The right time to buy

When is the right time to buy real estate? Seek advice from a mortgage professional to evaluate your options

As with every market, the real estate sector experiences its fair share of ups and downs. According to the Canadian Real Estate Association
(CREA), annual residential sales activity in 2007 was up 7.6% from 2006 levels. CREA predicts that the average residential property price will increase by a healthy 5.5% in 2008.

Knowing when to enter the market can be a difficult decision in an environment where property prices are rising. However, with mortgage rates
continuing to sit at near-20-year lows, now is as good a time as any to jump into the market as a buyer or a seller.

Here are some tips to get your house hunt started:

  • Know the neighbourhood. Start studying listings in the area you want to buy to better understand what constitutes fair pricing. Drive
    around to count “for sale” signs and get a feel for activity levels.

  • Get pre-approved. Know what you can afford before you buy and know what terms mortgage lenders are willing to give you. Mortgage brokers
    can usually secure an interest rate guarantee for up to 120 days from lenders to protect you from fluctuating rates.

  • Watch the calendar. Time of year is a major driver of market activity. Buying during seasonal winter and mid-summer slowdowns can give the buyer an advantage.

  • Consider your timeline. Are you buying your house as a long-term investment or do you simply want to flip it in a couple of years at a profit? Longer term investors are less sensitive to short-term
    fluctuations in rates and market activity.

    Mortgage brokers work closely with homebuyers to assess their personal and financial goals and develop a home ownership plan uniquely tailored
    to their clients.

    This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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    About the Author

    Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

    With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

    Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

    They work closely with their clients to find the right fit, and are around to provide support for years down the road!

    Contact them at 250-862-1806 or visit www.okanaganmortgages.com

    Visit their blog at www.okanaganmortgages.com/blog


    The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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