Purchasing/Living in a Condominium
Things to Consider Going into the Real Estate Market in 2023
From the CCI Huronia Winter 2023 Condo Buzz Newsletter
1. Get pre-approved sooner than later. It is predicted that interest rates are going to continue to rise in order to bring down inflation. Get pre-approved and locked into a rate now so that you keep more money in your pocket.
2. If you are looking to sell, do it NOW! Although prices have come down since this time last year, inventory is currently low. As we move through the first quarter of the year, it is expected that more properties will hit the market. As both inventory and mortgage rates rise, prices may continue to drop especially if demand remains low.
3. Hire a condo specific Realtor to assist you with your condo sale or purchase. The freehold housing market is completely different from the condo market right now so you might not get the best advice or guidance from someone that does not work in the condo market regularly.
4. If you are a buyer, make sure you understand what conditions to put in an offer to protect yourself when purchasing. There are conditions and clauses that are important to put in an offer to purchase a condo but you wouldn’t necessarily use if you were to buy a freehold house.
5. If you are a seller, when it comes to reviewing offers, make sure you understand the various conditions and how they could strengthen/weaken the offer and how they could affect your situation. There are so many angles to understand and if you are not fully informed it could cost you thousands of dollars.
Ashley Lamb - Realtor
Barrie Condo Corner
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