CTV NEWS – RYAN BAMFORD – Buy with in your means

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Ryan Bamford was on CTV Morning News to talk about the current market and discuss why it is so important to buy within your means.

 

Here Are the Topics We Covered:

1) What did the month of May look like for Real Estate in Saskatoon?

– Delayed spring market.
– Low inventory
– inventory increasing quickly and what this could look like.
– Supply and demand.

2) When buying in today’s market, what are the most important things to consider?

– Buying within your means
– Understanding personal financing
– Make your budget
– Get pre-approved
– Stick to your budget that you are comfortable with
– Emergency fund

3) What mistakes do you commonly see buyers make when purchasing?

– Viewing homes prior to pre-approval
– Getting a rough pre-approval
– Purchase right at the top of the pre-approval – House poor
– Not having an emergency fund

4) What happens if someone is over extended and can not make their mortgage payments?

– Foreclosure
– Increase of 80% over last 5 years
– We’ve heard within the industry that we could see another increase of 20% within the year
– Positive- bank with try to work with you if this happens for certain timeline
– This is why buying within your means is so important

 

As always, if you need help buying or selling your home please reach out to Gregg Bamford or Ryan Bamford.