Perhaps you are sitting on the side lines wondering if you should buy a home now or later. Here are 3 reasons why you should do it now.
1. More Choice
At the end of January 2019 there was around 400 MORE single family homes for sale than this time last year. If you want to be picky in selecting your next home this could be the time to shop around.
2. Lower Prices
At the end of January 2019 single family homes sold on average for around $390,000 DOWN by 11% over the same time last year. Condos sold for about 6% LESS than in January 2018 for an average price of $220,000.
You should also know that in most years, prices climb until about July when they start to soften a little bit. These low prices will not continue.
3. Lower Interest Rates
Right now, it’s possible to take on a mortgage with a very low interest rate. This opportunity will NOT continue. As the economy starts to pick up, you should expect your monthly payments to increase once interest rates are lifted.
According to this report you can expect your interest rate to increase if you wait until Spring 2019 to buy your new home: Interest Rates Set to Increase Spring 2019
To read our January Market Reports please click on the following links: Edmonton Single Family Market Report and Edmonton Condo Market Report.
About the author:
You can read more about the author of this blog by clicking this link: Stuart Neal or you can call Stuart at 780-760-2014 or visit our home buyers website www.AmbergateHomes.ca.
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