There are changes brewing in the GTA real estate market. These changes have sellers panicking because of the record number of houses coming onto the market for sale this spring. People are speculating, ‘Is this the market correcting itself’, ‘Is this a blip?’, and ‘what does this mean for the longer term?’. The real answer to these questions is that only time will tell, and one month of change isn’t necessarily as big of a deal as we’re all making it out to be.
As for buyers, take a moment to really enjoy the change that spring has brought your way. Homes aren’t being snapped up in an instant, so take your time and really explore what’s out there right now, take your time and visit a property you really like twice to make sure you’re really in love. There is plenty to choose from, so consider revisiting your home wish list, maybe even take a look at that property that is priced slightly above your budget, after all you might be able to make the owner an offer they can’t refuse.
We’ve come to a point with technology and digital media where information is all around us. There are so many opinions about what the market is doing and what the market is going to do in 2017 and beyond. Keep in mind these are just opinions, and your best defence is a common sense strategy with a mortgage and budget that you can afford.
In a highly competitive market with bidding wars aplenty, buyer (and in many cases bidder) exhaustion is a real thing. Now is the time to step back and take a deep restorative breath. Use this abundance of properties that have jumped onto the market to look at a realistic budget and take your time in making a thoughtful decision. Right now you truly have time to stop, get your budget and financing in a row and look before you leap. Enjoy it while you can…we don’t know what bumps are ahead in the road.
For expert advice on working a budget that you can afford, along with securing the best possible rates, contact a mortgage broker today!