There’s a lot to consider when buying a home, and especially in today’s changing market conditions. As your local Coldwell Banker® sales professional will tell you, many markets across Canada are beginning to moderate and become more favourable to buyers. So while you’re considering a possible home purchase, here’s a Homebuyer “Don’t” list that may help you avoid some common mistakes:
The “DON’T” List for Prospective Homebuyers:
DON’T fall in love with the first house or neighbourhood you see. That grand colonial with the picturesque view may win your heart at first glance, but you need to keep an open mind to make sure you find the right fit for all your needs. At the end of your search, it may turn out that the riverfront ranch that’s closer for your commute is a better bet all-around.
- DON’T buy beyond what you can afford. It’s easy to fall into that all-you-can-eat attitude, especially when it comes to your first home purchase. You “want it all” when it comes to size, amenities, location, etc. But remember that your eyes may have a larger appetite than your wallet. Make sure the down payment, closing costs, monthly expenses and taxes are truly within your income and savings range before you sign an offer.
- DON’T treat your home the way you treat your stock portfolio. It’s unrealistic and unwise to expect your housing investment to appreciate as quickly as you’d hope for your high-risk bonds. Buying for lifestyle, and remembering that real estate is a great long-term investment, will help you look at home purchasing and ownership in the right context.
- DON’T jump into a confusing mortgage. Be sure to read carefully through every aspect of the proposed agreements to fully understand your end of the bargain. For instance, an attractive rate now may be difficult to carry if rates change during the term of your mortgage. Arm yourself with information and don’t be afraid to ask questions.
- DON’T underestimate the value of your local Coldwell Banker real estate professional. While being a savvy buyer and doing your homework will help on the road to homeownership, a local expert with years of negotiating experience is invaluable when it comes to scouting out the perfect home – and closing the deal.
If you’d like to know more about our Homebuyer “Do” and “Don’t” lists, or if you have any questions about the market or the home buying process, then just pick up the phone and contact your local Coldwell Banker real estate professional. It might just be the best call you’ll ever make!
Canadian home buyers and sellers can look forward to a continuing strong market, according to a national forecast. In March 2014, The Canadian Real Estate Association (CREA) updated its MLS® forecast to the end of 2014, and extended its positive outlook to 2015.
According to CREA, national resale activity started 2014 at lower levels, compared to previous years. This reflects payback for stronger activity last summer and fall when buyers with pre-approved mortgages rushed to purchase before their lower pre-approved rates expired. It also likely reflects slower activity due to an exceptionally tough winter in most parts of the country.
Since there may be some pent-up demand, and with mortgage rates having edged lower, CREA’s outlook calls for home sales to trend higher heading into the spring, and be further supported over the second half of 2014 by a widely anticipated pick-up in Canadian economic growth.
- Sales are forecast to reach 463,700 units in 2014, representing an increase of 1.3% over 2013. This would national activity to within fairly short reach of the 450,000 mark for the seventh straight year
- In 2015, national activity is forecast to edge up a further 1.2% to 469,400 units.
- The national average home price is forecast to rise by 3.8% to $397,000 in 2014
- Similar sized gains are forecast in the provinces of British Columbia, Alberta, and Ontario. Modest changes in average prices are forecast for all other provinces this year.
- The national average price is forecast to rise a further 1.1% in 2015 to $401,400.
Of course, this is just the ‘big picture’ based on national trends. Real estate sales activity and pricing can vary significantly between different markets, within communities, and even from street to street. To get more detailed insights on your local market, contact your local Coldwell Banker sales professional, and let’s talk real estate!
DURHAM REGION, March 5, 2014 – Jane Hurst, President of Durham Region Association of REALTORS® (DRAR) announced that the Region had 639 residential home sales reported in February 2014, a 32 per cent increase from 484 in January of this year.
The average selling price in February was $372,878, up 5.6 per cent compared to the average price of $353,114 reported in February 2013. Average sale prices did fall slightly from $395,909 last month but “fluctuations in sale prices are expected and real estate in the Durham Region remains a good investment as average selling prices are still strong,” explained President Hurst.
The inventory of re-sale homes on the market increased significantly in February. DRAR saw 1,073 new listings enter the market, an increase of 24.9 per cent compared to 859 last month. “Even with inclement weather, we have seen an increase in homes entering the market, and they are being sold in an average of 23 days,” President Hurst reported. At this time last year, it took an average of 25 days to sell a home, while last month it took an average of 30 days. “Despite below freezing temperatures, the housing market is beginning to thaw with the spring market fast approaching” added President Hurst.
DURHAM REGION, April 3, 2014 – Jane Hurst, President of Durham Region Association of REALTORS® (DRAR) announced that the Region had 947 residential home sales reported in March 2014, a 48 per cent increase from 639 in February of this year. “Sales growth was much stronger in March than it was in the first two months of 2014,” added President Hurst “and we are right on par with where we were last year”.
The average selling price in March was $380,267, up 9.6 per cent compared to the average price of $347,055 reported in March 2013. DRAR saw 1,553 new listings enter the market, an increase of 44.7 per cent compared to 1073 last month. “Along with higher selling prices, overall inventory at the end of March was up almost 3 per cent compared to this time last year” explained President Hurst.
Resale homes in Durham are being sold in an average of 18 days, while it took an average of 21 days this time last year. “The spring market is warming up and not only are we seeing average selling prices rise, but homes are selling faster than they were in comparison to last year” explained President Hurst. “Real estate in the Durham Region has remained a great investment opportunity, and we expect selling prices to maintain their strength well into 2014”.
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