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The current downturn in the economy can be a good thing for some people in the real estate market. First time buyers, move up buyers, investors and builders with cash for inventory stand in a very good place for making money during these trying times. Statistics for Toronto real estate reveal the best opportunities of the past several months for buying a new home. Competition is low, and interest rates are bargain basement. So are the asking prices of existing house. Experts are predicting that Canada in general will recover quickly from the current economic crisis. Research, Then Buy First things first. Before taking advantage of the market, determine where you want to live in the GTA area. Then locate a good agent, one who has fierce negotiating skills ready to be put to the task in your behalf. Then find a seller motivated to move his property. Sounds easy, doesn't it? So What's Out There and Available? A move up buyer is a person who owns their own home and wants to sell for any number of reasons. They are expecting another addition to the family. Or their kids are grown and have left the home, allowing the parents to downsize living arrangements. Or maybe they just need a change in location, the job has moved, etc. Sellers stand to lose money on the sale upfront. However, the seller will be buying at a higher price which will allow him/her to make back all monies of the loss as well as generate new gains. Who Gets the Best Deal? So who stands to get the best deal in the Toronto real estate market? Well, the best deal should go to the buyer who has been straddling the fence for the past six months. Or, the person who may have gotten a promotion or raise and needs to move to a new house and simply hasn't had the time to look for property yet. The point is that job security makes it possible to jump successfully back into the market. Example of Savings Say, you bought your house for $500k two years ago, and now you have to sell for $400k. That equals a $100k loss. However you buy a more expensive home for $900k that was selling at $1 million before. Therefore, you get back the $100k that you lost on the sale and then some in today's market. The specifics may vary individually, but you get the picture. Now is the time to jump because excess inventory such as property in Central and Downtown Toronto, have just about dried up. There are fewer new listings taking place. Investment Buyers and Builders Investment buyers can strike it rich in this market by snapping up the multi unit buildings currently available. Property values in Toronto proper have stayed strong through the crisis. Potential renters and condo buyers are still active and looking. Investors can lock in low interest rates with
only a nominal down payment. Operating costs will be covered by the rental income. A builder with cash in the bank can buy up inventory at very good prices for future projects and even sit on them until the market makes an upturn.
Aliyah Lennox is a Toronto real estate specialist working for MyCityToronto.com, Toronto's premier business directory. If you are looking for the very best real estate agents and brokers in the GTA you will find them on [http://www.realestate.mycitytoronto.com]
Article Source: http://EzineArticles.com/?expert=Aliyah_Lennox
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