NOW IS THE BEST TIME TO BUY REAL ESTATE, And Here's Why...

with Cyril Rocero - MaxPro Real Estate - Winnipeg Realtor

Now Is The Best Time To Buy REAL ESTATE, And Here's Why...

I'm sure a lot of you might wonder, "How come? The mortgage interest prime rate is now around 7.2%, but why is it the best time to buy real estate? Well, some homeowners who used to pay their mortgage interests before at 3.5% or lower are now considering selling their homes, trying to get off the burden of renewing with the mortgage payments on a very high-interest rate.

Okay, but why is it "the best time to buy real estate" now?

Learn from the quote by a great real estate investor we all know, Mr. Warren Buffett says - "Be fearful when others are greedy, and be greedy when others are fearful." The word "greedy" might be too much to handle. But for me, I call it "just knowing and taking advantage." It simply means understanding the real estate market, knowing when is the best time to buy or sell, and how to deal with it.

Understanding Supply and Demand - Know what is happening in the market.

About two years ago, during the pandemic, mortgage interests were as low as 2.0% to 1.5%, and there were more home buyers than sellers. That was when the housing market was fast, and the home buyers competed by bidding more than the asking price (seller's market). Recently, we are experiencing the opposite scenario in real estate when home buyers are scared to buy because the interest rates are as high as 7%. The housing market is slow and has more competing sellers than buyers. Some sellers become desperate and consider dropping the price low to become competitive in the market. Meanwhile, other sellers feel pressured to accept a lower purchase offer only to get their house sold (buyer's market).

So now you think that either buyer's or seller's markets both have issues and may scare you to take action to buy a property. Yes, but there are also different strategies on how to deal with the situation and how to take advantage of the trend in real estate regardless of being in a buyer's or seller's market. Good thing you don't have to deal with it alone by yourself. Find a good real estate agent whom you can trust. :-)

Buying a Property on a Buyer's Market - Strategy Solution #1

If you have a mortgage approval already, take it. Buy your home now and have the advantage while the home prices are low. Consider taking the "shorter fixed-terms," or take the variable option while the rates are still high and wait for the best time when the interest rates go down again, is when you should consider taking a "longer fixed-term" option. Ask a mortgage specialist for their advice to learn which option works best for you, or click the link to inquire for the current BEST INTEREST RATE.

Having Tough Times Getting Mortgage Approvals - Strategy Solution #2

Another strategy or alternative to home ownership is through a RENT-TO-OWN homeownership program. This way, you could soon start shopping for the home you want to live in while temporarily renting it. It allows you to deal with buying the house later while working on your finances and secure a better deal in mortgage approvals when the interest rates hopefully drop lower.

You have mortgage approvals ready but still aiming for a much greater win when you buy real estate - Strategy Solution #3

Buy an income property instead. Depending on your mortgage approvals, choose from a single-family home with a secondary suite, a duplex, or a triplex. If you need further details on why this is the best option, CLICK HERE to read my previous blog with more information about this topic. Thank you.

Reference: ORIGINAL WRITING

FEATURED LINK: Find HOMES for SALE in Winnipeg within your price range.

In case you are planning on buying a property soon or next year, please don't hesitate to contact me. Please remember, I'm Your Realtor! Thanks for reading.

CYRIL ROCERO
MAXPRO Real Estate
(204) 557-2405
www.cyrocero.ca

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