Three Things To Look Forward To In The Coming Months
The COVID-19 pandemic has caused great turmoil in the financial markets and has turned out to be one of the most significant economic downturns in recent times. With greater unemployment, the considerable fall in oil prices, and the massive hike in the prices of gold, the job market is undergoing tremendous upheaval.
This has resulted in the slowdown of the housing sales market in the real estate industry, further resulting in some reduction in housing prices and interest rates. But, just like a ray of sunshine, it has proved to be good for the customers all over, making it much easier for home buyers and investors to purchase properties and allowing borrowers in some cases to find a home that is more affordable and closer to their desired area.
The realty industry might have slowed down due to the pandemic, but it stands firm, as people are simultaneously contacting mortgagers. Of course, things will be slower for the next several months, but the industry will set foot into a new phase and accelerate, which will also result in a hike of prices and interest rates just like it was before. What we all need to focus on is ‘right now.’ The COIVD-19 crisis has caused a relaxation in Government rules and an increase in house listings and the number of buyers, which means the crisis has swung the odds in favor of buyers and investors.
Let’s understand the aspects of the current financial situation and how we can thrive on them.
1. Reduction of interest rates
The fall in interest rates has resulted in cheaper mortgages. As every financial institution is trying to attract customers with lower interest rates, many credit unions and banks are comparatively doing a better job at slashing the prices and providing customers with an array of advantages. Therefore, borrowers can take advantage of the loan packages of their choice.
2. Increase in housing listings and sales
The current situation might not change for an extended period. With the slashed interest rates by financial institutions, this situation proves to be the ideal window for borrowers to find a house with better and more affordable values before the Government steps up again to increase the rates and make up for the loss in the economy.
3. Prices will likely remain low for a while
Housing values usually tend to rise over time, but recessions and other disasters can affect the pricing and lead to lower price values. When a recession or any other calamity strikes, this can often be the best time to invest in real estate as combined with lower interest rates, it proves to be more of an advantage for new home buyers.
If you are looking for a highly skilled and experienced mortgage agent, to get started on your home buying journey, then reach out to Andre Ouimet - Mortgage Agent. License number “M-13000820”.
With experience in the mortgage and real estate industries and access to competitive lenders, I can often meet your mortgage needs by creating a mortgage solution based on your situation. I can help you right from pre-qualification to closing the deal and ensure that you get the best deal possible. I offer a full range of mortgage services to clients across Barrie, Newmarket, Aurora, Port Perry, Oshawa, Whitby, Ajax, Pickering, Markham, Richmond Hill, Vaughan, Scarborough, Toronto, Caledon, Brampton, Orangeville, Mississauga, Milton, Oakville, Guelph, Kitchener, Burlington, Hamilton, St. Catharines, and Niagara Falls, ON.
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