Terra Caribbean - Blog

It's Buying Season!

Friday, September 27, 2019 | By Gemma Harrysingh
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Buying Season

For first time homeowners, waiting for the right time to buy can be a lesson in patience. Between shopping for the best mortgage rates, scanning social media for affordable homes in the right location and getting all your ducks in a row, the entire task can take a while. But during this buying season before the Christmas holidays, we normally see quick sales occurring and an increase in property transactions. As the old saying goes “strike while the iron is hot.” As real estate agents interacting and transacting with the market every day, we can safely say, now is the time to buy.

Here’s a couple reasons we think why:

  • Mortgage rates are extremely attractive! - Banks are eager to assist and are vying for your business. As such, mortgage rates have decreased in the past couple years, with most banks hovering around 5% interest and some offering 100% financing and cash rebates. It would be useful to shop around but don’t forget your pre-qualification document to guide you with your budget.
  • Great listings on the market right NOW – Our database has new listings coming available every day. Land for sale, homes, townhouses, apartments. There are many options on the market at affordable prices. For example, Welcome Estates is a new development on the market featuring steel framed homes, resilient to hurricanes, earthquakes, and fire and offered at introductory prices.
  • It is a buyers’ market! – Despite pitfalls in the economy, demand in the middle to lower residential sale segment has remained stable over the last 5 years. Additionally, in this tight market, vendors are more willing to negotiate and good deals are closing every day.
  • Stamp duty concessions for first time homeowners! – First time homeowners get a tax exemption from Stamp Duty. This means a tax saving of over $24,000 for a home sold at $1.5m. We have our fingers crossed that the upcoming budget will not affect this but we’ll keep you updated!
  • A home is always a good investment – Let’s not forget that home values appreciate over the long term, with capital appreciation and better ROI than bank savings. The proud feelings of homeowners show in the care and maintenance of their properties and this will assist in the maintaining/ increasing of the property value.

At Terra Caribbean we have experienced and knowledgeable agents to guide you through the process as well as excellent, well priced listings to help you achieve that buying a home dream. We can provide immediate details to assist you through the process so get started now!

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