Should we wait to Buy our first home?  

N1605P39008HShould we wait to Buy our first home?  

Now that there is a greater supply of homes for sale in York and South Simcoe region; the market has shifted to a balanced market which becomes a much better for Buyer’s advantage.  So many people wanting home ownership felt highly challenged to buy a home for so long.  In many cases not only was the selection of homes for sale very low, many purchasers were paying high above market value, with no conditions for financing or inspection or other due diligence and with very high deposits.  First time home Buyers in some cases felt they were unable to compete with these stronger offers to purchase by people who had more equity and acceptance of risk.  

As a first time home Buyer examine or re-examine budget and location affordability.  With more price reductions across the Toronto Real Estate Board; preferred communities and neighbourhoods may be once again within financial reach that may not have been in recent months.

Reach out to an Accredited Buyer’s Representative ABR® and book your face to face appointment to collaborate and develop your Buyer’s Plan of Action Blueprint.  

There have been fewer showings, less attendance at open houses and  reduced instances of holding off offers and receiving high numbers of multiple offers to purchase with a higher amount of homes on the market.  REALTORS® are seeing more instances of price reductions or homes being taken off the market and brought back on again to appear new again at lower price points.  With more choice, Buyers have room again to be competitive with their offers even if conditions are inserted like financing and inspection.  Negotiating pricing becomes more possible in some cases after research.   

As with every single sale, background investigation is necessary before taking action to purchase.  Uncover the home market assessed value; the comparable market sales activity looking back at numbers over a longer period of time instead of just when the market was in short supply.  If you’re not financially ready to Buy yet a mortgage professional may be able to guide you on how to improve your individual buying power over time.

-written by Connie POWER 

Connie Power is a Real Estate Sales Representative CNE® Certified Negotiation Expert designation SRS® Sellers Real Estate Specialist  SRES® Seniors Real Estate Specialist ABR® Accredited Buyers Representative with 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.