In many real estate markets, prices appear to have fallen enough to make buying cheaper than renting. When you combine falling housing prices with mortgage rates that are near record lows, renters are now finding it easier to jump into home ownership.
Historically, people rented because they couldn't afford to buy. Prices have dropped so much in certain real estate markets that monthly mortgage payments on single-family detached homes are significantly lower than apartment rents. Housing affordability is at a record high right now and I encourage you all to take the time and research your options. It is time to call your bank to start investing in your future.
The question I am most faced with is "why wouldn't I just wait until it hits rock bottom?" If anyone knew the answer to that question, we would all be a lot richer! You never know when the market has hit bottom until it starts to rise again. "I should then wait until the market begins its upswing!" is the next thing to be said. Well, the problem with that is you will be competing against everyone else who was waiting for the news to report on the market upswing! Not only will you get into competition when bidding on homes, interest rates will have begun to increase. If you were buying a home in Toronto 2-3 years ago, you would have most likely been in competition and ended up paying over list price for the home...if you got it at all! Today, you would most likely be the only person bidding on that same house and getting it for considerably less than list price. That is one of the many benefits to buying in a down market.
A Small Exercise!
Search my website or the MLS for a home in the area you are currently living in or an area you would like to move to, and call a mortgage broker or your bank to see what it would cost to own that home. This would not cost you a dime, and could prove to be quite enlightening! The money you are currently giving your landlord to pay off his mortgage, could possibly be the same amount of money you could be using to make your own mortgage payments!
For more information on buying or selling real estate in Burlington or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit me again on my website www.seansells.ca or call me at 905-220-9198 and I'd be glad to answer any questions to accommodate all of your real estate needs.