The right time to buy

Contributed - Mar 15, 2008 / 5:00 am | Story: 37915

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.

Back to Homepage

Typos News Tips Forums

More The Mortgage Gal articles

About the Author

Tracy Head helps busy families get a head start on home ownership.

With today’s increasingly complicated mortgage rules, Tracy spends time getting to know her clients and helps them to better understand the mortgage process. She supports her clients before, during, and after their mortgage is in place.

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

Tracy works hard to find the right fit for her clients and provide support for years down the road.

Call Tracy at 250-826-5857 or reach out by email [email protected]

Visit her website at www.headstartmortgages.com

Download her app: Headstart Mortgage Architects

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

Previous Stories