With the current GTA real estate market the way it is, buyers and sellers are confused if it is or isn’t a good time to buy or sell a home. Some experts say we are in a seller’s market, where Toronto real estate is sold within minutes of being on the market, with numerous offers competing for the win. Others believe that we are moving towards a balanced market and Richmond Hill homes are sitting on the market longer, while cautious buyers take their time deciding exactly what they want.
Is it a good time to buy a home?
When Ontario put out its measures to cool the market, the psychological effect it had on buyers was stagnating. Buyers are taking more time to buy homes, but they are still buying. Now is a better time than any to buy a home for a number of reasons, including:
1) Home prices are still on the rise – if you buy now, you’ll save money on the purchase price
2) Interest rates are on the rise again – if you buy now you will get a lower interest rate than if you wait
3) There are a number of homes for sale and they are sitting and waiting for buyers
4) Rents are rising – if you are paying rent, expect those costs to the only rise
Any buyer waiting for a better time to buy a home will find that their waiting will be in vain. It is inevitable that you will pay more for your home a year or two from now, either in principal or interest or both. If you want to buy a home, there is no better time than now to do it.
Is it a good time to sell a home?
If you’ve been keeping up on the news, the seller’s market is turning, but this doesn’t mean it isn’t a good time to sell your home. There is still a huge lack of inventory in the market, with buyers outnumbering sellers by a great margin. Your home will sell, it just may not do so on the first day. If you are waiting to sell your home, hoping the prices will rise even more, this may be a bad move. While the prices are still going up, it is sustainable that this will last. Price increases may stop, although it isn’t believed that they will go down. While spring may be the peak time for home sales, it also means that there is more competition. Each season has its pros and cons for putting real estate for sale, so if you are thinking about making a move, now is the best time to sell your home.
If you are considering buying or selling a home in the GTA, ensure you use a real estate professional who can give you solid advice on market conditions and what you need to do to make sure more of your money goes in your pocket.