Is now a good time to buy?
Tuesday May 26th, 2020
Is now a good time to buy? Again, I think this is a really personal decision. As with selling a home right now, there are both pros and cons to buying. If you were already positioned to buy there is definitely room for that in this marketplace. Although I would not necessarily suggest that you consider this an opportunity for a “deal”.
For the most part, I think buyers are playing a waiting game, but that is not possible for everyone. Some sales are still happening, as a matter of fact we're seeing some bidding wars happening, providing the house is priced for one. If you’ve already bought a new home, you need to sell your old home and so on. If an estate needs to be settled or a couple is divorcing the sale may need to happen immediately. With those sales, buyers are created, everyone needs somewhere to live.
Some things to consider, some buyers are under the mistaken impression that if you had a deal before the COVID-19 outbreak was declared you can back out of that deal. Not only would you perhaps lose your deposit but you could be sued by the sellers for their losses. Having said that often deals can be reached so that each party is more comfortable with the terms of the sale if need be. Often the sellers and buyers and the lenders can definitely work together in these uncertain times.
Mortgage rates are low and forecasted to stay that way, which is always beneficial to buyers. Toronto still has a low supply in homes, and with the “tire kickers” out of the way, serious buyers may have a leg up in today’s market.
If you decide now is the time to buy, we are here for you. We’ve been working with sellers and buyers throughout the crisis and have put new protocols in place to make sure that everyone involved is safe. We are adhering to government and industry guidelines, by using new technology and thinking outside the box. We appreciate that buying a home is a huge decision for anyone to make. We are committed to assisting you through the process if you feel this is the right time for you to make a home purchase.