Is It a Good Time to Buy or Sell a Home in Etobicoke?

It’s always nice when you can time the market whenever you’re buying or selling a house, especially in Etobicoke, where real estate values are notoriously high. If you buy at just the right time, you’ll squeak in at the lowest price possible before the upward climb begins again. Great timing can also mean selling when prices hit their peak just before they start to fall.

There are many of these peaks and valleys since the real estate market is always fluctuating. The problem is no one knows when they will happen or at what point prices will change direction. If perfect market timing is your only metric, you may be setting yourself up for a disappointing experience.

This is also why you’ll hear many professional real estate agents advise you to buy or sell based on your personal circumstances rather than on where the market seems to be headed.

In this post, we’ll talk about when it might be a good time for you to buy or sell in Etobicoke.

Are you a senior planning a move or helping a family member buy or sell a home? Learn more about our specialized services here.

Assess the Market

As we mentioned earlier, you don’t want to let the market dictate whether you move or stay where you are. That said, knowing what is going on will help you create a winning strategy. The “what” may not change, but the “how” almost certainly will depending on market conditions.

Information from the latest reports will significantly affect how you price, prepare, and market your home when selling. When buying, knowledge empowers you to negotiate so you get the best possible value. Here are a few variations you might see at any given point.

• It may be a seller’s market. This means more people are buying than selling, and sellers have the advantage. Prices are likely up, and multiple offer scenarios are more likely. This is good for you as a seller, but buyers are less fortunate.
• It may be a buyer’s market. Plenty of houses are for sale, but almost no one is buying them. As one of the few buyers in the neighbourhood, you have your pick of homes and very little competition. If you’re the one selling, you have your work cut out for you.
• In a balanced market, there are about the same number of buyers and sellers. It’s a bit more of a peaceful state, but a solid plan is still necessary to get the best results on both sides of your transaction.

Want to get more in-depth about the Etobicoke real estate market today? The posts below will bring you up to date:

• Real Estate Jargon-What It Really Means
• Know the Real Estate Cycles and Hack the Market
• What Is Going On In The Etobicoke Real Estate Market Today?

What the Market Means for You

Should you wait to sell your home if statistics indicate it’s a buyer’s market? If you’re buying, is it better to hold off until prices come down? These are valid questions many people rightly ask about what is usually their most significant investment. The answer is – it doesn’t usually matter – as long as you’re buying and selling in the same market.

• When buying in a seller’s market, you will likely pay more. But you’ll also get more when selling your existing home.
• Selling in a buyer’s market can feel discouraging – until you remember that you will soon be a buyer who benefits from lower prices and more choices.

Timing is all relative, which is one more reason to make your decisions for personal reasons rather than worrying too much about external factors.

No matter what the market is doing, there are always ways to get the best possible value when buying a home. The posts below can help:

• What Will It Really Cost to Buy a House in Toronto?
• How Not To Overpay For Your New Home
• Where Is The Best Value In Etobicoke When Buying A Home?

When Should You Buy a Home?

People buy a home for many different reasons. First-time buyers are getting into the market in the hopes of achieving some stability and to begin building equity. People with families are searching for a larger home where everyone can enjoy a little more space. Retirees no longer need their large family home and are on the hunt for a smaller townhouse or condo.

Of all of these, first-time buyers may be affected most by fluctuating housing prices. The right answer is almost always to buy as soon as humanly possible. Even if prices fall temporarily, Etobicoke’s growing population means they will rise eventually. If you’re a first-time buyer who has the resources for a down payment and can qualify for a mortgage, the time may absolutely be now. If buying a house would leave you struggling to make your monthly payments, it’s likely better to wait for your financial situation to improve.

In all other situations, it depends on your goals and where you want to be. If you plan to grow your family, you’re likely going to start your house hunt in spite of what the market is doing. When downsizing, you may have the luxury of time. However, you still want to act when you are able to make your own decisions and get the maximum enjoyment out of your next home.

Looking for proven ways to maximize the sale of your home? The resources below will give you some ideas:

• My House Didn’t Sell. Now What Should I Do?
• Advice For Seniors Selling Their Family Home
• What Are The Fastest Ways To Add Value To Your Home When Selling?

When to Consider Selling Your Home

Selling your home only for prices to soar afterwards is one of the biggest fears of homeowners everywhere. Once again, it is unfounded as long as you plan to buy again in the same market. If you sell and then buy before prices rise, your equity is protected.

You don’t need to wait for the market to change, nor should you, as long as you’re prepared to act quickly. Moving is a personal experience, not a transaction.

No one uproots their whole life just to capitalize on a market that’s up by a percentage or two. Instead, you move because you want to or the time is right in your life.

You’re dreaming of a bigger home with more space for your family, or perhaps you’ve had enough of the hard work and high costs of maintenance and want something smaller. In any case, the best time to act is when you want to and when the move will bring the most joy to you and your family.

If you want to make the most of your transaction in the current market, our Etobicoke real estate agents are here to help. Connect with us today at 416-450-5900 or email contact@thompsonsells.com with any questions.