Many families who need a newer and bigger home have put off jumping into the market, scared off by talk of the bad economy. Many of them are waiting for a more stable market in housing along with lower international and national job loss numbers. The truth of the matter is that now is the time more than ever to buy a new house.
The Deals are There Now
The deals are out right now, but may not be there in the future. In an effort to boost the market, banks and lending institutions have dropped interest rates to their lowest point in decades. Housing prices have fallen dramatically making this market a buyers’ market. The Toronto real estate market is no exception. Supply of housing is virtually unlimited while demand remains low because most people are afraid. However, now is not the time to be faint hearted.
What to Consider
First thing to consider is your job. How secure is it? If you work in a profession that has been rocked by massive layoffs, then now is not the time for you to try and finance a new home. However, if your career path is solid, you should look around and see what is out there. Talk to a real estate agent. Have her paint a picture of the current market based on your needs and wants. Even if you are in danger of losing your job, you can buy a home, if you have a large enough down payment and or insurance to cover you during a rough patch of unemployment.
Have You Planned to Buy
Unless you’re a seasoned investor, jumping into the market just because, is not a good idea. Successfully buying home requires planning and savings in order to get it done. It is best to make sure that you have a rock solid plan and some money in the bank before you venture out the door to go chasing a dream.
Bear in mind that if you need to relocate because of a new job, selling the home you’re already in, may not be easy or quick. You may not even be able to sell it at all. So it might be wise to hold off on the future purchase until you wrap up the sale of the old house first. If you’re looking to jump from an apartment into a house you will need to consider recurring maintenance costs that come with home ownership.
Money to Cover Costs
These costs along with a house payment can break the budget if you’re not careful. Remember, being a homeowner is very rewarding, but it is also a lot of work. In addition to maintenance, house payment, there are the added costs of utilities, insurance, cars, as well as other unexpected repairs. So look long and hard. But if you decide to buy, than consider today’s market because the deals available now are guaranteed to dry up shortly.
Aliyah Lennox is a Toronto real estate specialist working for MyCityToronto.com, Toronto’s premier business directory. If you are looking for the very best real estate agents and brokers in the GTA you will find them on http://www.realestate.mycitytoronto.com