Hong Kong billionaire K. Wah wins Shanghai property bid, sees ‘excellent’ opportunity – Forbes
Buying a house at any time is a huge undertaking. It takes a lot of preparation, time and access to expertise.
Homeowners — and those looking to become one for the first time — have it even harder now, as conditions seem to change from month to month.
REALTOR® Dave Starr specializes in buying and selling homes in Newmarket and the surrounding areas. With more than 35 years of experience in the real estate sector, he is happy to share his knowledge with others.
Slow things down
So how would he describe the current state of the market in Newmarket? “It’s finally more normal and realistic,” he says. “A prospective buyer has a little more breathing room to make sure their financing is in place and they might also consider a home inspection.”
A seller will benefit from working with a more experienced broker, he says, because they have previous experience with similar markets. He likens the situation to a professional athlete who has previously played in the playoffs or participated in a major event such as the Masters in golf.
Earlier in the year the market was not realistic.
That tended to scramble buyers, sellers, and agents. “The end result can be a buyer’s remorse situation, where the buyer no longer wants to complete their purchase. The banks sometimes struggle with valuations, which can also lead to a non-closing,” he says. “In the fast-paced market that happened before, some agents may have made more mistakes, especially because they didn’t have enough experience to handle multiple offers.”
Home inspections and interest rates
While some homes may not require a home inspection, there are many that certainly do. “In an extremely crowded market, buyers could potentially be in for an unwanted surprise — at a high cost,” says the REALTOR®.
He likens it to the need for speed limits on our roads. The faster you go, the more likely you are to have an accident.
“We are now facing increased mortgage rates, which many would not want to see, but the truth is that it will help balance the market in general. In fact, lower interest rates were one of the reasons for the high house prices, and homeowners simply took out bigger mortgages than ever,” he says.
For years, many homeowners would tell him the same thing: that mortgage money was cheap to them. His answer to that never varied: “You know you have to pay it back at some point.” If the rate were guaranteed for life, it would be a different story, but of course it doesn’t work that way.
The market during the summer was slower but typical; that has become the norm in recent years.
The autumn market is already starting to pick up, with increased activity, although the number of offers in Newmarket is quite low. The availability of rental housing is both quite expensive and with a shortage.
Starr says, “The future market should remain stable. Buyers and sellers have more time to make the most informed decision for their needs and wants.”
Whether you are a buyer or a seller, he welcomes all calls or emails.
Let Dave Starr Real Estate help you with your next step. Call 416-520-3231 and get the Starr treatment you deserve.
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