Why It Is the Right Time to Buy a New Home
Friday, November 20, 2020, 6:00 AM | Leave Comment
Are you interested in buying a new home? It may seem disingenuous to consider such a move in the middle of a global pandemic.
However, as 2020 draws to a close, it is becoming more apparent that the real estate market is as strong as ever.
Now maybe the very best time for you to buy a new home.
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Quick Possession Homes Are Now Available
The late 2010s and early 2020s have seen the dawn of an exciting new trend in the real estate world. This has been the rise of the quick possession home. In fact, quick possessions in Edmonton, for example, are at a higher level in 2020 than at any other time in recent history. There are a number of reasons why this is the case.
A quick possession home is a property that is nearing the end of its cycle of initial construction. The color, shape, size, and general design specs have already been preset by the builder. These are homes that an astute buyer can snap up and have ready to move into in a very short amount of time.
The main appeal of a quick possession home is that they can be signed off on in a much faster time frame than the usual amount of 10 months that it takes to conceive and build a property. This “quick possession” ability is what is selling them in such huge quantities throughout Edmonton and the rest of the world all through the Covid-19 era.
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Mortgage Rates Are Highly Competitive
2020 has seen mortgage rates fall to a rate that is more competitive than ever. As a result, people looking for a home in Edmonton and beyond are in a far better position to realize their dream. These rates seem to be nailed to the ground and will be for some time to come.
As of the end of the year, both 30 and 20 year fixed mortgage rates have been static at a level of under 3 percent. Meanwhile, the rate for fixed 15-year mortgages has been in the cellar at an average of 2.5 percent. This is good news for all first time home buyers who have been looking for a way to sneak in under the radar.
Of course, these good deals can’t last forever. Sooner or later, even if the Covid-19 virus fails to lift in 2021, the average mortgage rate for new and veteran home buyers alike is bound to rise. But for now, these are historically low rates that are well worth checking into. This may well be your time to finance your dream home.
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There Are Less Home Buyers to Compete With
It’s true that Covid-19 has continued to put a damper on the global economy. This is as true in Canada as it is anywhere else in the world. However, one of the main side effects is that this has resulted in people putting on blinders when it comes to opportunities that exist right under their noses. Home buying is one of them.
It’s because fewer people are thinking about buying a new home that you may have a major advantage in doing just that. Since most people are sheltering in their own safe places, fewer folks are venturing outside to see what else is available. This is your cue to score big by taking an amazing deal on a property no one else sees.
Because fewer people are going anywhere, you can get great deals on moving services. Because fewer people are buying homes, you can find some real bargains that you just couldn’t afford in normal “boom” times. And because mortgage rates are at all time low, you may just be able to finance a home for a sweet deal you may never see again.
Buying a Home is Easier Than Ever
It’s no secret that the world economy is in the midst of a rough patch. The current Covid-19 pandemic is nothing to fool with. However, this does not mean that you can’t find exciting deals on a wide variety of new properties all throughout Edmonton. This may well be the very best time for you to go searching for your ultimate dream home.
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