RE/MAX and other real estate experts are predicting that the housing market will remain strong through 2013. The Calgary Herald reports the average MLS sale price increased by 2.5% in 2012 and RE/MAX predicts it will rise another 2% in 2013.
This is coupled with the fact that mortgage rates have recently dropped to an astonishing low, with a five year fixed rate as good as 2.99 percent - with variable rates offering an even lower current percentage.
Although these ultra-low rates may be temporary promotions to encourage people to take on a mortgage, overall long-term real estate borrowing rates are at their lowest in Canadian history. In other words, it just won't get much better than this.
If you've been thinking about buying, the first step is to get pre-qualified for a mortgage. Our Okotoks & Calgary Real Estate Team would be happy to recommend you to one of our most trusted and experienced mortgage brokers who can get you qualified in a few easy steps!
Market conditions are presenting an excellent opportunity for people or couples who have a solid down payment (5% or more) and are ready to make a commitment - there's no time like the present!
Jay Magnussen, RE/MAX First Realtor says "Keep in mind that the market may or may not become more favourable in the coming months or years, that's just how markets work - ups & downs. While predictions and forecasts are reassuring, if you want to buy, try to avoid being distracted by market predictions and focus on present and current prices and market factors as well as your personal situation - no one has a crystal ball for real estate. "
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