HUGE NEWS FOR HOME OWNERS!Posted on January 16, 2017
Do you already own a home? Have you been looking to move into your dream home? Are you looking at the market and not sure whether now is a good time to sell?
Then keep reading…
In today’s market, saving for a mortgage down payment can be hard for first-time homebuyers. Many potential homeowners are stuck waiting until they have a substantial down payment before entering the market. With the raising values of home prices over the past several years, and resulting increased down payment required, this has made entering the market out of reach for many would be homeowners.
Hoping to combat this, the British Columbia government announced the BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) to help 1st time homebuyers by providing interest free loans to help with down payments. The program provides up to $37,500, or up to 5% of the purchase price on any home up to $750,000.
HOME FOR SALE? THIS IS WHERE YOU COME IN
Any buyer that is pre-approved for an insured high-ratio mortgage is eligible. This is expected to help up to 42,000 people get into their first home over the life of the program. That’s 42,000 people who will be looking for their first home.
Now is the perfect time to consider selling your property in a competitive market. Demand will likely exceed supply, and now will be a great time for you to sell your home and top dollar and buy in the higher end of the market.
Only homes selling for under $750,000 are eligible, so if your home is under that threshold and you’re thinking of moving to the higher end of the market, now is a critical time. If you’re looking to buy above the $750,000 mark, your purchase price won’t be affected. You’ll be able to sell for a higher price, while buying in an inflated market.
The B.C. Home Owner Mortgage and Equity Partnership program started accepting applications TODAY (Jan. 16, 2017), so call Gary Serra & Associates and capitalize on this today!
If you want to see what is comparable on the market around you, you can find out here: http://bit.ly/2hBJI0U