If you are a first time home buyer in the Victoria, British Columbia area, now may be a great time to consider purchasing a home. There is no doubt that the market is intense with ever changing conditions. And, in some cases, home prices can be hard to breakthrough. Yet, new low-interest mortgages are making it a bit easier for many buyers who have been reluctant to invest in a home to do so. Could this mean it is time for you to make your move as well?
Beautiful Victoria Waterfront | Image Provided by VREB MLS®
Interest Rates Matter
Many people have failed to take the step towards purchasing a home because the Victoria real estate market’s home prices are high. Add to that the moderate interest rates and it can be hard to afford to buy a home. This new government intervention, though, is helping to encourage home buying again. It has helped to keep prices in check.
However, it is causing the market to see a lot of new buyers. Inventory in Victoria remains low, which means that there are often more buyers than there are homes for sale. Some agents saw as much as a 25 per cent increase in the number of offers homes were getting. That’s good news for those who are selling their home, but not so much so for buyers.
Is now the right time to buy a home in Victoria, then? Now is a good opportunity to take into consideration the wide range of opportunities available to you. Work closely with your lender to find out if you can afford a loan and for home much of a home. With the added help of your local real estate agent, you’ll find a property that fits your individual needs properly.
It can be a tough market. With the help of an expert Victoria, British Columbia real estate agent, you’ll be in better hands to find your ideal home. Contact Kerry Davies today to discuss your goals!