ASK a REALTOR

ASK a REALTOR®

We went to an Open House on the weekend but we don’t think we can buy now; do you think there will be more like this one on the market later?

This is a crystal ball question that is often posed on any given week to REALTORS®.  Home supply and demand ebbs and flows and the available homes for sale vary drastically in style, price, maintenance and Seller’s motivation or lack of motivation to sell at any given time of the year.

When considering getting into the market to purchase it’s crucial to get organized and consult one if not 2 or 3 lenders from various institutions to come up with a unique comprehensive plan.

Each Buyer’s personal story is unique whether they are employed with a corporation, self-employed, contract or new graduates with their first job and little established credit or new Canadians as an example just trying to figure out where to settle.  Some are buying after a change to their family situation where there is now only one income earner who will be holding the mortgage.  Pre-qualifying has become stricter however the market has also corrected and the average cost of homes has also reduced in many areas of Aurora and the Greater Toronto Area.  Ask your lender for their best rates as they apply to your individual situation and for challenges that you may uncover ask them for solutions.  The good news is the lender may agree that now is the best time to make that next purchase or at the very least advise you on how to improve your credit scores in the shortest amount of time to improve buying power with an action plan.

written by Connie Power

Connie Power is a Real Estate Sales Representative, Assistant Manager CNE® SRS® ABR® SRES® and New Agent Mentor and Career Development for RE/MAX Hallmark York Group Realty Ltd.,  Brokerage serving York region and beyond.  EmPOWERing YOU in Real ESTATE!

**Not intended to solicit those currently under a real estate contract