In the thrilling game of real estate, timing is everything. But what happens when you’ve sold your home and you’re standing on the edge, cash in hand, wondering if you should dive back in? This is the Homeplicity Realty Group at Keller Williams, Toronto, armed with some cold, hard TRREB facts, and an insider’s perspective that just might change your game plan. Buckle up, we’re about to challenge the waiting game myth!
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1. The Housing Market: Not a Fan of Waiting Games
Just like Toronto’s unpredictable spring weather, the housing market always keeps us on our toes. It can be tempting to wait for the ‘perfect’ moment to buy after selling your home. However, the housing market has a tendency to climb rather than drop over time. Consider this: according to the Toronto Regional Real Estate Board (TRREB) this past June, the average selling price was up by 3.2
percent to $1,182,120. Waiting it out could land you in an uphill race, chasing prices that could outpace your expectations with tight inventory conditions continuing to be a problem.
2. The Renting Quicksand
So, you’ve sold your home and you’re feeling like a millionaire – or at least a thousand-aire. Renting might seem like a logical step while you plan your next move. But let’s do the math.
According to a recent report from TRREB, the average rent for a one-bedroom apartment in Toronto was a hefty $2,400 per month in 2023 so far. By renting for a year, that’s over $28,800 going straight into your landlord’s pocket, not yours.
Do you want to read similar blogs? Read these next:
- Tick Tock: Should You Time the Market?
- Demystifying TRREB Stats
- Why the Toronto Housing Market is Not as Dramatic as it Seems
3. The Rising Tide of Interest Rates
Interest rates in the mortgage landscape are somewhat akin to the tides – their rise and fall significantly impact the voyage of homebuyers. While low-interest periods can be the favorable winds propelling you toward your dream home, a waiting game might have you sailing into stormier waters.
For over a year now, we’ve been observing a steady climb in interest rates, a trend that, according to economic forecasters, is likely to persist. Delaying your purchase decision could mean grappling with steeper rates, and a more burdensome mortgage.
4. Your Next Move: The Sell-Buy Shuffle
So, what’s a homeowner to do? We suggest a better strategy: mastering the sell-buy shuffle. This dance allows you to transition from your sold property to your new one, avoiding the rent trap and the potential surge in housing prices.
We understand this may sound as complex as learning to salsa while balancing a book on your head. That’s where we step in. At Homeplicity Realty Group, we’re more than real estate agents; we’re your dance partners. We’ll guide you through every step, ensuring you don’t miss a beat in the market tempo.
Using TRREB’s data, market insights, and our years of hands-on experience, we’ll help you time your sale and purchase, making the process as smooth as the ice on a freshly Zambonied rink.
Remember, in the real estate world, waiting to buy a home after selling can be a high-stakes gamble. Instead, consider a synchronized selling and buying approach. This will ensure you’re building equity, not rental receipts, and landing your dream home without getting stuck in market limbo.
