Are you considering buying real estate in Fort St. John but feeling hesitant due to the current high-interest rates? Don’t let the sticker shock scare you away from your next transaction! As the Fort St. John real estate market softens in the spring of 2023, it may actually be the perfect time to invest in a property.
High-Interest Rates Making Canadians Hesitant to Invest in Real Estate
It’s not just Fort St. John residents who are feeling the pinch of high-interest rates. Canadians across the country are dealing with a surge in mortgage quotes that has many potential buyers rethinking their options. However, it’s important to consider all the factors before making a decision about investing in real estate.
Softening of Fort St. John’s Spring Market Expected to Shift into a Buyer’s Market
Despite the current market conditions, real estate experts are predicting a softening of the Fort St. John real estate market in the spring of 2023. This is expected to shift the market into a buyer’s market, making it a potentially advantageous time to invest in a property. To take advantage of this market shift, it’s important to speak with an experienced real estate agent and mortgage professional.
Renting vs. Buying in Fort St. John
If you’re hesitant to invest in a property due to the high-interest rates, you may be considering renting instead. However, it’s important to keep in mind that historically, when the job market in Fort St. John is hot, so is the rental market. This can lead to extremely low rental vacancies and drive up the cost of rentals. Renting also means you’re not building equity and are paying someone else’s mortgage. It’s important to consider all the factors before making a decision.
Low-Interest Rates: Paying Down Your Mortgage and Building Equity
If you were fortunate enough to lock in at historically low-interest rates, there are still ways to pay down your mortgage faster and build equity in your home. You can increase your payments, with the excess going straight to the principal, or add a lump sum payment up to a certain percentage of the mortgage once a year. Your mortgage professional and financial planner can help you decide what makes the most sense for you and your real estate goals. Increasing the equity in your home provides you with more options if you plan on moving in the next few years.
The Importance of Speaking with an Experienced Real Estate Agent and Mortgage Professional
Before making any decision regarding real estate investment, it’s crucial to speak with an experienced real estate agent and mortgage professional. A mortgage professional can help you understand your options when it comes to financing your investment, and an experienced real estate agent can provide valuable insight into the current Fort St. John real estate market.
While interest rates may seem daunting, there are many factors to consider when deciding to buy or rent in Fort St. John. With the 2023 market expected to shift to a buyer’s market, speaking with an experienced real estate agent and a mortgage professional is crucial to finding the best path forward. The region’s strong job market and growing population can also affect housing availability and cost. By seeking expert advice and carefully considering your options, you can make an informed decision that will help achieve your real estate goals and build a solid financial future.
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