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3 Strategies for the Move-Up Buyer

3 Strategies for the Move-Up Buyer

Moving up to your “forever home” is exciting. When you bought your first place, chances are you were young, strapped for cash and prepared – if not warned – to make some concessions. The move-up buyer typically has some savings and home equity to work with, making this next move feel less like a compromise and more a thoughtful selection.
But move-up buyers face their own set of challenges that call for a carefully considered strategy. Here are three options for the smart move-up buyer with a plan!

The “Sell First” strategy is ideal for the move-up buyer who can’t afford to pay two mortgages simultaneously. Selling your property first eliminates the risk of having to carry two mortgages if you don’t sell your existing home in time. It also reduces the chances of having to reduce your asking price in the interest of speeding up the sale. This is a good option for move-up buyers who are banking on the proceeds of their sale to fund their new (and likely more expensive) property. By selling first, you’ll know exactly how much money you have to purchase your next home.

If homes in your area of choice are selling faster than the ‘For Sale’ signs can hit the front lawn, the “buy first” strategy might be the way to go. By buying your new home before selling your old one, you won’t feel rushed into settling for a sub-par property, or having to seek alternative temporary housing options while you shop the market. This move-up buyer still lives in his or her existing home, allowing them time to shop around, and continue looking until they find that perfect place. This move-up buyer typically requires a bridge mortgage.

When all is said and done, this move-up buyer approach is the most ideal, but getting there is another story. Aligning your purchase and sale closing dates can be tricky. Remember that there are three dancers in this tango – you, the person you’re buying from, and the person you’re selling to. You’ll also have to move out and move in on the same day. In this scenario, time is your best friend and flexibility your savior. This means you’ve planned ahead – you’re researched neighbourhoods, gotten pre-approved for a mortgage, and you’ve started the organizing and de-cluttering process before the big move.

The right move-up buyer strategy depends on a number of factors, such as your financial situation, current housing market conditions, your personal comfort level and your personality. Consider all these when making your decision. Plan ahead and work with a pro to ensure a smooth transaction on both sides of the bargaining table.

 

 

Posted by Christine Pecharich in Burlington, Georgetown, Milton, Mississauga, Oakville, 0 comments
June Market stats are in, see below for all the details

June Market stats are in, see below for all the details

TORONTO REAL ESTATE BOARD : Market Watch 

GTA REALTORS® Release June Stats

July 5, 2018 — Toronto Real Estate Board President Garry Bhaura, in his first market release as TREB President, is pleased to announce some positive signs with respect to the housing market.

Greater Toronto Area REALTORS® reported 8,082 home sales through TREB’s MLS® System in June 2018 – up 2.4 per cent compared to the low June 2017 result. After preliminary seasonal adjustment, sales were also up 17.6 per cent on a monthly basis between May 2018 and June 2018, continuing the trend of somewhat volatile month-over-month changes over the past year as
home buyers reacted to various policy changes impacting the market.

“Home ownership has proven to be a positive long-term investment. After some adjustment to the Fair Housing Plan, the new Office of The Superintendent of Financial Institutions (OSFI) stress test requirement and generally higher borrowing costs, home buyers are starting to move back into the market, with sales trending up from last year’s lows. Market conditions appear to be tightening,
with sales accounting for a greater share of listings, as new listings have dropped compared to last year,” said Mr. Bhaura.

The average selling price edged up by two per cent on a year-over-year basis to $807,871 in June 2018. After preliminary seasonal adjustment, the average selling price was also up by 3.3 per cent month-over-month between May 2018 and June 2018. The MLS® Home Price Index (HPI) was down by 4.8 per cent on a year-over-year basis but remained basically flat month-over-month. The difference in the year-over-year rates of change between the average price and the MLS® HPI was likely due, at least in part, to a change in the mix of properties sold in June 2018 compared to June 2017, with low-rise home types accounting for a greater share of sales in June 2018.

“The expectation is to see improvement in sales over the next year. Over the same period, however, it is likely that issues surrounding the supply of listings will persist. This suggests that competition between buyers could increase, exerting increased upward pressure on home prices. With a new provincial government in place and municipal elections on the horizon, housing supply
should be top-of-mind for policy makers,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

SCROLL DOWN TO VIEW: MILTON, OAKVILLE, BURLINGTON, HALTON HILLS (Georgetown) and MISSISSAUGA (If there is another area not listed here that you are interested in, please let us know and we will email you the details).

 

Posted by Christine Pecharich in Burlington, Georgetown, Market Reports, Milton, Mississauga, Oakville, 0 comments
COMMUNITY EVENTS IN MILTON

COMMUNITY EVENTS IN MILTON

Whats happening in Milton:

For more details just click on the description

May 2018

May 5th –  Milton’s Good Neighbour Community Day 8:00 am register at Hugh Foster Hall

April 2018

April 7thGhostly Encounters in Milton, 1:00 pm – 10 pm, Country Heritage Park

April 6thBowl for kids sake – Councillor Zee hamid Challenge, Champs Entertainment Centre 

April 8thMother’s day shopping event 2pm – 5 pm 783 Clements Dr Milton

April 13thMilton Lifestyle Homeshow 3:00 – 8:00 pm Milton Memorial Arena 

April 14thMilton Historical Society Annual Garage Sale 9;30 am – 4 pm

April 28th – Kids Fishing Derby at Mill Pond 8:00 am to 12:50 pm, 13 years and under, prizes and 50/50 raffle

March 2018

March 21stWild Wing West Milton 7-9 pm / Wine Glass Painting

March 22nd5th Annual Charity Wine Tasting 7 pm / Casa Americo

March 24thDowntown Milton Easter Egg Hunt 10 am- 12pm

March 25thBronte Creek Maple Syrup Festival 2018 March 18-24th/ March 30-April 1st

March 27thMompreneurs Momentum Luncheon Series 11:30 am – 1:30 pm Pasqualina’s Fine Food

March 30th, 31st, April 1st 10 am – 4pm Easter Festival “Professional Puppet Show”/hosted by Springride Farm

March 31st – 10 am-12:30 pm Bronte Easter EGGstravaganza and Bunny Trail

Posted by Christine Pecharich, 0 comments