by Stuart Neal
on Tuesday, August 13th, 2019 at 7:37am.
If you have been thinking about buying a home in the metro Edmonton area this could be the time to do it.
Here are 5 reasons why you might want to buy a home soon:
1. New lending rules
Starting September 2nd, the federal government is launching a new program designed to encourage first time home buyers to enter the market (First Time Home Buyer Incentive see details here). Essentially the government is going to partner with new home buyers to help them create a down payment. This program applies to buyers with a joint income of less than $120,000 a year. In the metro Edmonton market this applies to most of us.
If you choose to use this program your budget has just increased considerably meaning you could buy a much nicer home.
2. Bigger Discounts
Many home sellers especially those that have had their homes on the market all summer are getting frustrated and tired. Many of these home sellers will be thinking that they will now have to wait until next year to sell. If you focus on those homes that have been on the market for a long time you might just get away with a low-ball offer and pick up a bargain. See this blog for more information: Where to Find the Biggest Discounts
3. Less competition
Multiple offers and therefore higher prices are a feature of the summer home sales market. Many potential buyers (your competition) have started giving up. Less competition from other buyers means a better negotiation position and more leverage for you.
4. Its more comfortable to move now
Who wants to move home during the sweltering months of the summer? Buy now and you can move in when temperatures are more moderate and therefore more comfortable.
5. You have time for pre-winter repairs
Unless you buy a brand-new home, your home inspector is going to find a number of things that need to be fixed to maintain your newly acquired home in good order. If you buy and move in now you still have a few months to get up onto the outside of the house and complete the fix ups and get cosy for winter.