January 25, 2023 | Buying

Why You Shouldn’t Wait To Move Up

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In our decades of experience, we’ve helped buyers accomplish their real estate goals in a variety of market conditions. If you’re considering moving up from your current home to something larger and more ideal, here are a few reasons why it’s better to be a proactive buyer, rather than wait for the market to change.  

A Note on Today’s Market

In today’s market, many buyers have become hesitant to purchase a home due to concerns over interest rates. This trend has drastically impacted the cost of real estate in the Greater Toronto Area. In a city where housing prices once continuously broke records, prices have now plateaued and even dropped in certain areas. 

As a buyer, today’s market conditions provide a unique opportunity for capitalizing on low prices and relaxed market dynamics. 

Your Comfort is Invaluable 

Arguably the most important reason for not hesitating to upsize your home is comfort. When you bought your current home, it was probably the right fit at the time. However, as your family began to grow, there’s a good chance your home couldn’t keep up. 

Choosing to upsize is both a practical and emotional decision. Your home is the centre of your everyday life, and when it’s no longer able to meet your needs, it can have a negative effect on your well-being. A house that’s cramped or uncomfortable can really limit how you’re able to enjoy your home or even create tension among family members. 

The peace of mind that comes with finding your perfect home is priceless, and your comfort and happiness are worth being proactive. 

Searching for helpful tips about purchasing your dream home? Explore these other expert-informed resources from our website. 

Prices Are Set to Rise Again

In addition to the lifestyle benefits, proactively moving up to your forever home allows you to capitalize on the historically low price points and relaxed buying conditions of today’s market. However, while ongoing market conditions are currently advantageous for buyers, they certainly won’t be around forever. Housing prices could spike at any moment, and they likely will. 

Despite fewer buyers in the market, an overall shortage of inventory continues to play a dominant role in real estate trends across Canada. With local growth and high immigration targets set to further strain the supply of available housing in Toronto, it’s only a matter of time before prices escalate. If moving up to a new home is part of your long-term goals, being too patient can have its drawbacks. 

You Can Refinance Your Mortage

While today’s interest rates are higher than they were a few years ago, you don’t necessarily need to be locked into the same rate forever. After you lived in your home for a few years, you may have the option to refinance your mortgage and secure a lower rate of interest.  

When you refinance, you’re essentially refreshing a portion of your mortgage. You and your lender will agree on specific details such as a new amount, term, interest rate, and amortization period. While there may be upfront costs or penalties, refinancing can help you drastically reduce your financing costs long term. 

Looking to optimize your next home purchase? Explore these resources from our site. 

Taking the Risk Out of Your Purchase

In addition to being the central hub of your day-to-day, your home is also one of the most substantial financial investments you will make in your lifetime. While a big commitment, buying a home doesn’t need to feel risky.

If you’re still nervous about upsizing your home in today’s market, Bahia Realty Group’s performance guarantee can help provide you peace of mind. As real estate agents, it’s our mission to help buyers find and secure their dream homes – whatever that looks like to them. If you work with us, we promise that you will be happy with your new home.

If you’re not completely satisfied – we’ll buy it back from you within your first year of ownership. 

Ready to move up and buy your forever home? Work with the GTA’s leading luxury real estate experts. Click here to contact us. 

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