If you’re a first-time buyer, here’s a fun fact for you — the Canadian real estate market is cooling. National house sales have dropped by 24.7% this August as compared to last year. This means, as first-time home buyers, you might have a better standing now. Or so we’ve been informed by the experts at FairSquare Group Realty.
If you remember, the real estate brokerage caught our attention a while ago for its modern approach to buying and selling homes, efficient service and incredible perks which include $2,000 cash back* for buyers and thousands in commission savings for sellers.
FairSquare also boasts a team of knowledgeable experts and REALTORS® across Alberta, Ontario, and Manitoba. Raj Masrani, Broker of Record in Ontario for FairSquare, outlined three main reasons why a cooling market may be beneficial for first-time home buyers.
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No Bidding Wars
With fewer buyers in the market, first-time home buyers can escape the bidding wars completely. While property prices might not have dipped very low, the bidding wars that had become a pandemic trend will stop. This also ensures that properties are being listed at the actual price as opposed to a lower one, so you know (almost) exactly what deal you’re getting.
No Buyer Burnout
Finding a dream home and then investing in it can be an emotionally taxing process. But losing multiple bidding wars can be even more draining and can lead to buyer burnout. The result: not only might you start acting out of desperation and anxiety, you might even harbour negative feelings for the whole home-buying process. And this certainly isn’t an ideal situation. With fewer bidding wars in a cooling market, buyer burnout is rare.
More Value for Your Money
With fewer buyers in the market and no bidding wars, there is also more room for buyers to negotiate. Be it price negotiations or including a home inspection condition, it gives buyers a chance to present their terms and get more value for their money.
Masrani’s final advice: “You can never time the market. Do what’s right for your circumstances, and do not panic buy. Make a well-informed decision,” he says. “Make sure you do your research, and don’t get caught up with price comparisons over time — focus on the now.”
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For more information on the Canadian real estate market, check out the FairSquare website below. Their team can help you make a well-informed decision and support you through the whole process, should you choose to buy, from finding the perfect home to signing on the dotted line.
FAIRSQUARE GROUP REALTY
*How the Home Buying Service cash back works: FairSquare Group Realty will share with the buyer the commission it receives from the seller’s agent up to a maximum of $2,000 in cash back. No cash back if the commission received is lower than $5,000. Where available.
