Are you thinking about buying a home in Oakville? Is it your first home? The average property sale in Oakville for the month of march was $838,000 and the median sale price was $708,000. This may be discouraging for first time home buyers or for a young couple looking to upgrade from an apartment.
You shouldn't be discouraged, as there are many options available for you to live how and where you want. Oakville has numerous options for housing and for first time buyers. The most popular current option is detached homes. Fifteen percent of the 241 detached homes sold in Oakville during the month of March (latest statistic available), were sold between $400,000 - $600,000. A fully detached home is often the goal of every home buyer to eventually own, however this goal can often take a few years, and a couple of steps up the real estate ladder. The best way to acheive this goal is to upgrade, build your equity, and own property while the market appreciates. This way you are actively engaged in the market instead of standing on the sidelines.
The best way to take advantage of growing housing prices, is by becoming part of the real estate market by owning some sort of property to start off with. In May 2013, the average sale price in Oakville was $780,000. That average price has increased by over 7% in just one year since 2012.
Many people start with apartments, then move to condos, then town homes/semi detached and then finally to a fully detached home. In May alone, 49 condos and apartments were sold. Many of them were most likely first time buyers or retirees looking to downsize, which openned up detached homes to be sold to younger families.
Fifty six of the homes that were sold in May were semi detached and linked/town-homes. Eighty six percent of town homes sold were between $400,000 - $600,000 and forty five percent of condos and apartments sold were between $400,000 - $600,000. Therefore 30% of homes sold in Oakville sold during the month of May were sold to first time home buyers and downsizers - who ultimately open up more purchasing opportunity in the cycle for families that are buying detached homes.
Oakville has many opportunities for first time buyers to enter into the real estate market and even more opportunity to grow that investment into what will eventually be the home of their dreams. It takes time, a keen eye on market trends, and a knowledge of different homes values in order to decipher which homes yield the greatest and fastest return. A great Realtor can make or break the start of your life. For these reasons, it is important to hire a professional who's full time job is real estate. Home ownership is likely the most important and substantial financial decision you will make in your life.
Take your time, trust an expert and get into the market as soon as possible to be able to build equity and have more purchasing power so that you will be able to afford the house you want when you need it.