Market Insight- Why NOW is a good time to buy!
It is no secret that the Real Estate Market has been doing some crazy things lately. Demand moving further and further west away from Toronto. First time buyers becoming pickier about their homes, condo sales teetering back and forth depending on your area, and of course the mystery of “Why hasn’t THAT home SOLD?”
With many areas becoming saturated and remaining stagnant in price buyers are continuing to explore areas further west as an option to see where the best bang for their buck lies.
More often in today’s market place even as realtors sometimes we are left surprised as to why a certain home sold whereas a comparable home down the street priced for less has not?
Simply put- We are in a buyers market!
With interest rates having been at a low the past few month’s buyers have had the opportunity to take their time and to shop around more and more. The expectation of today’s generation’s mainly people in first time home buyer situations is that the home will be perfect and everything is negotiable.
Of course no home in all reality is ever perfect- ranging from personal preferences to actual deficiencies within the property. There is and always will be something!
At this point in time the supply available is exceeding the demand. With the recent new home boom we have seen in certain markets such the Milton. The areas of demand have shifted and almost everywhere the average Days on Market for a home is longer than before!
With ample selection and competition buyers are given the option and opportunity to decide where they want to be as far as location, and what type of home they can afford. In previous years we would see a lot of singles or young couples purchasing condos- now with new town home developments offering an opportunity to own freehold and virtually the same monthly payments from a mortgage perspective- buyers have more options!
In the past few weeks we have seen mortgage rates on the rise-and they are rumoured to continue to rise into the later summer months.
Our advice to buyers currently in the market place or those considering moving is to start looking and to make decisions fast to take advantage of an all time low in mortgage rates, and the ample supply out there.
Not quite ready to make that move right now? Speak with your mortgage broker about having a “Rate Hold” applied to your account. A rate hold will ensure that even as rates continue to rise you will be able to maintain that rate if you purchase within a certain time frame.
Looking to buy? Contact our team! We can guide you on which area is best for your lifestyle, and the pros and cons of owning freehold versus a condo, and which areas currently offer the best value for the type of home you are looking for. Working as negotiators we can ensure you find your dream home for a fair price!
Looking to sell? Working with a Realtor who works for you is the key component to a successful sale. As today’s market place has become increasingly competitive among different realtors and with ample comparable supply having a realtor with a proven successful track record and a plan will help within the sale of your home. Do your research! Find a team who wants to work for you and will provide you with updated information about your homes sale! Our team works as a full service agency providing staging, marketing, and everything you need to ensure your home is SOLD!
Every area is different as far as home prices, size of lot, the homes themselves and the community. If you are looking for information in regards to a certain area and what type of homes are offered at what dollar value contact our team today! Our team members work for you in different areas such as; Mississauga, Oakville, Toronto, Burlington, Dundas and Waterdown!
The Fresh Approach Real Estate Team with Keller Williams,
Allana Thompson, Christy D’Oliveira, Kyrsten Feere
Allana- 416-567-2018 firstname.lastname@example.org
Christy- 647-261-8910 email@example.com
Kyrsten- 905-577-2608 firstname.lastname@example.org