Posted 6.29.12 @ 9:5
Figuring out the right time to buy is important, but is now the time to buy? Do you want a forever home or a luxury condo? Are you ready financially to be tied down to Oakville real estate? There’s so much you need to know before buying a home; but the best piece of advice I could ever give you is to let us help! A member of the Goodale Miller team will be able to help you find the perfect home in the perfect neighbourhood that will suite your lifestyle and your needs.
First, Markets are Local, Not National
The first thing you need to know is that each neighbourhood will be its own little world. This can truly get confusing when you’re comparing different homes that are alike across the same city. You’ll want to pay attention to each neighbourhood’s inventory (what homes are available), the length of time they’ve been on Oakville real estate market, how much they’ve sold for and which homes have expired from the listings or been withdrawn.
Second, It’s Never the Wrong Time for First Time Buyers
If you’re a first time home buyer, you’ll always be able to find the right house. With interest rates low and inventories high, there are all the options in the world to choose from. If you have strong credit you’ll be able to get a steal of a deal! You’ll be able to avoid bidding wars if you can deal in cash. Before you do anything make sure you get pre-approval for your loan before you start house hunting. It may be required before you can schedule a viewing. You’ll also be able to get a good faith estimate so you can get an idea of how much you’ll have each month.
Third, Interest Rates are at All Time Lows
Rates are at all-time lows, so now is the time to buy. If you can lock in a fixed interest rate mortgage right now, you’ll be able to save a lot of money over the long run. With the inventory of Oakville luxury homes for sale holding steady in a variety of neighbourhoods you’ll be able to find the right one for you. Who doesn’t want a great home at a great rate? Make sure you shop around so you get a fair and equitable loan.
Buying a home is something that society rewards and you’ll be able to get a tax credit. You can get tax credits for making the home more energy efficient and even upgrading it to have a higher equity ratio.
Just make sure that you’re in love with the house and the area before you submit your bid. Don’t forget to ask people in the area if they like the neighbourhood and if anything has changed. See why the sellers are trying to get sell the house and make sure that the area is right for you.