First and foremost you will need to check out the local market conditions as they will without a doubt affect the amount you can sell your home for as well as how fast you will be able to sell it. You can price your home at one amount, but the market may price it at another, and that’s what buyers will look at first.

I think we can all agree right now that the current conditions in the market favour the buyer. There are more homes than buyers, many options and unfortunately lots of competition from other sellers. As the prices have dropped overall, houses are taking longer to sell and so it seems as the logical answer in this scenario is to wait out the market’s current status.

However, there still exists several good reasons to sell now. Whether or not you have a pressing reason to move right now, such as a change in career realizing that you are up to your elbows in kids, there is still a demand for good priced homes. Often what happens in desirable neighbourhoods is that homeowners get scared off by the media and don’t put their homes up for sale. Believe it or not, but there is actually a shortage of renovated homes in good areas, which have been selling either at or above the asking price. Despite the daunting headlines, the truth is that the prices and sales today are not that drastic. Last March had only 8% more sales than this year and the difference in pricing has only fallen 3% since 2008. The core of the issue really lies in the fact that while in the past years the market has been primarily in the seller’s favour, where buyers frantically competed for homes, now it has become more balanced.

In this current market seller’s accept a vast range of reasonable offers and their homes properly priced sell within an acceptable time period.

Prices are more stable without as many intense bidding wars. Whatever the circumstances, selling a home can be a trying process to go through both emotionally as well as financially. Consider your neighbourhood, what buyers want in a home and look to the market to negotiate the best price.

Year-to-date numbers give good reason to believe year 2009 is on the way to overcome last year’s overall results significantly. Sales counter stopped on the number 61,676 of items sold, while it was only 59,971 during the same period year ago. Average price is up by 1 percent ($386,302).

Buyers’ confidence is backed besides low interest rates also by rising number of positive economic news.

The market is beginning to sizzle around the country as customers are taking advantage of the affordable pricing and low interest rates. Missed opportunities for such conditions in the future prove to be costly as well. With the worst of the recession over, prices are beginning to rise and inventory is becoming more tight so the conditions for home ownership we see today should continue to follow through until early 2010. Real estate is becoming viewed more and more by the public eye as an overall stable investment. Markets such as London, Ottawa and Winnipeg have demonstrated stead returns with minimal fluctuation in a survey conducted to illustrate where the public leans towards investment opportunity 77% of 1,000 respondents nationwide have reported that they felt more comfortable investing in real estate as opposed to the stock market. The market is on the rise, lets hope to reap the benefits.

With the markets recent low mortgage rates, previous sales records have been obliterated within the past two months in the Greater Toronto Area, while listings have taken a significant downward turn. So where is the answer for the first time homebuyer?

A study was done on the top 10 neighbourhoods recommended for first-time buyers conducted by Coldwell Banker Terrequity Realty, and found that the best spot in Toronto for the purchase of a non-condo property is within the Leslie St. and Finch Ave. area of North York – about as far north of downtown as you can go without entering the 905 region.

Coldwell Banker Andrew Zsolt commented on the fact that many first-time buyer are becoming disheartened with multiple offers flooding the market but advised that there are still neighbourhoods that offer value, but that you have to go farther away from the core of downtown. First-time buyers often have to give up the idea of living in a lowrise property if they want to live in downtown Toronto, but by going a little north opportunities begin to open up.

The area south of Steeles Ave. enclosed by Leslie St. on the east and Pineway Blvd to the west is close to parks such as Cummer and Cresthaven and an accessible subway via both Finch and Steele avenues. $400,000 could buy a semi-detached house in this neighbourhood and condo town homes within the range of $319,000. There is also a nearby Yonge and Finch areas as well as St. Lawerence market that is also recommended for those considering buying condos. The proximity to
public transit, parks and shopping ranked high among public surveys in these areas.

A five year mortgage of 3.95% could afford for potential homebuyers to put 5% down or $20,000 while financing $380,000, working out to a monthly mortgage payment of $1,988. The Bank of Canada has announced its intention to hold rates steady for the time being as rising rates would mean higher monthly payments for the future and may affect the sales prices and volume. However, analysts warn that interest rates will not remain at the historically low levels of today. First time buyers should be especially careful not to bite off more than they can chew. Consumers need to factor in the interest rates of the years to come, three or five years from now as prices will most likely be higher since they can’t really get any lower. Researchers say that rates could easily rise by two or three percentage points within the next couple of years.

What researchers are warning basically is that the reasoning and basis of your decision should be determined not by today’s rates but by what the rates might be in 2012.