With the current volatility in the economy, one thing is certain; namely, that real estate in Guelph will remain stable and low interest rates will benefit those who are buying in 2009.
Here are a couple of areas where you can benefit if you’re buying real estate in 2009:
Real Estate Investment Properties
Because of the credit crisis around the world, most financial institutions have tightened the reins as to whom they will give mortgages. This means that people who were qualified to buy a house a year ago may not be able to buy a house now because of the new mortgage lending guidelines. In Guelph, we’ve seen vacancy rates go down, which means there are more people renting and fewer rental options available. If you have good equity built-up in your home you can tap into this equity wisely and buy an investment property, which will have a significant impact on your personal net worth.
Moving to a bigger home
Although you may not get as much as you hoped for if you’re selling your home this year, you’ll find that you can easily make up the difference on the purchase of a home. If you’re making a significant upgrade to your home you will benefit from competitive home prices and good interest rates.
Keep in mind that going directly to a mortgage broker can significantly benefit you. Most mortgage brokers deal with all of the traditional chartered banks and can offer you a comparison of what your own financial institution has to offer you versus other options on the market.
First-time buyer
If you have 5% as a down payment and have good credit, you’re likely in the market to buy a home. However, you don’t want to delay in buying a home. You can never predict the bottom of the market until it has actually taken a turn for the better. As a first-time home buyer you’ll have a lot of choose from but, if you hesitate to buy, you’ll lose out on the really good homes that are priced competitively.
The most important thing to remember about a shifting real estate market is to do your homework.
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