Ah, Summertime – it’s short and fleeting. It’s the time for patios and backyard BBQ’s and a little extra Vitamin D. It’s also a great time to buy a house. There are fewer people looking and 57% more active listings compared to this time last year. July 2022 sales activity mirrored December sales numbers which is typically the slowest selling time of the year. This could be a great time to swoop in and buy that house while other buyers are still finding their feet in this evolving market.
The interest rate hikes have effectively pushed down prices.
This has offset higher borrowing costs. The good news for buyers is that there are better quality single-family homes listed under $1 million, and with offers anytime. The ‘list low’ for multiple offers approach is mostly a thing of the past (for now). This is great news for first-time home buyers who don’t quite have the 20% down-payment to buy under $1 million. Banks require about 7.5% down-payment for homes purchased under $1 million. There is now more choice and better value.
There are 65 detached and semi-detached homes under $1 million for sale in the city core right now. Here are my picks for homes under $1 million:
Renters might also be questioning the value proposition of buying vs. renting.
The answer usually comes down to how long buyers plan to live in their purchased home. That formula is different for everyone.
For example; If you’re renting for about $2500 a month, buying a home at $999,000 will cost you $96,537 more over five years. It’s important to remember that this added mortgage expense is offset by appreciation and forced savings. Think of your home as an investment that will grow over time.
Are you ready to start your home search?
Call or text me: 416.271.7680