While the news might not be painting the rosiest picture, the current market actually presents a unique opportunity to upsize your home. In the midst of all the doom and gloom, there’s a silver lining and some truly promising prospects. In this post, we’ll explore some practical strategies and tips to make upsizing a sound decision, even when interest rates are less than ideal. 

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Focus on the bigger picture & beyond the interest rate!  

When considering the move to a larger space, it’s easy to fixate on interest rates and how much this will cost you. However, it’s crucial to remember that this process encompasses both the sale of your current property and the purchase of a new, a more spacious one. In reality, you’re gaining substantial value with your move to a larger home. Rather than getting bogged down by interest rates, keep your focus on the overall financial picture and the benefits that your family will gain with your new, roomier abode that you will have for the next 15-20 years or maybe much longer.

At the moment, the dollar for dollar price discount on larger homes works out to be much more than the lower price you may be selling your current home for and the cost of the higher interest you will be paying in the short term. Marry the house, date the rate!

Get more advice on buying and selling in Toronto. Read these posts next:

• Everything You Need to Know About Buying and Selling During the School Year
• From Soil to Sale: Nurturing Real Estate and Spring Blooms
• How to Sell an Older Home in Toronto

Make strategic market moves & buy or sell like a pro! 

One key strategy in this scenario is to conduct both transactions within the same market. This approach provides a buffer against potential market fluctuations driven by interest rates. This should be non- negotiable when making a move. Synchronizing both transactions, means you wont be surprised by any immediate changes in the market and be better positioned for a more effective negotiation. This alignment ensures a smoother transition into your new, forever home.

Take advantage of current opportunities! YES!!!

In a market characterized by higher interest rates, astute homebuyers have a significant advantage. With less buyer competition, buyers currently have greater negotiating power. This presents an opportunity to secure more favourable prices and potentially the opportunity for more due diligence such as a home inspection clause or a finance condition. Lower prices and reduced competition in move up homes have created a more balanced environment for current buyers. Seize this chance to upsize your home and acquire a larger, more comfortable living space for your family. At this point in the market, bigger homes are seeing larger adjustments on the sold price. 

Keep reading these posts next to learn more about buying a home in Toronto:

• How to Evaluate a Good Fixer-Upper in Toronto’s West End
• How to Choose the Right West Toronto Neighbourhood For You
• Key Steps to Buying a Home in Toronto

Evaluate your future plans & time your move wisely…

Taking a long-term perspective is essential when contemplating an upsizing move. Consider the ages of your children and plan your move thoughtfully to minimize disruptions to their social lives. If a job change is on the horizon, be mindful that this may impact your mortgage eligibility, even if it represents a step up in your career.  For growing families, factoring in maternity leave and securing approval in advance can offer financial stability during this transition. Remember, making the move sooner rather than later can lead to a smoother, less stressful transition for your family. 

Armed with a comprehensive understanding of the market, a forward-thinking mindset, and a well-thought-out plan, you can turn high interest rates to your advantage. The current rates may be stabilizing (hopefully!!), however for now, they may not be going down. Pausing your move for too long may come with future compromises and longer delays. If your budget allows for an upsize, take advantage of these current market opportunities and settle into your forever home! This might just be the perfect time to elevate your living situation! 

Are you thinking about upsizing your home? We’d be happy to help! Get in touch today by calling 416-909-1602 or emailing us directly at hello@getnested.ca.
 

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