uch of the information available to homebuyers and homesellers is targeted toward the first time homebuyer. However, in today’s real estate market many homeowners are looking for a “move-up” house or condo that is a larger place to live because of lifestyle changes, such as a new job or having children. As these second and third time buyers often need to sell a home before moving up, here is some actionable information that can help with the process.

One concern many second and third time buyers may have is mortgage rates. Lately many potential homebuyers have noted that rising housing prices and mortgage rates are a concern. Although much has been made of volatility in the housing sector, for second and third time buyers it is likely that the value of their houses and condominiumshave increased in the past two years providing them a cushion of sorts. Homeowners can expect low variable mortgage rates to continue in the near future, making this a great time to buy. Some markets (such as Toronto) are favouring sellers currently, another reason second and third time homebuyers may have an advantage if they are looking to move-up. Keep in mind there may be tax credits available for qualified buyers.

The majority of first time homebuyers are looking for properties in “move-in” condition. Currently, the average price that a first time house or condo owner can expect to pay in York Region, particularly in the city of Vaughan, is around $400,000. This substantial first-time purchase makes the experience more emotional for the new homebuyer. Understandably so, since they lack home owning experience, they prefer their new home to be in as pristine condition as possible. Few first time buyers wish to knock down walls, buy new appliances or replace worn-out carpeting. First-time buyers looking for a home in York Region will need to spend more time asking themselves important questions such as:

• How long do I plan to stay in this home?
• What features do I need in a house or condo?
• Will I need to upgrade these features and/or amenities in five years?
• What features can I afford?

Many first time house or condominium buyers are attracted to York Region, not only for the wide selection of affordable houses and condominiums, great home features and amenities, but also the wonderful neighbourhood atmosphere that can be found in the cities and towns such as Vaughan, Aurora and Markham. Whether first time buyers are looking for an affordable condo or a house that is detached, semi-detached or attached close to the heart of town life, or a more reserved suburban setting, York Region likely has a house or condo that will suite them.

As first time buyers are likely to be a little more particular about how much work they will have to do for their first house or condo, this provides an opportunity for second and third time house and condo buyers who willing to put a little work into a property. Second and third time buyers who are more financially stable, know what they want, understand what they may need to sacrifice in order to get what they want, are willing to search, and who have a savvy sales representative in their employ, may be able to find bargains, even in today’s real estate market. For example, if a more experienced home buyer has their heart set on a heritage home on upscale Main Street in Unionville, they will be more willing to put more money into updating the amenities, while at the same time ensuring that the charm of the house is maintained. It is important for move up buyers to remember that although the current real estate market forecast calls for stability throughout Canada, there are still bargain opportunities for second and third time buyers looking for larger, and/or improved amenities, than the house or condo they presently own.

York Region is especially attractive to second and third time buyers. This is partially due to new housing developments, proximity to major shopping centers, ease of transportation, and an extraordinary variety of points of interest, ranging from nature reserves to pioneer-era museums, to an amusement park.

Overall, homebuyers are getting more for their money due to a more stable market and attractive mortgage rates. This means that move up buyers have a unique opportunity in the housing market. One note of caution to second and third time buyers who have owned their current homes for some time: many things have changed since you purchased you current property. Enlisting the services of a knowledgeable real estate professional who is familiar with the market and the law as well as current housing trends can save you time and money. When you combine the insight of a good sales representative with the experience you’ve gained during past real estate transactions and the opportunities currently available in the market, moving up should be a great experience!