6 Trends That Georgetown Homebuyers Should Be Aware of
Does the new first-time homebuyer credit have you thinking about buying a home in Georgetown? Or maybe a lifestyle change like a new baby or a new job means it’s time for a new home.
In either case, it’s been an eventful couple of years for the housing market. We’re seeing new rules and new trends that every homebuyer in the Georgetown area should be aware of.
To ensure you’re getting the absolute best home for the best possible price, here are a few trends you should be aware of.
1. A Return to a Sellers’ Market
Last year, most of the housing markets in Ontario saw a bit of a slowdown. We were facing new mortgage rules and a new stress test put in place, both of which caused a lot of would-be homebuyers to play the wait-and-see game.
Now, however, the numbers show that people in the area have stopped waiting and seeing, the housing supply is going down and asking prices are going up.
This means that today’s home shoppers are going to have to work harder to find the perfect home, and be more strategic if they want to tick all of the boxes on their must-have lists.
However, the good news is that if you’re upgrading, you’re likely going to get a great price for your current home, while not having to work as hard to sell it. You likely won’t need major upgrades like a deck replacement or a new bathroom to sell it.
You might want to design a custom garage door to boost the curb appeal, as a new garage door has one of the best ROIs in home improvements today.
2. A Need For More Living Space
The amount of actual and usable living space becomes even more of a focus point when housing prices are going up and the number of square feet you can afford may go down.
This puts the focus on the home’s garage. You start to look at it as a way to expand your living space. The garage becomes the home office, the yoga studio or the playroom. However, you may have to upgrade the garage door to an insulated model to ensure you can get four seasons of comfortable use out of your garage.
When you measure today’s affordable garage door prices against paying a little less for a slightly smaller home, odds are very good that the math will work out in your favour. This is why spacious garages and quality garage doors are in such high demand right now.
3. More Energy-Efficiency
Speaking of insulated garage doors, they can be added to make your next home more energy-efficient.
The opener itself obviously won’t use a lot of energy. However, the real energy savings come from the door’s ability to keep the cold Canadian winters out, which makes it easy for you to heat the rooms that share a wall with your garage.
And, as we mentioned, you can actually use the garage as a living space, without having to pay a fortune to heat or cool the area.
On average, surveyed homebuyer said that they would be willing to pay almost an extra $9,000 for a more energy efficient-home. That means it’s likely a high priority for you, or for anyone looking to buy your current home.
While energy-efficient doors, windows, and appliances can make a big difference, don’t forget about the garage door!
4. More Security
Home security is always near the top of any given homebuyers’ list these days. The good news is that protecting your family has never been more affordable, and you can easily retrofit any home with security technology.
For example, once you move in you can easily replace your garage door opener with a Wi-Fi enabled opener. This allows you to remotely monitor the comings and goings of your garage door via a mobile app.
This means you can check in to make sure your kids get home from school safely, or receive push notifications when someone is trying to enter your garage.
5. More First-Time Buyers and Commuters in the 905 Areas
As mentioned, the new rules and stress tests have put a number of GTA-buyers on the fence for now.
However, it’s also putting a number of them in the suburban 905 areas like Georgetown. People want to be a short drive or Go Train ride away from the downtown core without paying to live downtown.
In fact, Phil Soper, Royal Lepage’s president and CEO recently said that he expects more first-time buyers to take a closer look at these areas, as their prices remain “soft” compared to the white hot market in the city.
6. More Rent Increases Across the GTA
We probably don’t have to tell you that the rental market in the GTA has been almost as insane as the housing market.
Rent increases are not expected to slow down anytime soon, as landlords look to cover the cost of their buildings.
This is going to make it even more difficult for would-be buyers to save enough money for a substantial down payment. This may cause even more first-time buyers and would-be-downsizers to turn their attention outside of the city, which again makes areas like Georgetown more attractive.
Let Us Help Your House Feel Like a Home
We can help you make a new home more stylish, energy-efficient, or secure!
For the last 60 years, we have built our reputation based on trust and providing exceptional customer service. We’re proud that the Dodds name is synonymous with selling the highest quality of garage doors and modern garage door openers in the area.
If you simply need your door fixed, we are the most respected garage door company in Georgetown as well as other areas such as Burlington, Hamilton, Oakville, Milton, and the entire GTA.
You can get started right now by calling 1-877-503-6337, or clicking the ‘Get in Touch’ link at the top of the page.