Thinking of buying or selling your home? Here's why these realtors say now's the time
CTV
Interest rates may still be sky-high, but you should consider buying or selling your home now, according to three Montreal real estate agents.
Interest rates may still be sky-high, but you should consider buying or selling your home now, according to some Montreal real estate agents.
"I would definitely say if you're ready to buy, now is a really good time," said Sarah Kaplan, a real estate broker with Engel & Völkers. "Working with buyers in 2020, 2021 was extremely stressful [with] lots of multiple offers. It's not fun for buyers. So, if you're in the market to buy, now is a really good time before things take a turn in that direction."
Firas Trabulsi, a real estate agent with RE/MAX, adds there are always pros and cons of buying or selling at any given time -- whether it be soaring interest rates and lower house prices, or descending rates and elevated prices.
"I had a few, maybe six buyers, that weren't really planning to buy this year, but they really worried that we would go back to the bidding wars and everything," he tells CTV News.
Interest rates skyrocketed in 2023, but experts predict they should start to come down in 2024.
"Secure the property that's right for your family at the current interest rate, and then think about maybe doing a shorter term mortgage," explains Tamar Chujunian, a real estate broker with Engel & Völkers. "When it's time to renew, [you] benefit from those lower projected rates in the future."
She gives an example: instead of taking a five-year fixed mortgage (where the interest rate is locked in) or a five-year variable mortgage (where the interest rate fluctuates with the market), a buyer could opt for a two-year term and renew once the rates are lower.
