'Tis the Season to Buy a Home Now

The best (housing) moves are all about timing

Contributed by NSAR

Some Canadian markets are playing the waiting game. They are waiting for opportunities in the real estate market to put homeownership within reach. But, here in Nova Scotia, the waiting is over.

The most recent data from the Nova Scotia Association of REALTORS®’ Multiple Listings Service® (MLS®) System shows that the number of listings are up in four of the seven regions, providing a greater selection of housing options and price ranges. Cape Breton, the Highland Region and Annapolis Valley reported fewer new listings from August to October 2013 as compared to the same period last year. These regions, along with Yarmouth and Northern Nova Scotia, also reported a decrease in average price. Buyers in our province enjoy more affordable pricing than in other parts of Canada with a current provincial average sale price of $206,525.

The opportunities in Nova Scotia make homeownership within reach for many, and here are a few reasons why it may be the right time for you to invest in real estate.

 

Calls for prime rate pump up

This month the Organization for Economic Cooperation and Development (OECD) made the call for the Bank of Canada to hike its prime lending rate to 2.25 per cent by 2015. While this is a recommendation by the global think tank, it is a good reminder that the historically low interest rate won’t last. The current lending rate of one per cent has defied the expectations of most experts and remained at its current low level since September 2010.

 

Rental rates expected to climb

Recent headlines show that landlords are starting to compete to attract tenants, but it just can’t beat the pay-off of owning your own home. Despite an increase in supply, the Canadian Mortgage and Housing Corporation (CMHC) expects vacancy rates in Nova Scotia to rise along with the average rent. It estimates, on average, rent will climb two to three per cent in the next few years. Check out CMHC’s mortgage calculator on the HomeGuide to compare the cost of homeownership verses renting.

 

Increases your personal wealth

Responsible investment in homeownership remains one of the biggest ways to increase your personal wealth. The pay-down progress you make on your mortgage is a manageable way to strengthen your finances because you are paying down your mortgage and not someone else’s.

 

Experts are everywhere

It’s great to have so much selection when you are marking such a large purchase. But, it can also seem overwhelming to qualified buyers, especially if it’s your first time purchasing a home. REALTORS® in Nova Scotia can help. They are experts on the market that they live and work in, they follow the trends and market statistics and, in addition to their experience helping clients throughout the real estate transaction process, they receive regular training through professional development courses.

 

’Tis the season

The winter season can provide lots of opportunity for serious home buyers looking to make a move. There tends to be less competition on the market, but REALTORS® continue to represent motivated buyers ready for the right offer. Could the right offer be yours?

 

SOURCE: http://www.thechronicleherald.ca/homesnews/1170814-the-best-housing-moves-are-all-about-timing