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  • Writer's pictureChad Eliason

Are You Prepared to Enter the Real Estate Market This Year?

Experts in the real estate market are predicting significant changes on the horizon for the remainder of the year. While we have seen the interest rates remain steady at 5% so far in 2024, it’s expected that interest rates will begin to decrease in the second half of the year, leading to increased competition and rising housing prices. For those who are not yet ready to make a move, but are considering entering the market in the near future, right now is the time to start preparing!

One of the first steps in getting ready for the current real estate market is to educate yourself about the current trends and predictions. By staying informed about potential changes, you can make better decisions when the time comes to buy or sell. Consider attending real estate seminars, reading industry reports, and consulting with professionals in the industry to gain valuable insights.

If you're not ready to move just yet, there are still ways to prepare for an active market. Consider making upgrades to your current home to increase its value and appeal to potential buyers in the future. Improving curb appeal, updating appliances, and making small renovations can make a big difference when it comes time to sell.

It's also essential to take a close look at your financial situation and make any necessary adjustments. Start by reviewing your credit score and addressing any discrepancies or issues that could affect your ability to secure a mortgage. Consider speaking with a mortgage broker to ensure that you are in a strong position to make a purchase when the time is right.

In addition, start saving for or adding to your down payment. Even if you're not planning to buy for another year or two, having a substantial down payment can help you secure a better interest rate and improve your chances of getting your offer accepted in a competitive market. Set aside a specific amount each month dedicated to your real estate goals.

Another crucial step in preparing for the real estate market this year is researching different neighbourhoods and areas where you may want to live. Consider factors such as school districts, commute times, amenities, and future development plans. By narrowing down your search early on, you can streamline the buying process when the time comes.

Lastly, consider contacting a real estate agent or team. A knowledgeable agent can provide valuable guidance and support throughout the buying process, from identifying potential properties to negotiating the best deal. By establishing a connection early on, you can benefit from their expertise and be well-prepared to navigate the market.

By taking proactive steps now to educate yourself, improve your financial situation, and research potential neighbourhoods, you can position yourself for success when the time comes to make a move. Start preparing now to ensure that you are ready to enter the market with confidence in 2024!

For all of your mortgage needs, I am here to help you! I also have plenty of industry connections and would be happy to help get you connected.

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