4 Reasons Why New Buyers Should Get a Mortgage this Summer Season of 2022
Summer is coming. While most people have visions of overdue vacations dancing in their heads, you’ve got something even bigger in mind – your very first mortgage. However, given the significance of such a major life decision, you’re wondering if you should take the leap at this time of the year. After all. the season is supposed to be filled with whimsical pleasure, not negotiations with lenders, sellers, and agents. Well, if you find this article at the midpoint of 2022 and you’re shopping for a home in the BC Southern Interior, buying a home in the summer is exactly what you should do. Here’s why.
Housing Prices Predicted to Flatten for the Okanagan this Summer
It looks like the “heat wave” of real estate sales is about to cool down, which has buyers celebrating. This week, Chief Economist for the BC Real Estate Association stated that prices will flatten out for the summer. This means that the values on the homes you’ve been eyeing over the last few weeks will stay that way. This gives you peace of mind to begin the mortgage process. Even better, is that sellers now realize that they can’t hold out for asking price much longer. This summer they are more likely than they have been over the last 2-years to be open to negotiations. They are also more likely to give way on concessions (covering closing costs, perform reasonable upgrades, etc.).
Inventory Bouncing Back
Aside from the Okanagan being the most attractive place to get a mortgage in BC, the other thing driving up values has been short supply. Thankfully, that is also changing. As you may have noticed, luxury condominium properties have been popping up all over the Okanagan, including here in Penticton. In fact, just last week we announced some very exciting new residential construction projects that have buyers/investors chomping at the bit. So not only will you enjoy better prices this summer, the number of homes to choose from is growing.
Summertime Mortgage Specials
So you’re poised to enjoy a summer of flat prices and sustainable inventory. That’s a great a start! But what about the rising mortgage rates you’ve been reading about? It’s true that Bank of Canada actions regarding the Policy rate and bond market activity have driven up borrowing rates, but that’s not going to get better after the summer. It will be higher. But “act now” to get in at current levels isn’t the key message here. You see, there are summertime mortgage specials for you to take advantage of. These may or may not be marketed by the Big Banks (BMO, CIBC, RBC, etc.) but they are being offered by our mortgage brokerage. Carloni Mortgage Brokers has longstanding relationships with both the Big Banks and perhaps more importantly for you – private lenders. Between these options you will enjoy access to lower mortgage rates than found advertised in the Penticton Herald, Summerland Review, or Kelowna Daily Courier. In addition, we will connect summertime buyers to first-time buyer incentive programs which will directly reduce down-payment requirements and lower the overall cost of getting a mortgage.
You Can Focus on Backyard BBQs While we Focus on You
Remember when we stated that summer should be spent enjoying whimsical activities and leisure? We agree. For you, that is. The team at Carloni Mortgage Brokers will manage all of the red tape, from mortgage calculations and pre-approval to lender negotiations, mortgage insurance, and documentation. All that you will need to do is focus on finding your dream home. From here, you can start planning summer “housewarming” BBQs and backyard shindigs.
Get ready for the best and most memorable summer of your life thus far! Contact Carloni Mortgage Brokers to get pre-approved today.
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