Gong xi fa cai! Happy Lunar New Year!
Year of the Tiger begins February 1st this year and ends January 21st 2023. But this is no ordinary tiger – it is a water tiger, and a water tiger year occurs only once every 60 years. So..you water tigers seize the moment – it is an auspicious year for a wedding and single tigers may meet a lifelong partner. But their horoscope warns of many challenges this year and next, and advises caution in undertakings. This is wise counsel to us all in these uncertain times.
Caution is not a word which has been much associated with real estate sales and purchases these past 2 years. However, the impending rise in interest rates is a cautionary tale all by itself. For would be buyers out there, feeling confident with a mortgage pre approval in hand, this is the moment to have your broker / banker lock in your interest rate for as long as possible (normally 60 – 90 days) at today’s rate, to avoid being caught up in a raise in rates. This is your last chance to experience an interest rate this low, so if you can stretch it out for the next 5 years why not?
The devil is in the details and one of those vital details is insurance. When purchasing make sure that your home / condo insurance starts on completion day – the day you pay your money and title changes hands, not the day you move in. We just heard the horrific tale of a buyer who moved into her new home a week earlier than originally planned, but her insurance did not kick in until the original possession date. That week was the week of a flood affecting the buyer’s new home and she had no insurance in place – a costly oversight. If you tie the insurance to the completion date, you are safe with no large gaps.
Knowing what has gone wrong in the past and could go wrong in future is the valuable experience of a seasoned realtor whose job it is to be prepared and avoid those land mines. That is the mandate of the Generations Real Estate Partners – to protect our clients from unintended consequences and succeed in safely achieving their housing goals. If you have questions we are here to answer and help. We still have you covered.
So….Go get ‘em tigers! This is your year.
Best wishes from the Generations Real Estate Partners:
– Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis.