So who can benefit from this real estate market?
This is the perfect opportunity for move up buyers that currently have equity in their home. 1 & 2 bedrooms remain largely unaffected in this downturn as our rental prices remain high due to the demand for living. People that own a condo can move up to a townhome and a townhome owner can move up to a house. Larger homes are the ones feeling the effects, so the more you move up the bigger the savings. If you got a 5-year fixed rate mortgage 2 years ago you can blend and extend your mortgage while retaining a reasonable rate.
Investors can now grow their portfolios. It’s safe to say that I love working with Buyers in this type of market as we can really negotiate a good deal. As I mentioned, I’ve learnt how to take advantage of a falling market, in fact I have created a foolproof guide with all the techniques and tricks of the trade that I’ve picked up from seasoned investors over the last 30 years, the best of the best. They’re all masters at how to find a deal, how to negotiate and the technique involved in getting it done. I’d be happy to share, feel free to reach out to me if you want to learn more.
A few ways to combat the high rates in the meantime:
- Turn your high interest rate variable into a lower 3 or 5 year fixed.
- Biweekly payments can take 13 months off a 30 year amortization period.
- Put down more money into your mortgage like a balloon payment, lenders will allow you to put down a certain amount every year.
Just ride it out, it won’t last forever. If you are looking to get into the market give me a call now! If you know any investors looking for a good deal tell them to give me a call NOW!
