Affordability: Are We There Yet?

For 2021 and most of 2022, the word on everyone's lips was the incredible rise of the pandemic-fueled real estate market. Many first time home buyers were shaking their heads that they could never get into the market, and sellers were shocked that they had just sold their home for well above the asking price.

The traditional time for selling a house blasted through historical data with properties selling unconditionally and sometimes even sight unseen. Houses would come on the market only to be sold the same day.


Is The Market Cooling?

So what does this mean for first-time home buyers? Is the market cooling enough that buying a home is finally becoming affordable? According to chief economists from major banks, house prices haven't hit bottom yet, with a still predicted free-fall of at least 15% in 2023. This is good news for first-time home buyers with house prices coming down rapidly, and while interest rates may go up, they are also predicted to settle in 2023.



Extra Considerations

As a first-time home buyer, you have the unique advantage of time. You're not waiting on a home to sell so you can buy, and your first home will most likely not be your last house.
What you can afford to buy now might just be your first step into the market.

While the market is still volatile and prices are still coming down, there are some considerations you may not have thought of if you want to enter the market in the near future.


1.  Location, Location, Location

Maybe the area you want to buy in is out of your price range.  Consider a similar suburb or area a little further away that is more affordable

2. Go Smaller

Consider buying a smaller home than your dream ideal to get into the market and upsize later.  Maybe you can live in a two bedroom home and the kids could share why they're still little.

3. Fixer Upper
 
If you're young and have energy to renovate, consider buying a home that may need cosmetic updates. Not only can you live in it and update over time, but you could add $$$ to your purchase, making it increase in value.

4. Dual Dwelling

Buy a home that can be rented out as a basement dwelling. The bank might look favourably on a house with a dual dwelling and extra rental income to help pay down your mortgage.

5. Know What You Can Afford

If you're not sure what your budget will look like, or you're not even sure what you could borrow,  check out this great affordability calculator to give you an idea of your price range.


       Always get professional advice on your next step and what that might look like for you.
                                     The Walker Team is always in your corner, ready to walk alongside you with advice                                      and the latest information on the real estate market.

At The Walker Team, we offer carefully designed boutique services to meet the various needs of buyers and sellers.

Don't know where to start?
Why not figure out what you can afford first?

Click the image below to gain an understanding of what your house purchase will actually look like.




Ready to buy and want to start searching for your dream home?

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At The Walker Team we offer a helpful and time saving service called the VIP Buyer Search.
We simply ask for some information about what you are looking for in a home- price, location, size, etc.
From there we create a custom search that will drop listings that meet your specific criteria directly into your inbox as soon as they hit the market
At the click of a button, you can let us know whether you like a house, don't like a house or would like to book a showing. 
Our team will keep an eye on what you like, notify you of any price changes or specific details and get you in to see a home of interest asap. 

This is a no-obligation, free service that will save you time and frustration through the home search process.
We want to do the work for you. And our team won't just set it and forget it. 
Our team is actively looking at new listings and keeping watch for your dream home.
We want to walk alongside you to find the home you're looking for.

Do you feel like the VIP Buyer Search would be helpful?

Click the image below to get started right away.




Already own a home and looking to move up n the market or maybe downsize?

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At The Walker Team our agents are experts at selling your home for the best price possible while walking alongside you throughout the entire process. The first step is knowing what your home is worth in the current market.

We offer free, no-obligation home evaluations.
Do you think you might be ready to sell and want an accurate value of your home in the current market?

Click the image below to get started.