortgages and credit. With strong economic environment in Alberta it can be hard to grasp or see the impact that these changes will have on the average home buyer or seller.
The changes:
Zero down is gone. This was announced to be phased out many weeks ago but the deadline is here. The description ...
Posted by Patrick Galesloot
on October 13, 2008
With a resurgence in sales I asked the question "Why?".
Is this a result of the changes in 40 year mortgages and zero down purchases looming and people quickly using these while these options remain available?
Talking to a few mortgage associates the answer is "No". Scott at Regional Mortgage states that "It has been about the same for the 0 downs, but the use of the 40 year amortization has ...
Posted by Patrick Galesloot
on August 11, 2008
2008 is shaping up to be the year for change in Real Estate. June 23rd, 2008 marked a significant change to real estate business. Realtors require your I.D.A new federal law came into force, real estate agents will ask to see your driver's licence, or other government-issued ID. They'll also need to keep personal information identifying their clients, such as occupation and birth-date, ...
Posted by Patrick Galesloot
on July 21, 2008
Today the Bank of Canada announced yet another decrease in interest rates. A significant cut from 3.5% to 3.0%. The last time the Bank of Canada dropped rates by 1% in the same short time frame (6 weeks) was back in 2001. The Bank of Canada indicates that they are doing so in response to economic indicators primarily from the US economy. From the Bank of Canada Press Release:"The Bank is now projecting ...
Posted by Patrick Galesloot
on April 22, 2008
We walk by those "Enroll now and get a free gift" credit card tables all the time. Have you given any thought to... If I have all those department store cards, how does that affect me? Does this "potential" debt capacity matter? What if I never use them? I just signed up to get the free Hockey Jersey or other "Free Gift".The question back to you or I is, are you using them? Are you carrying ...
Posted by Patrick Galesloot
on April 21, 2008
When working with buyers the question will come up have you spoken with your bank about whether or not you are qualified for the price level you are shopping in? This can be a conversation that happens at one of our first meetings and really it should. The challenge can be the buyer may be reluctant to part with this information until they get to know us, or simply they just don't know.
The ...
Posted by Patrick Galesloot
on March 27, 2008
My grand father recently passed away at the age of 101. Yes 101!
He would boast he was actually in his 102nd year. Doing the math you would determine that he
was born in 1906. I don’t just marvel at
the longevity of his life, but the times he experienced and the legacy he left
behind. Then I started to wonder … “What
legacy will I leave?”. I am a father of
three ...
Posted by Patrick Galesloot
on September 5, 2007