As summer gives way to fall, first-time homebuyers may find themselves in a great spot to make their move. This season often brings renewed activity in the real estate market, making it an ideal time to get the ball rolling if you’ve been waiting to get in. With more rate cuts anticipated before the end of the year and an increase in available properties, now could be your chance to begin your research and start the process.
Why fall is often a good market
During the summer, real estate activity often slows down. However, as we move into the fall season, things generally start to pick up. With additional rate cuts anticipated this year and a possible resurgence in market activity, you might see an increase in both the number of buyers and available homes.
Lower interest rates mean cheaper borrowing costs, which is fantastic news for first-time buyers. This change could make buying a home much more affordable than it has been recently. Plus, with the market currently having less competition and more available homes, you have a better chance to find the right property at a more reasonable price. Some homes have been on the market longer and have seen price reductions, which could be a signal to act now.
What should you do?
Get pre-approved
Now’s a great time to get pre-approved for a mortgage. With rates expected to drop further, being pre-approved can give you an edge. It also helps you lock in better terms and be ready to make an offer as soon as you find the right home. An unbiased mortgage advisor can be a valuable resource here, helping you navigate the options and secure the best deal.
Explore your mortgage options
Take a good look at whether a fixed or variable-rate mortgage suits you best. With rates on the decline, you could end up saving a significant amount over the life of your mortgage. Shopping around will help you find the most favorable terms.
Stay alert to market changes
As news about rate cuts spreads and more buyers enter the market, competition could increase. By acting now, you can take advantage of lower prices and more available homes before things get more competitive.
Consider different types of properties
If you’re open to different kinds of homes, you might want to explore condos. There’s a lot of inventory available in this category, which might provide better value and more options compared to single-family homes. Prices have been falling and could continue to do so, so this might be a good time to look into condos.
Find a great realtor
It’s incredibly important to work with a real estate agent who can provide expert guidance, market knowledge and personalized support. At Homewise, our team of dedicated realtors truly understand the local landscape and take the time to consider your unique needs to help you make an informed decision. We leverage industry-leading technology to make the process even faster and easier so that you can feel confident in finding a home that best suits you.
The next few months could offer a fantastic opportunity for first-time buyers in Canada. With anticipated rate cuts and a potentially more active market, it’s a smart move to speak with a mortgage expert like ours at Homewise. We’ll walk you through the pre-approval process, explore mortgage options that suit your needs and explain all of the fine print so you can feel confident in your decision. Connect with us today.
