When is the right time to buy?

A client recently asked me ” When is the right time to buy?”.

The mortgage broker that they are working with said “the winter was the best time to buy because there were fewer people looking to buy in the winter and that they could negotiate a better deal”.

The right time to buy is an open ended question. Is it the right time to buy based on the current mortgage rate at the time? Is it the best time to buy based on the current economic condition within the country? Is it the best time to buy based on your own time frame ie: your current lease is up in 3 months.

I think it is nearly impossible for anyone to say exactly when the right time to buy is. What is right for one person might not be right for another. Everyone has their own set of criteria that triggers the time to buy, it might be financial, it might be certain characteristics of a particular house, it might be job related or it might be a change in the family dynamics.

What I can tell you is that when it is time for you to buy a new home you need to find someone that can help guide you through the process of purchasing that new home. What are the needs of your family unit, where do you want to live, what type of home and what features in the home do you require to make it the perfect home for your current requirements.

There is no correct answer to the question however you generally know yourself when the best time to buy is because you and your family are ready for the process to begin.

I wish everyone all the best in finding that perfect home for yourself.

 

April /09:

If you speak with a mortgage broker and ask about what the interest rates are going to do you will probably get the following answer.

“The current best rate available for a 5 year fixed mortgage term is 3.85% and is not likely to go much lower and with reasonable expectations for rates to be 5% – 6% for the same 5 year fixed term in the years 2010 and 2011.”

 The selling pricing on the houses and condominiums has softened somewhat but do not expect to see the drastic decreases seen in the USA.

If you are looking to get into the housing market and you are fairly confident in your job then in my opinion this is probably the best time to get into a house or condo and lock in a 5 year fixed rate mortgage.

As far as mortgages are concerned I recommend finding a good mortage broker rather than using a bank. The banks are not geared towards helping you with your situation if you are a square peg trying to fit into a round hole.  The mortage broker on the other hand will guide you through the process and help wherever possible to see that you get a mortgage.  Keep in mind that they are not miracle workers and ultimately all of the numbers must be correct and legitimate.

All the best with your house hunting and should you require any assistance please contact and if I am unable to assist you then I will point you in the right direction. Please keep in mind that these comments are my own personal opinion and that you should always seek advice from trusted experts in their respective areas.

7805 Bayview Avenue – Thornhill Condo

7805 Bayview Ave. – “Landmark of Thornhill” in Private Parklike setting. Located at Bayview and Greenlane south of Hwy 407 this is 1 of 3 luxury condos in the same complex. This building offers 15 floors and 24 units per floor of 1+1 , 2 and 2+1 bedroom layouts. Located close to community centre, banks, library, schools, shopping, restaurants, public transit to Finch Subway and Hwy 407 & 404.

Amenities include: tennis, squash, billiards, patios, indoor pool, exercise room, recreation room, steam and sauna room, 24 hr Security Gaurd and security system.

Prices range from : $258,000 – $343,000

I’ve provided the most recent Stats for sales at 7805 Bayview Ave. over the past 200 days. 

Field	Count	Mean (Average)	Median	Mode	Low	High
List Price	14	$299,221	$302,500	n / a	$249,900	$348,800
Original Price	14	$299,936	$302,500	$319,000	$249,900	$348,800
Sold Price	14	$293,936	$297,500	n / a	$258,000	$343,000
% List	14	98.36	97.5	96	93	107
Taxes	14	$2,661	$2,659	n / a	$2,477.71	$2,887.77
Bedrooms	14	2	2	2	2	2
Washrooms	14	2	2	2	2	2
Days On Market	14	15	10	2	2	58

 

 Let me be your Markham – Richmond Hill Condo Expert.  If you’re interested in Buying or Listing a condo in my area, then contact me for Market Info.

35 Hunt Ave. – Richmond Hill Condo

35 Hunt Ave. – “The Rosehill Suites” is a 4 year old low rise building  with 5 floors and a total of 33 units. This wonderful building is located in the heart of Richmond Hill near Yonge and Major Mackenzie. Walking distance to shops, schools, church, transit and Mill Pond. Suite designs include 1, 1+1 and 2 bedroom layout configurations.

Amenities include: Party/Meeting room, Security System and Visitor Parking.

Price range: $195,000 – $295,000

I’ve provided the most recent Stats for sales at 35 Hunt Ave. over the past 200 days.

Field	Count	Mean (Average)	Median	Mode	Low	High
List Price	5	$233,880	$219,900	n / a	$199,800	$299,900
Original Price	5	$241,880	$219,900	n / a	$199,800	$329,900
Sold Price	5	$228,600	$215,000	$195,000	$195,000	$295,000
% List	5	97.8	98	98	97	98
Taxes	5	$2,191	$2,212	$1,821.68	$1,821.68	$2,845.09
Bedrooms	5	1.6	2	2	1	2
Washrooms	5	1.6	2	2	1	2
Days On Market	5	29	25	25	24	44

Let me be your Richmond Hill – Markham Condo Expert. If you’re interested in Buying or Listing a condo in my area, then contact me for Market Info.

If you have an interest in buying or selling in the Richmond Hill or Markham area and would like to discuss the current market, please  fill out this contact form or call me directly at 647-295-4854.

To search 100’s of Condos currently for sale – Click Search Markham / Richmond Hill MLS Listings and contact me for up to date details and market analysis.

Renting a Condo in Richmond Hill

Richmond Hill offers some of the nicest condomium buildings to rent in. You will get great locations (Yonge and 7, Bayview & 7 , Leslie & 7  as well as areas in the heart of the city or if you want to be a little further out of the congestion you can go to Yonge and Elgn Mills.

You could live here at – 330 Red Maple Boulevard

 or you could live here at – 8501 Bayview Avenue

or you could live here at – 11121 Yonge Street

 

You can enjoy all the beautiful amenities that not normally found in a rental apartment building, such as beautiful indoor pools like the one below

or an excellent exercise room like this one

You could be living in a Gated Community with 24 hour conceirge and enjoy going to a car in the middle of winter in an underground parking garage. Amenities vary from building to building and with most things in life they all have a price tag associated with them.

To lease a 1 bedroom condo in Richmond Hill you should be expecting a range of $1250 – $1450 per month.

To lease a 2 bedroom condo in Richmond Hill you should be expecting a range of $1650 – $1850 per month.

Leasing terms are typically 1 year and generally will include 1 parking spot. You should clarify those details prior to signing any lease or making any offers to lease a condo.

Let me help you find a great condo to live in while you get ready to buy your first or next condo or home.