CTV Morning Live: Mortgage Minute March 13, 2018
On this week's episode, host Henry Burris is joined by Frank Napolitano to discuss the state of real estate in the Ottawa market and how working with a mortgage professional is wise in the current sellers' market.
On this week's episode, host Henry Burris is joined by Frank Napolitano to discuss the state of real estate in the Ottawa market and how working with a mortgage professional is wise in the current sellers' market.
A sellers' market occurs when there is lesser supply for increased demand, meaning there is a limited number of homes for sale for an elevated number of buyers. This in turn will increase the prices of homes for sale. Some realtors will set up a week's worth of showing on a home and then open the offer timeframe at the end of the week to create a competitive offer scenario for the sellers.
When selling your home to buy another there are many factors to keep in mind. One of them being that if you find a home but have yet to sell your own home that you have a plan in place to carry both mortgages and have down payment resources available. Factors such as the stress test will impact this ability for some buyers. When factoring bridge financing, Frank makes a note that you need to have a firm sale on your exisiting home which means that there are no conditions affecting the sale such as the buyers needing to sell their own home to purchase.
Contact your Mortgage Broker for more information.