The Real Estate market has undoubtly been slow, Year-on-Year for the corresponding months. Aggregated sales in Mar 2013 declined by 17% relative to Mar 2012. The average selling price in the GTA for this comparison rose by 3.8%. However, when you check out the sales of the current month, a busy Spring can easily be anticipated. Sales this month are more than those of last month.
Prudent Buyers still want to buy - WHY ?? Interest rates are at historic low.
Whenever one buys a home, the first few years are the most difficult. One has to adjust to the financial demands of ownership. It eases out in 3-4 years, equity starts building, prices appreciate and you start feeling good about the decision you took. Interest rates will eventually rise but are expected to remain low for the next 2-3 years. The increase, whenever it happens, will initially be slow and minimalistic. As a result the most painful period of 2-3 years mentioned earlier would be the least painful initial period than anytime hereafter. This year is therefore recommended to be the most opportune time to buy, be it for a first time home buyer or anybody wanting to move up the property ladder.
For Sellers, who take the help of the right Realtor in presenting the home well, along with a proactive marketing strategy, will undoubtedly have the least amount of issues to get the most money and quickest sale. Prices on an average are expected to rise but not at the same pace as the last few years. Sellers and their Realtors have always had to work hard to present the home well and give it the right exposure. There are enough serious qualified Buyers willing to pay what the home is worth rather hunting for bargains.
All in all,the coming months are expected to bring good opportunities for both the Buyers and Sellers.