Are you dreaming of a fresh start in a new city, where affordability meets opportunity? As the real estate market continues to fluctuate, one trend is becoming crystal clear: interprovincial migration to affordable cities is on the rise. Edmonton specifically has been named the top Canadian city for homebuyers looking to purchase their first home and investors due to its housing stability and affordability being one of the lowest price points across the country according a recent survey conducted by CREA (Canadian Real Estate Association). If you're considering joining the ranks of savvy homebuyers eager to make a move, now is the time to do it before everyone else beats you to it. We have seen an increase this year with many moving from B.C and Ontario and much of their reasoning is availability of jobs and they can actually afford to purchase home - where that was not an option for their families due to high prices and competition in the real estate market. Not to mention the number of investors looking to scoop up homes that they can rent out has skyrocketed this past year,
Edmonton - The Affordable City You've Been Waiting For
Before we dive into the importance of preapproval, let's talk about the city that's been capturing the imagination of potential migrants – an affordable haven for those looking to spread their wings and set down new roots.
Edmonton has been gaining popularity for its blend of desirability and cost-effectiveness. Edmonton boasts vibrant cultural scenes, diverse job opportunities, and a welcoming community. Best of all, housing prices in this city are still within reach for many prospective homebuyers and catching much attention. But here's the catch: these prices won't stay this way for long. Right now you can get more for your money!
Why It's Imperative to Act Now
Our city is experiencing an influx of homebuyers looking to seize the opportunity while they can. And, just like any other desirable city, the law of supply and demand is in full swing. As more people are drawn to the affordable charm of Edmonton real estate prices are on the rise. We are seeing low inventory levels right now combined with many moving to the province the only thing that we can see happening is prices and competition increasing.
We suggest if you are planning to relocate and considering owning a home here get pre-approved from a lender be it a bank or mortgage broker and here's why:
1. Beat the Competition: Getting preapproved for a mortgage can give you an edge, as sellers often prefer dealing and are now requesting that their home only be shown to qualified prospective buyers who have their finances in order.
2. Lock in Affordable Rates: Interest rates are still at historic lows, but they won't stay there forever. By getting preapproved now, you can secure an attractive interest rate before the market shifts. If interest rates drop do does your rate but if they increase you have secured a lower rate.
3. Build Your Budget: Preapproval allows you to understand what you can realistically afford. This knowledge will help you target properties within your budget, saving time and reducing disappointment.
4. Avoid Surprises: Preapproval uncovers any potential credit issues early in the process. This gives you time to address and resolve these issues before making an offer on a property.
Making the Move
People from all walks of life are packing their bags, fueled by dreams of affordability and fresh opportunities. If you want to join them, do the leg work now and reach out to a local Real Estate Agent, and start interviewing who would be a good fit to work with you in helping find your dream home., get pre-approved and get your finances in order so that you can jump at the opportunity of finally owing your home.
By doing so, you'll not only streamline your homebuying journey, but you'll also have a competitive edge and you'll be well prepared and ready to make a move when the perfect property appears. Your new adventure awaits.