Written by Meruthula Jeevananthan
Navigating the real estate market can seem daunting if one is not equipped with the proper resources and knowledge.
On June 2, 2024, CTPA held an exclusive workshop “Mastering the Real Estate Market” presented by John Aruldason of The Aruldason Group, our Platinum Annual Sponsor.
This workshop provided attendees with the opportunity to elevate their real estate game by providing them with the insights and strategies needed to navigate today’s real estate market and learn industry-proven techniques for buying and selling properties.
Everyone’s real estate journey is unique and dependent upon their present and future goals. Oftentimes, these goals focus on a few basic questions. What can I afford? How much do I need for the down payment? Where can I get a good deal? What would be a good location to invest in?
Mr. Aruldason was able to shed some light on what you might want to consider when you navigate today’s real estate market. Let’s look into some of the key points:
HOME SEARCH
Budget. Budget. Budget. When you’re looking for a home, budget how much you want to spend while also considering amenities (number of bedrooms, number of bathrooms, basement, etc.) and the location.
Although the goal is to get something that meets all your needs, it is also important to prioritize those needs. You may need to consider being flexible in certain areas.
That said, it is advisable to see approx. 15 properties before placing an offer. Speak to your realtor about the options so that the 15 views are meaningful and not a waste of time.
DEPOSITS
Individuals who buy property are often concerned about the down payment needed to buy the property. What most people don’t know is that you can buy a $500k property with 5% down. If the property is under $1 million, you would need a 10% down and any property above $1 million would often require a 20% down.
BREAKING INTO THE HOUSING MARKET
Just entering the housing market? The first thing you need to go over are you goals. Find out what your needs are. Would you want to buy a property at a higher price point in an established neighbourhood? Or would you want to look at where the city is going and look at the next place? Get the right professional to help you get the right information to make the right decision.
Break down the numbers and let the data and numbers drive the decisions.
INTEREST RATES
General rule: Impossible to “time” the market. There’s never a perfect time. However, what does make sense is your personal goals which can be used to make a plan.
AFFORDABILITY
When considering affordability, you should consider two categories: (1) Month to month affordability, and (2) Total purchase price.
Typically, the total purchase is what scares people. Therefore, breaking down the total purchase price will make it more appealing to review.
When buying or selling a property it is important to note that the market goes up and down in the long term. That said, buying a property can provide a good number of benefits: it creates stability, makes expenses more fixed, etc. Again, this is dependent on personal needs and goals.
Want to learn more? Contact The Aruldason Group or visit their website for more information!
