Over the past little while, we’ve seen a lot of change to the local real estate landscape in Durham Region and the Kawartha Lakes. As a result, a lot of would-be home buyers aren’t totally sure what today’s market conditions look like – and whether or not now is a good time to buy. In this blog post, we’ll try to clear the air on buying a home in today’s market.
Here’s the good news. Right now is a great time to buy a home in Durham Region and the Kawartha Lakes. Keep reading to find out why!
Success in Today’s Market
If you live in our neck of the woods and aren’t sure what the opportunities for home buyers currently are, we’ll catch you up to speed. Right now there are a lot of active real estate listings in Durham Region and the Kawartha Lakes, but not as many active buyers. In other words, it’s a buyer’s market. With that in mind, buyers who choose to head to the market today are enjoying the advantages of these unique conditions.
Don’t get us wrong, there are certain adversities or challenges that today’s buyers are facing – mainly in the form of fluctuating lending costs. While yes, interest rates are higher than they were two years ago, they are still manageable for many buyers. At the end of the day, the unique conditions of today’s market still present plenty of opportunities for a smooth home purchase.
Looking to buy a home in Durham Region or the Kawartha Lakes? Check out these other pages from our site for helpful info and insights!
- Buying a Fixer-Upper: How Much Work is Too Much?
- What Are My Mortgage Options in Today’s Market?
- How to Purchase a Home With a Family Member
There’s More to Choose From
One of the most noticeable advantages for buyers who head to the market today is the sheer selection of available homes. In a seller’s market, homes tend to get scooped up quickly – making it harder for buyers to find (let alone buy) something that checks all the boxes.
In Durham Region and the Kawartha Lakes today, buyers have the chance to be selective and a little more patient in their home search. With a wide range of available listings, they can really take their time exploring the area’s unique communities and property types, ensuring they find a home that nicely aligns with their needs and preferences.
Pair this with the help of a local real estate agent and buyers can enjoy a smooth home search in today’s market.
Leverage When Placing an Offer
In a buyer’s market, the upper hand goes to – you guessed it, the buyer. So, in addition to having greater options to choose from when finding a home, today’s house hunters also have better leverage while placing and negotiating offers.
An uptick in listings often puts downward pressure on prices – or at least holds them in place. In a seller’s market, there could be multiple buyers competing for a single home leading to a bidding war and driving up the final selling price. While competing offers or bidding wars can happen in a buyer’s market, they are far less likely. Instead, buyers benefit from the slower pace that comes with increased inventory.
In Durham Region and the Kawartha Lakes, today’s sellers are more inclined to be flexible. This means that buyers have the chance to negotiate on big details like price, conditions, and more. With the help of a local agent, buyers have a strong chance of landing a favourable deal.
Need more home buying advice? We’ve got you covered! Check out these blogs next.
- How to Maximize Your First Home by Moving Outside of Toronto
- Moving Up to a New Home – Should You Buy or Sell First?
- How to Find a Reliable Real Estate Agent
Ready to Head to the Market?
If you’re thinking about buying a home in Durham Region and the Kawartha Lakes, you’ll want to partner with an experienced, trustworthy real estate team – like us! Even in a buyer’s market, choosing the right agent to guide your purchase is absolutely essential.
With more than 175 years of combined experience across our team, we’ve bought and sold homes in every kind of market condition you can imagine. Using this knowledge to your advantage, we’ll help you find a home that suits your needs and budget in a neighbourhood you love.
Searching for the perfect place to call home? We can help. Call 905-985-7300 to reach our team or click here to send us an email.
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