Real Estate Market Update at Local BNI Chapter

Mike Rampf Talks to BNI Chapter About Changing Real Estate Market

Over the past number of years Mike has been heavily involved with a local Business Networking Group (BNI). Every month he gives a 10 minute presentation to his chapter updating them on the current Real Estate market. In his latest market update there are three parts: Latest Statistics, Buying Examples and the Buying Process.

Mike first looks at what happened in 2008 with the drop in average home prices. Interest rates followed the downward drop making it more affordable for the average buyer to purchase a home. Lower interest rates reduce the monthly expenses for borrowing money. Now the home you are looking for is less expensive and it costs less to carry a mortgage.

In the second video some examples of recent sales are explored. Based on what an average home will cost you in North Vancouver with a rental suite downstairs, Mike analyzes what your monthly costs will be. Using very conservative numbers he deduces it’s possible to live in a nice home in North Van for about $2000.

The third part to his video explains what a buyer can expect during a home purchase. He explains the process of receiving bank funding, determining wants & needs and finally searching for that perfect home.

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