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OWNING
A HOME
Are things
gloomy or is the sun really shining?
By: Robin Sukhu - Real
Estate Agent
Re/Max 2000 Realty Inc.
If
you had purchased a home for $350,000
in 2006, with the average 5-yr. fixed
term mortgage posted interest rate at
the time of 6.9% and a 5% down payment,
you would have made a monthly mortgage
payment of $2,371.87, unless you qualified
for the 1% Bank discount and paid around
$2,185.86 a month.
As you know, the stock market went into
major correction mode and the global economy
cooled off. Not surprisingly, our real
estate market followed the correction
trend by reducing home values some 8 –
10% and returning them to near 2006 sale
prices.
The best deals are to be had in the midst
of this recession when people are uncertain
and afraid. Not only are you getting better
deals, you are also getting lower interest
rates with lower monthly payments. |
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Today, if you purchase a home for $350,000,
with a 5% down payment and discounted mortgage
rates freely offered at their lowest rates
in 50 years, your monthly mortgage payment
at 4.32% is $1,856.87 (a month ago, the same
rate was 3.65%), a savings of $325 - 500 a
month compared to a 2006 rates.
Take advantage of these times and seize the
opportunity to finally get that home you’ve
been waiting for. The economy will recover.
The real estate market will recover and, in
the long term, home sale prices will rise
again.
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Selling
Your Home Quickly for Top Dollar
What matters when selling
your home is what the market is saying
to you. Not what you think your home
is worth nor what your agent thinks.
Getting the best deal and top dollar
often comes down to being an educated
seller, and it is the role of an experienced
and knowledgeable agent who ...Read
More
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First
Time Buyer Closing Costs
If you are a first time
buyer purchasing a re-sale home
for $300,000 in the City of Toronto
on February, 15, 2010, your 5% down
payment, including the $5,000 deposit
you paid when signing the agreement
of purchase and sale, will be $15,000
and you will be applying for a first
mortgage...Read
More
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Choosing
The Right Agent
There is more to choosing
a realtor to sell your home than
getting the best commission deal
or finding the one willing to list
your home for the highest price.
Your
agent should be able to offer you
the kind of advice that will...Read
More
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Rent
vs. Buying
Ordinary Canadians have,
for the most part, accumulated wealth
by owning a home and, when all is
said and done, there is something
to be said about living in your
own home. It is a tangible thing
that you can see, touch, and make
use of when the economy gets wobbly
and investment values start to slide...
Read
More
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Closing
Costs
From time to time, we hear
of a buyer scrambling during the
last week of closing to find a few
thousand dollars to close a real
estate purchase. This is the buyer
who has no idea of the additional
charges included in the actual amount
a lawyer requires to fund the closing
of a purchase transaction... Read
More
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Owning
A Home
If you had purchased a
home for $350,000 in 2006, with
the average 5-yr. fixed term mortgage
posted interest rate at the time
of 6.9% and a 5% down payment, you
would have made a monthly mortgage
payment of $2,371.87, unless you
qualified for the 1% Bank discount
and paid around $2,185.86 a month...
Read
More |
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