Attention Buyers….
We all know that mortgage rates are on the rise. Banks are going to raise the rates again very soon. If you have a pre approval from your lender and have locked at lower rates; you must make your move faster to find the home you want to buy and close before the commitment expires.
Rates are almost one full percent higher than they were 2 months ago. On a $300,000 mortgage you are looking at approximately $3000 difference in your mortgage payment in one year. That is a significant amount. Since mortgages are normally 3 or 5 years, the difference in payment at the end of your 5 year term could be a very significant amount.
The good news is that the market is experiencing a bit of slow down and you will see more and more choices when it comes to available inventory. Brampton real estate market has eased up a little and Mississauga and Toronto will follow suit.
Sellers must be mindful of the fact that we are at the tip of that season where low inventory of homes on the market means more money for your home. So if you haven’t put your property on the market yet, but want to sell this year; this is the time. List before For Sale signs grow on your neighbour’s lawns….
