What A Ride 2023

Author: Leann Scarlett | | Categories: #First Time Home Buyers Savings Plan , Alberta Prosperity , Alberta Proud , Alternative Mortgages , Broker Red Deer , Consolidation , Down Payment , First Time Home Buyer , First Time Home Buyers , FTHB , HOME BUYING , Home Buying 101 , Home Equity Line of credit , Investment Mortgages , Metis Down Payment Assistance Program , Mortgage , Mortgage boker , Mortgage broker , Mortgage Broker Alberta , Mortgage Broker Red Deer , Mortgage Renewal , Ponoka Mortgage Broker , RE-FINANCING , Red Deer Mortgage Broker , Refinance , RENEWING , REVERSE MORTGAGES , Rocky Mountain House Mortgage Broker , Universal Mortgage Solutions , Working with Realtors

Timing is everything and nows the time.png

Wow the 12th Month of the Year… (how did that happen) 😊

2023 had some ups and downs. Higher interest rates, lack of inventory in the real estate market, uncertainty of where interest rates may go, the scare of a housing shortage, on and on.

Interest rates have spooked some buyers, and honestly the interest rate really isn’t that high.

Did you know that the average 5 year fixed rate over the past 10 years is 4.17% (twenty five year average 5.26%). We aren’t to far off that right now. At this writing, we are currently in the mid 5’s (this is based on one of our lenders historical data).

Think about your mortgage like a Football Game with 4 quarters. It doesn't matter what the score is at half time... it matters what it is at the end of the game. Average all the rates you get over the life of the mortgage and then you know how you played the game ... you just have to start and finish it :) .

Don't let this slightly higher rate stop you from playing the game. If you wait, you could be dealing with potentially higher purchase prices (which results in higher down payment requirements)

So, when you’re looking at what you can afford, look at the payment.. will that work with your current budget? Is there a property that suits your "needs" ? If it does then the timing is right for you.

Oh and another thing, don’t listen to the media about housing prices going down. There’s a lot of chatter about this. I do agree with the media about prices in BC and Ontario going down, because they experienced such large increases in values over the last few years. Remember we were sitting in our doomsday recession here in Alberta and Saskatchewan, with our property prices going down.

In my opinion, with the amount of migration coming into Alberta (for lower shelter costs and employment opportunities) the thought of housing prices going down here is unrealistic, especially with our oil and gas sector preforming at the levels it is.

So, my advise to you, call me, call me to see how and what you need to do to position yourself to buy in 2024, here’s my number 403-358-4855

In the mean time I wish you a Happy December celebrating what is important to you,

Until next time enjoy life and stay healthy 😊

Warm Regards, Leann

Read More Blog Articles