Should I be buying a home in this market?
For the last two years, we have been living in a world in state of flux. Every day we are hearing of new things that are happening within the global pandemic – new variants, more deaths, high covid case counts, lock downs, reopening etc. The global pandemic has taken over and affected industries all over the world, real estate included.
It appears the real estate market is always on the news alongside with Covid in Ontario. The housing market seems to be increasing constantly with record numbers that it is hard to keep up with what is going on. In conversations with others in your daily life, you have probably heard “it’s a great time to buy a house” or “it’s a terrible time to buy a house”, but which is it? Well, we are going to discuss why it’s a smart move to enter the real estate market now.
· Interest rates: Interest rates are at an all time low. Even though they are beginning to climb, it is believed to be a steady but slow climb – which is great news for buyers.
· More space: As you know with all the lockdowns that have taken place over the last two years, homeowners are starting to realize the idea of owing their own space further away in the suburbs is more appealing. Cost of homes in these areas tend to be less expensive than places in the suburbs.
· Millennials: Millennials are the largest population in our generation who are working in high paying tech jobs or starting up their own businesses. They are not afraid to use the money they must invest in the stock market, crypto or NFTs. Millennials are beginning to see the value in owning a home and how increasing the value of real estate in today’s market and the future market.
The world has significantly changed over the last few years and is no longer what it was. The way people are working and doing their jobs has also significantly changed. More and more people are working from home and want more space to set up that home office which in turn makes housing stability a top priority for most. If we want to reap the rewards of being in the right place at the right time, you need to act fast. If you want to invest in the real estate world, now is that time to do it and making sure you have the best support team in this transition is ideal.
Work with the Luv team so we can help you achieve homeownership. We are always here to support you and we will not only advise you why you should invest in the real estate market, but we will also share reasons why you shouldn’t. This is because we are that invested in our clients and their future.