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Should I buy a home right now or wait?!?....

 ...or would I overpay in a bidding war?

Hi I'm Frank Polsinello, Owner and Broker of Record at RE/MAX Hallmark Polsinello Group.

It's 2021, and in some ways the landscape for buyers has changed drastically but in other ways it's still the same at the beginning of the year a lot of folks were getting frustrated with home shopping.

When a really good home would hit the market...

⚔️ ...A bidding war was sure to follow!

I know that some families were getting discouraged and even fed up and fatigued but, what's happening right now and is it a good time to buy considering with all that's going on?

Here are a few things to think about...

➡️ Interest rates are at RECORD lows!

Right now let's say you want to buy a home for a million dollars with a 20 down payment and if you have a strong financial background you can expect an interest rate as low as 1.7%.

This means a monthly payment of $3273 and of course that's only the mortgage portion of the payment and to put things into context when rates were in the mid to high fours like they were back at the end of 2018 your payment would have been about a $4626 dollars per month.

Don't forget the new mortgage rules have made it harder to get a mortgage today than it was Pre-Covid but, that's a good thing for buyers out there who.

✅ Have money saved up.

✅ Great credit scores... and

✅ A good job or secure employment you'll be able to get a mortgage and you won't have to compete against folks who aren't qualifying right now.

Another thing to keep in mind is some buyers who were very active earlier in the year are sitting things out at the moment and that could be for a number of reasons.

Safety concerns, economic concerns or maybe a change in their financial situation so that's further reducing the pool of competing buyers out there compared to what we saw in early 2021.

And, I don't want to paint a picture that the market isn't competitive right now there are still motivated active home buyers out there and when a good home hits the market they take notice multiple offer situations are still happening but not to the extent we saw earlier this year.

With a combination of very low interest rates more inventory starting to hit the market and tougher loan requirements leading to fewer competing buyers this might be the right time for you to buy if you're in the position to do so.

If you're like most people you're looking at homes from the convenience of your living room but there are always important subtleties to a home and to a neighbourhood that we can share with you if you'd like.

To connect via zoom to talk about homes that have been catching your attention online let's schedule a time to get together you can call or text me at 905 830-9111 or find me at polsinello.ca

Thank you and I hope you have an incredible day!