The recent lowering of the key interest rate is a sign that more people will be in a position to buy a new home. The key interest rate now stands at 4.5%, the best it has been in a while. Some of the larger cities have seen a ballooning in the interest of sellers to list their homes.
As borrowing costs will decrease over the next year this will entice more buyers, including first-time buyers to enter the market. Many buyers and sellers have postponed buying/selling homes waiting for the interest rate to go down until they enter the market once again.
What you should do!
Consider your situation right now. For first-time buyers now might be the right time to buy which could mean the difference in renting and owning your own home. Before beginning your search ask yourself some questions.
- Are you getting married or starting a family?
- Do you anticipate any major life changes?
- How do you align your lifestyle with your future goals?
- Are you considering downsizing or upsizing?
Signs that it is the right time for you to buy!
You need to buy a home for the right reasons. Here are some questions to think about!
- Do you have the financial resources to buy right now?
- How much debt do you have? If your income to debt is low, start your search!
- Do you have a stable income for the next few years?
Our best advice for you!
- Outline your goals, needs and desires.
- Use a trusted real estate firm.
- Have a budget and get pre-approval
- Don’t get any new loans, etc. keep your money in place.
- Improve/maintain your credit score.
- Your credit score can determine your eligibility for owning a home. The better your credit score, the more chance you will be able to secure a good mortgage loan. If your credit score is not the best, you may want to check with your financial advisor on the best way to improve your credit score.
Anne Winch Real Estate Team
Our Team can help you understand the cost associated with buying a new home and the pricing of homes in the area you desire. Many factors have been challenging for home buyers the past year and we are here to help. Negotiation plays a big role in making sure you can quickly buy a home. We are here to help with any offers you may have and negotiate on your behalf to make the purchase process easier for you.
Since we will be in close conversations with the seller’s agent, we also know what motivates the seller and what we need to do to close the sale. Rest assured that we will be working with you to help you purchase the home you want. Contact us and let us take the stress out of the negotiation of your next home purchase.