Condo Purchase

I went to chat with the sales rep and I was quite surprised by the strong demand for the condos. This is in the face of a real estate slow down. It's been three months since I placed the initial deposit for the condo. Since that time, the prices for the same exact units have increased by 27%. There definitely is some price pressure with some of the older condos, but the new construction seems to be holding up well. People are still willing to pay a premium to be in the city. I'm not looking to flip the condo, but it's nice to know that I've already built some equity in the place. I got my sister to help me select the color layout of the cabinets, counter tops and rugs. She's an art student so she has a good eye for this kind of stuff. I'll submit the 10% deposit next week and then it's a pretty much a done deal. I've already been pre-approved, but unfortunately it's still too early for me to lock in a rate. I have to wait another 3 months before I can lock. Depending how high or low rates go will determine the amount of the down payment. I'm willing to increase the down payment if rates really shoot up. Now I just hope the construction of the condo is on schedule and the stock market behaves. Remember, I still have the remaining down payment invested in stocks. I'll start liquidating those positions shortly.