Why it's a good time to buy a home

 

Paul Lachine illustration

 

I believe there has never been a better time to buy a home. I’ve been in the industry for 28 years as a lawyer and I haven’t seen so many positive signs for housing, whether you are thinking or buying or locking in a mortgage.

Here’s why:

Mortgage rates at historic lows: They can’t get any lower. Four to five-year fixed mortgages at 3 per cent are unheard of. It is lower than the variable rate that most Canadians have been paying for years. Rates have nowhere to go but up, either later this year or next. If you are paying a variable interest rate, lock in now.

Canada’s appeal: This country has everything going for it — a stable banking and political environment, steady real estate market, the natural resources people want and few social tensions. That makes us a safe haven in a volatile world.

Our immigrant draw: Because of the above, we’re a draw for immigrants, often wealthy ones. When they get here, they need a home. So in my view while the real estate market may level off in some areas of Ontario, it should stay strong in most of the GTA and likely Canada’s other large urban centres as well.

Mortgage defaults: According to CMHC, over 99 per cent of Canadians pay their mortgages on time. It quite a different picture in the U.S. where 7 million homes are in foreclosure and perhaps another 7 million homeowners are under water. This represents almost 15 per cent of all homes. So while the American housing market will likely be weak for the next few years, this should not occur in Canada. Our banks are not dumping homes onto the market, so there is no downward pressure on prices.

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Discount Real Estate Comes At A Price Some Aren’t Willing To Pay

As a professional realtor, I see a lot of DIY listings or discount brokerages putting properties on MLS where the seller pays the discount broker up front for this service.

Then the seller is left with arranging appointments, marketing and exposing the listing,  as well as being provided with a website for bargin hunters to view their property. All negotiations are between the seller and the buyer without mediation, where emotions can come to the surface, subsequently making negotiations tougher! 

My question is...if you sold, did you get every dollar your home was worth? If you did not sell, can you make up for the lost time in a thriving real estate market?

There is a service for every individual out there, the DIY, FSBO, discount brokers, commission cutters, OR the traditional real estate sales representative which is the only profession where the professional representing you does not get paid unless they get you results...RESULTS = SOLD!

If you want to find out for yourself, call me to discuss the information I have available and then you can make an educated decision as to where you want to put your money! In your pocket or in someone elses?

Realtors are Experts...Would you go to an eye doctor for pain in your stomach? or Would you self diagnosis & perform the surgery yourself?

Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process.

Only about half of all real estate agents are REALTORS® - the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer's representatives.

REALTORS® Are Experts

Eighty-five percent of sellers were assisted by a real estate agent when selling their home, according to NAR Research, and 79 percent of buyers purchased their home through a real estate agent or broker.

Why Use a REALTOR®?
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. A REALTOR® will make your home buying or selling experience better.

REALTORS® Are Part of the Community

REALTORS® Protect You

Only REALTORS® Follow a Code of Ethics
To be a member of NAR and a REALTOR®, a real estate agent must abide by a set of professional principles and serve clients fairly.