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Selling Sunset’s Emma Hernan and other experts say now is the time to buy a house: ‘It’s one of the best investments you could make’

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1 year ago

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‘Anytime there’s volatility in a market, it’s a good opportunity’

Mike Biryla, a real estate agent at The Agency, says he tells clients it’s best to move forward with a purchase right now because “sellers are real.”

“Sellers that are on the market right now are not opportunistic sellers,” he says. “This isn’t the market where sellers can just try for a high number and see if it’ll happen.”

“You can always refinance when rates go down. You can’t refinance a purchase price.”

Mike Biryla

Real estate agent at The Agency

Biryla, who has been a real estate agent for 10 years, says he always tells his clients that if they’re committed to staying in one particular area, it’s better to purchase a home there than to continue paying rent costs that will continue to rise.

“You’re going to own a hard asset that will appreciate and keep its value as opposed to just paying somebody else’s mortgage,” he added. “Anytime there’s volatility in a market and people are nervous, it’s a good opportunity.”

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‘It’s all about that mailbox money’

Star of Netflix’s “Selling Sunset” and real estate agent at The Oppenheim Group Emma Hernan tells CNBC Make It that the most important thing is to remember that you’re trying to set yourself up for the future.

“If you’re not ready to take on that responsibility just yet but want to lock in an interest rate, buy it now,” Hernan said.

She’s a true believer in growing into homes and keeping them as an investment property until you do: “Down the road, you can move into it. In the meantime, rent it out and start making passive income. It’s all about that mailbox money.”

“When it comes to real estate, I think it’s one of the best investments you could possibly make. It’s great for your portfolio and it’s great for your retirement,” Hernan said.

Experts say it’s important to look at a home as something you can grow into and don’t need to live in forever.

Marko Geber | Digitalvision | Getty Images

“You can buy a home you can grow into and you’ll eventually outgrow it, that’s normal,” she says. “But what people don’t realize is that this home doesn’t have to be one that you live in forever.”

Think about the big picture and look at real estate as an investment for your future.

Emma Hernan

Star of Netflix’s “Selling Sunset” and real estate agent at The Oppenheim Group

As a real estate agent for seven years, Hernan, who is currently based in Los Angeles, says the biggest mistake she sees her clients make is they get mesmerized by the glitz and glam instead of considering what life will be like when they actually live in the space.

“It’s best to buy the smallest home in the best neighborhood because you’re buying into the neighborhood. Your value will go back up a lot faster,” she said. “You never buy the best home in the worst neighborhood.”

The bottom line: The experts agree that if you can afford to buy a home right now, you should. Keep in mind that the purchase is both a financial and personal investment.

 

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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