We all love the thrill of a deal. Getting something for a little less so our wallets carry a little more. But, the truth is, the bargain hunt can backfire.
Saying, “the pants didn’t fit quite right, but they were 50% off!” is one thing. Settling on a home because you saved a bit and then regretting it is another.
And I’m not going to lie to you, the idea of paying below market price for anything, much less a home, is an enticing one! But it’s not without risks. Finding the right house at the right price is the key to feeling great and not feeling bargain buyers remorse.
A specific bargain you’re thinking of is the supposed double rate drop in June. Right now, mortgage brokers are taking variable rates instead of 5-year rates because of this upcoming drop. So, June?
Not quite.
Sheri Creese of Mortgage Brokers Ottawa says, “I can tell you we are seeing a huge increase in applications, buyer sentiment is definitely changing. I think we are headed for multiples again soon.”
So, you won’t be the only one waiting for those rates. If everyone pounces at the same time, are you going to get that place you’ve been sitting on? Likely not.
Remember your priority: finding the right home at the right price. If waiting for a rate drop means others do the same then you have a lesser chance at what could be your dream home. Don’t wait for what ifs and bargains when it comes to finding that.
Still confused when and how to find the right place? Feel free to reach out for more information! Get the help of an experienced realtor on your side.
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