Mortgage interest rates are at an historical all-time low. This is the most validating piece of information that you can consider at the forefront of your decision to purchase a home at any time. Lenders have had the upper hand for many years and have used their wise strategies to keep you, the buyer, locked in and provide an exceptional bottom line for their business. Lenders are now adapting to the savvy-minded buyer and can help to provide a much more appealing purchase decision to you…FINALLY!
A lower interest rate of 2.74% over 5yrs as compared to a previous rate of 5.27% over 5 yrs, can save you $3768 annually. What does that mean? How about that yearly vacation you have been talking about? What about a larger home or mortgage to accommodate your expanding family or upcoming renovations? You could also take the advice of your wise folks and pay down your mortgage a little faster each year. Extra cash in YOUR account is always sweeter than your lender’s bottom line!
How stable is the market right now for new homes? New housing starts have trended higher in recent months and the home prices have remained very stable, if not flat over the last year helping to support housing affordability as incomes continue to rise within Fort McMurray. Price per property listing has remained constant over the last 12 months, averaging $729,000, with lowest values present in the first quarter of the year, rising throughout second and third quarter. If you wait, you will most likely not get the lowest price for that home this year.
What about the current properties on the market? Should you just wait until the spring and see what else goes on the market? In looking at the number of listings, there is definitely more supply in the real estate market (this means more choices for you and your family) at this time as well, and this is certainly the ideal time to buy and not wait until March, when typically the trending is higher valued properties at a lower market supply.
Selection is vast, prices are stable and interest rates are in YOUR favor!
If you are buying a home in Fort McMurray, there has been no better time than now! The market is finally working for you.