Is it the Right time to buy??
So the burning question everyone always asks is: Is it the right time to buy? Is the market going up or down? Can I get a good deal? The answer to these questions is as individual as the people asking. If you need to buy, then buy. There is lots of inventory to choose from. Interest rates are at a record low. The market is currently stable. Real estate is not for the person looking to turn over a quick profit. Real estate tends to be a longer term investment. It gains value over time and as you pay it off, you are paying yourself. Rent in Terrace is about the same price as owning. So it costs a mortgage payment to rent here however, if you don't have the downpayment then rent is your only option. I would suggest renting something small so you can save up a minimum of 5% for a purchase. If you rent at the high end you will never gain the equity you need. So small term pain for long term gain. Another option might be to purchase a moblie home. These can run from $40,000 to $200,000. But on the lower end you can get into the real estate market. Again you will need a downpayment but it will not be as high as with a house. I remember the very first house I purchased and the stretch financially it was. However from that original purchase I have now owned several homes. Buying a home is really building your financial future. Slow and steady wins the race in real estate. It is never as easy as the TV shows about flipping houses makes it seem. Beware of plans to make money in real estate fast, cause you can loose money fast as well. If you thinking about expanding your real estate portfolio and becoming a landlord, now is a great time. Low interest rates make for an attractive return on investment or ROI. I currently have a duplex fully renovated and renting for $2300.00 a month. It is selling for $439,900 and you would need 20% down on this home unless you were to move into the property and then you would only need 5%. But lets say you were going to rent it out: Downpayment $87,980 payment and interest $1603.70. This means you would be earning about $700 per month on your investment. As well each month your property is paying for itself. So think about putting your money to work for you. A bank account doesn't earn you any money and a GIC is about 2% per year. Get you money working for you. Call me today and I can help you to either get into the market or expand your holdings. Hope to hear from you soon.