Guess who loses in a market like this one? People who are downsizing. People who have a big huge expensive house and need to buy a smaller more cost-effective house. If you’re divorcing, well, I’m sorry, the news just got worse. Or, if you’re an elderly couple wanting to switch to a place with no stairs, you may want to hold off for a bit.
But everyone else? Everyone who trips over toddler shoes, steps on Legos, and dreams of a vegetable garden in the backyard, I have good news for you: it’s a fantastic time to buy a Calgary home, for a few reasons.
There's Value Out There
The first is that we’re not nose-diving on value right now. We’re just sitting in a time of uncertainty where there’s deals to be had when buying. Yah, you’re going to have to give a deal when you sell, but you’re going to get a deal when you upgrade which amounts to a better deal on the whole. Let’s look at the math.
Say the market goes down 5% in your area.
- Your home value was $500,000
- Now it is $475,000!
- The home you want was $800,000
- Now it is $760,000!
Take Advantage of Low Interest Rates
So overall, you’re up $15,000! The most important reason why now is a great time to move is because of the interest rates. They are the lowest they have ever been. If they go up even by one percent, what you can afford goes down drastically. Prices, in my opinion, are nowhere near as important as getting a low rate. I have seen rates as low as 2.59% fixed over 5 years out there. That’s a steal! I didn’t even get that rate on my house!
Your first step is finding out the value of your home which can be done simply and for free by filling out this form. This will be the key in figuring out what is possible for you. The next steps are outlined in this post where I talk about buying and selling a Calgary home at the same time.
If you have any questions about what your options are, don’t hesitate to contact us and we’ll gladly walk you through for free!
The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736