Posted 11.7.12 @ 12:55
All across Canada the housing market is in great shape, and the Oakville luxury real estate market is no exception! There are three main things you want to look at when trying to figure this out: how much equity homeowners have on average, how many homes are for sale and how many homes are being sold. Equity is how much people actually own the Oakville luxury real estate – you can buy a house and owe 90% on it… not good! This is why it’s important that equity is high, people are buying and selling on the same level and that things are moving.
High Equity Matters
The more equity Canadians own in their homes the less chances are likely that we’ll wind up with a big housing crash like the Americans had a few years ago. Right now about 40% of all Canadian home owners own their homes outright with zero debts, while Americans on the other hand own their homes outright about 30% of the time. The more people own their homes outright the safer and better shape the Canadian and Oakville luxury real estate market is in.
An important note is that over the last ten years prices have been rising steadily all over Canada (they’ve stalled a little in BC), meaning that a home you bought ten or twenty years ago is worth more today.
You’re going to want to find out how much your home is worth – you can have an appraisal on your own but know that the lender of a buyer that wants to buy the property will send out an appraiser as well. You can never have too many appraisals for your Oakville luxury real estate, so don’t be worried if you have an appraisal and the home is appraised again. The good thing is that valuations are rising all over Ontario, especially in the GTA. You’re going to be able to sell your home and keep on average about 2/3rds the worth of the property. That means on average people owe about 30% in mortgages, and once those are paid off when you sell you’ll have money in the bank to buy your next home or whatever else you want to do with it.
Is it the Right Time to Buy and Sell?
Since interest rates are at all-time lows, you’re going to find that right now is the best time to buy or sell Oakville luxury real estate. You’ll be able to get the most favourable terms to buy a home – if you’re selling you’ll be able to find buyers with easy credit and get what you deserve for your Oakville luxury real estate.
Why wait? If you’d like to know more about buying or selling luxury homes for sale in Oakville, contact us today! We’re here to help you through every step of the process and we’ll make sure you get your money’s worth.