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Time is ripe for first-time residential real estate buyers

All across Canada, people are talking about the housing market. Residential real estate is a booming sector in many parts of the country, with limited homes available and record sales figures. In Alberta, however, the situation is a little different. For some people, that's just fine.

The economy of this province is tied directly to the performance of the energy sector. Right now, a downturn in the oil industry has the economy somewhat deflated, and of course this impacts real estate in Alberta. For first-time home-buyers, this may be just the right time to enter the market.

A slower market means less pressure on potential buyers to make a decision. With increased inventory, home shoppers can make a better, more informed choice on their own schedules. Also, interest rates remain low and show no sign of taking off anytime soon. And for those looking at new-builds, many developers are offering incentives by way of price adjustments and upgraded finishes to lure buyers. The sales manager for one Alberta builder does not foresee home prices dropping further and reports that many would-be first-time owners are taking the plunge now before things change.

While the prospect of owning one's first house is exciting, a buyer should still exercise caution before making a purchase. Making an informed and considered decision will lead to a better buying experience and increased satisfaction with the home. Men and women considering a residential real estate purchase, whether or not it's their first, should consider using the services of a law firm that knows the home-buying landscape of Alberta. The professionals there can help to make the right decision and handle all the legal formalities of a real estate transaction.

Source: Calgary Herald, "Slowdown benefits first-time buyers with extra time and savings", Marty Hope, Nov. 18, 2016

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