First-time homebuyers are being lured into the real-estate market by falling prices, lower interest rates, more selection and new government tax credit incentives. Century 21 Miller Real Estate in Oakville, Ontario has reported that sales were up in February, after a terrible January, driven by more first-time buyers entering the market. Many renters are deciding to stop paying the landlord's mortgage so they can start paying their own. With interest rates at record lows and falling housing prices has sparked first time buyers to jump at the chance to get on the property ladder.
With an abundant surplus of houses for sale, no bidding wars and houses that sit on the market longer allows home shoppers to take their time and find a house for a price they want to pay....and a price they feel is fair value for the property.
For any buyer who is willing to take on a fixer-upper is in a great position to take advantage of the great investment opportunities this market provides them. Not only will buyers be able to pick up homes for a great price, they will be able to get the government to help pay for the necessary renovations.
Ottawa recently announced new tax credits of up to $1,350 for homebuyers to renovate their house or cottage. It also increased the amount first-time homebuyers can withdraw from their RRSPs from $20,000 to $25,000, and implemented a tax credit for first-timers of up to $750 to help cover closing costs.
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.