Written by Sherie Ranston
Realtor Associate at Howard Johnson Realty

Since the major crash of various investment schemes, coupled with the swift global recession which invariably affects us here in Jamaica, there has been a serious “hoarding”. The Real Estate Market activity has slowed down. On the surface, it is easy to understand the reasons why people are reluctant to invest in property right now. After all, mortgage interests rates are high, employment level is at a serious low, as companies are downsizing everyday. The economic outlook is dismal, as one cannot predict the future and so has to exercise caution with regards to their income and expenditure. So, back to the question, “Is it a good time to buy?” as an Agent of course I’m going to say YES!!!!!!!!!! after all, I have to defend my bread and butter, but do not misunderstand my intentions, I will now justify my response.

Every buyer is unique, and so is your situation. Buying a home is not something done on a whim. It’s a decision carefully thought out and planned for, backed by savings of the “deposit of 15%”. Now if you are serious about buying, you would have been smart about it and get pre-approval. The key to success when buying a home is to trust an expert, so the decision to use a Realtor is a wise one. Get someone you trust and are comfortable with, ensure they are licensed with a reputable broker such as Howard Johnson Realty. It’s important to have an idea of what you want in your desired home, the amenities and of course the neighborhood of choice. be realistic about your budget and the area you have chosen, it’s no secret certain areas command top dollar so be prepared to pay for it, then leave the rest to your Agent.

The rule of thumb is that you should be able to afford a mortgage 3 times your income. So coupled with savings and your NHT assuming you are a contributor you will have an idea of what your final budget for that home you desire will be at the point of pre-approval by your chosen lending agency. Word of advice, don’t go into shock at the asking price of a property you are interested in, break it down and look at what your monthly mortgage would be, compare that with what the property would command if you were to rent the said property and this should help to put things into perspective!

So, armed with your Agent and your budget, you are ready to scope out available properties that suit your needs. Irrespective of the economic turmoil, you have planned for this, you have found that ideal property, it’s in good shape, move-in ready, the price is right, are you going to buy? Of course!!!!