3 Reasons To Buy A Home
Goooood morning everyone and Happy Friday! Your favorite Realtor is here to give you 3 quick reasons why you should considering buying a home sooner than later.
#1. INTEREST RATES. The Interest Rates on a fixed 5 year mortgage term literally just went down in the last 24 hours to 2.87%.
To break that down a little further, if you have an amortization schedule for a $400,000 mortgage, with a 5 year fixed rate mortgage for a 25 year term with the interest rate at 2.87% you are looking at a monthly mortgage payment of $1800, depending on your down payment of course.
Read more about the interest rates decreasing here and what it means for Canadian homes, cbc.ca/canadian-mortgage-rates-analysis
#2. EQUITY. The Zahnd Team has been tracking Real Estate “year over year” sales and inventory rates for the past 5+ years and home prices in Guelph have gone up on average 3.78% in 2019. To put this in perspective, if you were to have bought a $400,000 home in Guelph in January you have already built an average of 3.78% in equity on your home which is roughly $16,000.
That home you were hmming about in January that had the market value of $400,000 is now valued at $416,000.
#3. INVENTORY. Seasonally speaking, right now, the months of May and June is when you will find the most inventory on the market. Again our team has been tracking the inventory rates for the past 5 years and right now is one of the best times to buy a home, (Higher inventory = less competition, better rates, terms and conditions for the buyer). A slight dip in inventory does occur in the summer months when kids are out of school and then the inventory does usually peak back up in September/October with hopes that people will be in a new home before the Winter/Christmas season comes around.
Now, I don’t want you to think I am hitting the panic button on this beautiful Friday morning, I promise you we will all be okay BUT honestly if you are considering buying a home reach out to me and lets run some numbers, lets dive into your goals, lets get you set up with our team’s mortgage broker and lets get you in a home building equity.
If you have any questions at all about the Real Estate market I am always a text message away.
Cheers friends and have a great weekend!