Great news in the Toronto Star this morning, March 12th 2009 -- First Time buyers eye house bargains by Tony Wong. He states that, "If there is an upside to a recession, it's the inevitability that stuff gets cheaper. Falling home prices may be hard on developers, but they can spark opportunity for first-time buyers -- if the price is right". I have said this all along, Buyers are skittish and are waiting for prices and interest rates to go down.
Well, prices are reasonable with still more deals to be made, and interest rates could not be lower.
Then, we get a Press Release from Re/Max Atlantic Canada by Christine Martysiewicz, that states almost the same thing, "entry-level purchaser are now the engine driving home-buying activity in almost every major centre in Canada".
The improved affordability of property has many first-time buyers getting off the fence, out of their rental, and into the market. Caution still prevails, but more and more are finding it hard to pass up this opportunity in a buyer's market. Increased inventory, longer days on the market, low interest rates -- what an opportunity.
Michael Polzler, Executive Vice President and Regional Director, Re/Max Ontario-Atlantic Canada, states: "While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices. Affordability has greatly improved and buyers are firmly in the drivers' seat in just about every market we surveyed. The new reality is that home ownership remains well within reach for most first-time buyers."
According to our Market Watch, even with the slower start to the year, February sales were ahead of those in January. There has been a flurry of activity of homes in the lower price range, and this may kick-start sales in the mid-to-upper end of the market.
As the weather warms up, the markets across the board are ripe for reawakening. Those who are secure in their jobs, have accumulated good down payments, and have acceptable credit ratings are going forward, even after they have read the barrage of bad news that continues to bombard us.
Mississauga has proven to be one of the cities where buyers are in control.
Are you an Owner? If you own in the Mississauga, Oakville or Burlington Communities, and you would like to sell your residence, click here and get a free value analysis. Are you a Buyer and are interested in purchasing a home in the 905 area code? Contact Betty Bartusevicius to receive For Sale/Sold data of neighbourhoods, to make an informed decision and do some comparison shopping.
Contact Betty Bartusevicius for 905.828.3434 or directly at 416.427.1875 and let me share my real estate knowledge and thoughts with you.
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