The real estate market is very active in all parts of the country. You can’t turn on the news or pick up a newspaper without it stating how hot a real estate market it is. Will the market slowdown is the question on many people’s minds. With historically low interest rates, there is no end in sight. The government introducing the “stress” test for insured mortgages was to ensure that buyers/home owners do not find themselves in a difficult spot should rates rise even a minimal amount. This change in the mortgaging rules has not really impacted our trading area of Orangeville/Dufferin and Caledon. So begs the question, when is it a good time to get into the real estate market. We firmly believe that today is still a good time to own a home. It is a little harder for first time home buyers to save the required down payment as housing pricing keeps escalating.

The first step a first time home buyer needs to do is speak with a mortgage agent to find out what they need to do to be ready to purchase their first home. Even if you don’t have enough money saved yet, you need to meet with a mortgage professional to develop a rapport, to review your credit history and to develop a plan for getting into the market. Sometimes your mortgage agent will send you away with a plan for the next 12 months to get some things in your credit history cleared up and paid down. They will also let you know what documentation you will need so that when the time is right, you will have everything ready.

You should become familiar with the real estate market. The best thing to do is find a realtor that you feel comfortable with and has experience with first time home buyers. Again, even if you are not ready in the next 12 months to make a move, they can set up a plan to help you achieve your dream of home ownership. They may have ideas of ways to speed up your ability to own your dream home. Maybe you never considered owning a condo apartment in the interim. You would be building equity in this investment and with the increasing property values, maybe able to sell this in a year or two with much more equity than if you had just rented and tried to save on your own. Your local realtor is an expert in your desired area. Maybe by adding 15 minute commute may save you hundreds of thousands of dollars on the purchase of your dream home.

Your realtor can set you up on an automatic service that sends you the listings of the type of home you are looking for. This will make you very aware of the property values in the area and you will become an educated buyer when the time is right.

Between your mortgage agent and your trusted realtor, you will have a plan to home ownership. The key is preparedness. Having young adult children ourselves, we are very aware the obstacles they will face to own their own homes. We can work with you and your families to develop a plan to fulfil your dream of owning your first Orangeville home!