Is It a Good Time to Buy in Etobicoke or Should I Wait?

You might wonder if it’s a good time to buy in Etobicoke or if you should wait. Is it a good time to take advantage of the growing inventory of homes on the market or should you wait for the potential of housing prices to fall?  At the end of the day, you want to be sure that you’re getting the best house at the best price.  For most of us, it’s your biggest asset.

Of course, as is often the case in the world of real estate, there’s not one answer to satisfy every situation. If it’s a good time to buy in Etobicoke comes down to a myriad of factors that make up your unique case. Thankfully, many situations are similar in some respects and can be grouped and addressed together.

In this post, we’ll take a look at five different scenarios and weigh in with our thoughts on what course of action might be right for each and whether it’s a good time to buy in Etobicoke. Let’s get started!

1. You’re Finally Ready to Move On a Property

Perhaps you shopped earlier in the year but didn’t find what you wanted. Or maybe you simply haven’t been actively looking until now. Either way, you’ve found your dream and you’re ready to move on it. If this sounds like you, then the timing could be great! Here’s why:

• After the last few months of extreme weather, many buyers may be sitting on the sidelines and you can strike while the property is available without competition.
• Bidding wars are only happening on a few select properties.
• It’s a great opportunity to buy something in a better neighbourhood or that’s bigger than you could have afforded in 2017.

In short, if you’ve got your sights set on a great property, it’s probably wise to move now.

2.    You’re a First-Time Buyer

If you’re a first-time buyer, you don’t have to worry about selling a home as well as buying one, so you have a lot more scope when it comes to decision-making. As long as you can qualify for financing on your chosen property, the timing really couldn’t be better. Here’s why:

• Interest rates are very low (but they may not stay this way forever).
• There is a good selection of homes on the market to choose from.
• You’ll get more bang for your buck than you would have a couple of years ago.
• Sellers are often accepting offers with a financing condition, and home inspection

Note that even if you’ve been approved for financing last year, it’s advisable to reach out to your broker and make sure that your approval still holds. Banks are getting tighter with their lending so things might have changed. If you don’t have a good broker to go to, don’t worry, we can help.

3.    You’ve Outgrown Your Existing Condo

If you own an Etobicoke condo and are looking to upsize to a house, you’ve just hit the jackpot! The current market is ideal for people in your situation because:

• The condo market simply hasn’t seen the same decline as we’ve seen in the housing market.
• You could potentially sell your condo at a peak price, and purchase a detached home for less than you would have a couple of years ago.

As you can see, this is a winning situation if you’re looking to upsize. It’s a great position to be in, so go for it!

4.    You’re an Investor

If you’re an investor and looking to buy a home or multiple properties to rent out, then not too much has really changed for you. Plus, there are a couple of good reasons to make an offer on that listing:

• Good rental properties are hard to find so you don’t necessarily have the same luxury of choice as other types of buyers.
• These properties get snapped up quickly, so it’s important to move fast.

Note that the provincial government recently updated the Residential Tenancies Act, so make sure you’re familiar with these changes before putting in an offer on a property.

5.    You’re a House Flipper

If you’re looking to buy a house and turn it around for a profit within a short timeframe, this may be a risky time for you. We’ve seen a turbulent market in which short-term returns might not be guaranteed. As such, you may want to make sure you do your due diligence of the property that you buy.

Final Comments

No matter what your situation is, as a buyer you’re probably thinking Wait…what if prices go down further, is this a good time to buy in Etobicoke?

This is possible. Just like with the stock market, even the experts cannot accurately predict what will happen. The best thing you can do is to review your own personal situation and get some advice from an experienced realtor.

You can reach out to us at any time; we’re always here to help walk you through the best steps for you and if it’s a good time to buy in Etobicoke. Give us a call, contact us via our form or arrange your own private buyer consultation at our offices. Happy house hunting, from your ThompsonSells team!