If you are in the market to purchase a new home in Markham, you want to ensure your timing is right. The real estate market changes regularly and by timing your purchase wisely, you can receive an excellent deal and make some money off of your home. But, is now the time to purchase a home in Markham? What does the current real estate market look like? Here are some things you should consider.
What Does the Local Inventory Look Like?
If you are looking for your dream home in the Markham area, there are many options available. In the past several months, there have been hundreds of homes placed on the market. These homes have ranged from small condos to gorgeous luxury homes. In the past month, more than 380 homes have sold.
The average home in Markham remains on the market for approximately 21 days. As a buyer, this gives you some time to look at the many available properties before making an offer. However, many of the homes that are priced to sell, in outstanding neighborhoods, and in good condition will move much faster on the market. This means when these types of homes come along, you cannot wait but will want to move quickly.
What Can I Expect for Home Prices?
While Markham is still one of the more expensive areas to purchase a home, prices are starting to slowly decrease. In fact, sales prices have dropped by approximately 1.2%. The average home for sale in the area is $877,000 and the median sale price is $821,000. Compare this to the King area where the average home price is $1.5 million dollars and Markham prices are considerably less.
How Do I Know When it is the Best Time to Purchase a Home?
When you are thinking about purchasing a home in the Markham area, you not only want to look carefully at the current market and upcoming trends, but you also want to consider your own finances. Experts recommend you save at least 20% of the home’s sale price for a down payment. You also need money for a deposit, closing costs, and moving expenses and more. You will want to talk to a lender to receive pre-approval and to help with your financing. If you are ready to make that jump and purchase a home in Markham, contact real estate agent Martin MacFarlane today. He can help throughout the home-buying process and help you find your dream home.