Mortgage Rates & First Time Buyers
There has been a lot of press around the Vancouver Real Estate Market lately and how mortgage rates are pushing first time home buyers out of the market. Sales have started to slow in 2010 as many first time buyers took advantage of low rates in the last quarter of 2009 and early 2010. As more properties have come onto the market this spring, we are starting to see the return of the Buyers Market and interested home buyers are taking their time to find the right home for them.
For those of you looking to sell your property, there are still many buyers out there that have great pre-approved rate holds in the high 3% range that will expire at the end of July. Take advantage of this time and make sure you contact a Realtor with an aggressive sales campaign to make sure you do not miss out on this category of buyer and if you really want to sell, try to be amenable to those July closing dates!
For any buyers out there with your rates approved until the end of July, get out there and explore your options! There are lots of great new property listings and now is the time to make those offers if you need to close by the end of July. Do not miss out on these great mortgage pre-approvals. Ensure you are working with a Realtor that knows the Vancouver Real Estate Market and will work hard to position your offer at the top.
A potential home buyer with a 3.79% rate hold until the end of July would be looking at a monthly mortgage payment of $1,679 on a purchase of $400,000 with 5% down and a 35 year amortization. At today’s current average 5 year rate of 4.39%, that monthly payment jumps to $1,818! If you want to buy and have these low rates, now is the time to do it!
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You’re mortgage is not just a means to an end, it’s a powerful financial tool that should be included in your overall financial plan. Let Meridian Pacific plan your mortgage, not just get you one!