If you’re trying to time the real estate market there can be some exceptional costs you are not accounting for…
…Keith Bray, Sales Representative with RE/MAX Hallmark Realty Group, Brokerage explains.
Here is a breakdown of Keith’s Example.
If you were looking to buy a home around $500,000 in January 2017,
and the Ottawa real estate market rose 5% (it rose 5.5%) a similar home would be asking $525,000 in January 2018,
if the market continued to rise at the same rate (which we expect) similar homes would be $538,125 in July 2018.
On top of the rising prices, the mortgage rules have changed if you applied for a 5 year fixed mortgage of 3.14% in January 2017 for that $500,000 home with 20% down payment you would need a household income of $92,500.
Now with the mortgage stress test you would have to qualify at 5.14% even though your mortgage rate will still be 3.14%. The same household income of $92,500 would only qualify for a home worth $427,000 and if you wanted to purchase that home at $538,125 you would need a household income of $117,500.
Don’t get priced out of the market, chat with Keith today at 613-407-2729
All mortgage calculations courtesy of Cathy MacDonald with Mortgage Brokers Ottawa.
Thanks for watching, If you would like to create a personal home search please visit http://www.OttawaRealEstateInformation.com
And keep up to date on Ottawa Real Estate market as a fan of http://www.Facebook.com/HomeTeamOttawa
or on Twitter – http://www.Twitter.com/HometeamOttawa
We are here to answer any real estate questions you have, just ask.
| Home Team Ottawa ~ Over 1800 Homes Sold 💥
| Direct ☎ 613-788-2113
| Email ✉ MoreInfo@HomeTeamOttawa.com ℹ
Team Lead | Bill Meyer**,
▶Buyers Team | Keith Bray**, Reed Allen**, Elizabeth Stokely**, Quinn Goodwin**, Saeideh Shabani**, & Alex Wickham**
✅Listing Team | Sylvie Bégin*, J.P. Gauthier**, & Maya Boumansour**,
Support Team | Maria Roldan**,
➡| *Broker | **Sales Representative
| RE/MAX Hallmark Realty Group, Brokerage
Independently Owned and Operated
| Office ☎ 613-236-5959
| WEBSITE: http://www.HomeTeamOttawa.com
| TWITTER: http://www.Twitter.com/HomeTeamOttawa
| FACEBOOK: http://www.Facebook.com/HomeTeamOttawa
| YOUTUBE: https://www.youtube.com/user/HomeTeamOttawa1