Good Time to Buy a House?

In the housing markets of the past there have always been excellent investment opportunities and I’m not just talking about power of sale/ foreclosures. When you are looking to buy or even sell your home it is very important to take a close look at the current market conditions. You could be looking at a home that is underpriced for that area and not even know it. When you work with a Real Estate Professional we take time in determining fair market value. Looking at the Sold, Active & Expired listings will assist us gauge a property’s value. It’s also important to take note of things going on in your neighbourhood or even in close proximity to it. The reason being development in or around a neighbourhood can potentially increase a property’s value. When considering buying/building in a new area under development you could be looking at increasing your home’s future value more so than the average rate. New malls, restaurants, schools ect in the area can be a good indication of rising house prices and with the right Realtor they can help you determine if that property would be a good return on investment.

 Another thing to consider when buying are interest rates. The current 5 year fixed is around 3% in some cases 2.8% which is shocking to some. Interest rates are currently quite low as banks are trying to kick start our economy and get more people buying homes again. It’s defiantly something to consider when renting a property cost around $1200 for a 4 bedroom town house that’s more than a month’s mortgage in some cases. In short we have such low interest rates that it makes sense to buy now more than ever. I recommend getting prequalified from your bank or mortgage broker then going out to get a second opinion. See where you are financially and consider making the choice to get your first property or even buying that dream home you have always wanted.

Steven Manicom

Steven Manicom

Sales Representative
CENTURY 21 First Canadian Corp., Brokerage*
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