Buying a home is a big commitment. It does not matter if it is a first time purchase or an experienced investor, they are still taking a big step. However, if they have done their homework properly things should turn out well. It is only when people rush into a purchase or let their heart rule their head that things tend to go wrong.
The big crash came virtually overnight and with it devastating consequences for millions of home owners. They found themselves in possession of homes that were worth much less than they owed on them. At first people felt the market would bounce back within a few months to a year, but it quickly became clear that this was not going to happen. The Greater Toronto area real estate listings were also hit by this massive sift and things have not been the same since.
Despite there being many depressed areas in other parts of the country, the city as a whole seems to be doing well. Most neighborhoods are still seeing relatively fast sales and prices have not dropped too much. Sellers are seeing a slight price drop but nothing too dramatic. This really is excellent news as it helps to keep everyone confident.
Anyone considering getting into the property market must really understand the long term implications. By doing their homework properly they can not only secure a bargain, but avoid many of the costly pitfalls that have affected their friends and neighbors. No one wants to loose money when they sell their home, indeed this should not be necessary if they are patient and take the time to really understand how the real estate industry works.
One of the best ways to get a bargain in the competitive Toronto market is to consider buying a fixer home. These are properties that require some work. This can vary tremendously between something that just needs some new paint and a few cosmetic improvements to a house that needs to be totally overhauled from top to bottom.
Busy young families typically will not have the time or energy to work on improvements. For this reason they are usually looking at the listings to find a move in ready place. They will have to pay a little more but when time is short compromises have to be made. Getting settled in fast is also a bonus.
The down town areas of Toronto, ON usually command the highest prices. Places that are new or in excellent condition are always in demand. Realtors often have clients lined up the moment a new place hits the hot sheets. Condominiums and apartment houses have many advantage. There is no yard work to worry about and an on site pool and gym are a big plus factor for buyers.
A good agent will show their clients a number of homes that may be suitable. No one should rush into buying a house, there will always be another place to consider. It is better to wait for that perfect home to hit the market than to buy something that is really not suitable.
The big crash came virtually overnight and with it devastating consequences for millions of home owners. They found themselves in possession of homes that were worth much less than they owed on them. At first people felt the market would bounce back within a few months to a year, but it quickly became clear that this was not going to happen. The Greater Toronto area real estate listings were also hit by this massive sift and things have not been the same since.
Despite there being many depressed areas in other parts of the country, the city as a whole seems to be doing well. Most neighborhoods are still seeing relatively fast sales and prices have not dropped too much. Sellers are seeing a slight price drop but nothing too dramatic. This really is excellent news as it helps to keep everyone confident.
Anyone considering getting into the property market must really understand the long term implications. By doing their homework properly they can not only secure a bargain, but avoid many of the costly pitfalls that have affected their friends and neighbors. No one wants to loose money when they sell their home, indeed this should not be necessary if they are patient and take the time to really understand how the real estate industry works.
One of the best ways to get a bargain in the competitive Toronto market is to consider buying a fixer home. These are properties that require some work. This can vary tremendously between something that just needs some new paint and a few cosmetic improvements to a house that needs to be totally overhauled from top to bottom.
Busy young families typically will not have the time or energy to work on improvements. For this reason they are usually looking at the listings to find a move in ready place. They will have to pay a little more but when time is short compromises have to be made. Getting settled in fast is also a bonus.
The down town areas of Toronto, ON usually command the highest prices. Places that are new or in excellent condition are always in demand. Realtors often have clients lined up the moment a new place hits the hot sheets. Condominiums and apartment houses have many advantage. There is no yard work to worry about and an on site pool and gym are a big plus factor for buyers.
A good agent will show their clients a number of homes that may be suitable. No one should rush into buying a house, there will always be another place to consider. It is better to wait for that perfect home to hit the market than to buy something that is really not suitable.