(487 weeks ago)
With the economy on a slow rise back to normalcy, many are still unsure of whether they should be buying or selling a home. Despite the uneasiness you may feel, you don’t necessarily have to stay put, explains Linda Turner, a real estate agent with Royal LePage Meadowtowne Realty in Mississauga, Ont.
For people looking to buy, now is a very good time, she says. "With the all-time low mortgage interest rates, it is the perfect time for first-time buyers, investors and existing homeowners who are looking to upgrade to purchase a property." Interest rates are predicted to rise in the coming months, and with the new HST looming, you'll want to move fast.
We got Linda's best advice for weathering the still unsteady economy. Whether you're a buyer, seller or both, check out these 10 tips for navigating the real estate market successfully.
Tips for buyers
1 It's all about location
Whether you're a first-time buyer, investor or existing homeowner, you need to understand the best locations for your investment, Linda says. "Buying the smallest house on the best street versus the largest house on a less preferred street will reap big rewards when it comes time to sell." As an investor, a condominium that is near public transit or a university is a good move.
2 Think about a condo
There's a surplus of inventory in the condominium market, so your realtor should be able to negotiate a good deal for you when it comes to buying a condo, Linda says. If you're buying as an investor, rather than a first-time homebuyer, you will want to consider leasing out your suite for the next four to five years before selling, she explains. "It's been suggested that the condo market should be in an upswing by 2013."