Now that you've finally saved up enough for a down payment, you've got a choice to make. Will you choose to buy your property at Bayview Eglinton in Toronto or will you range further afield? The market conditions in the cities you're considering will likely have a large impact on your decision, so this article should be helpful to anyone considering Amarillo, Texas. Remember though: if the conditions aren't favorable now, you can always wait and hope they improve.
Markets are always in a state of flux. The latest news making influence on the Amarillo market that you've probably heard about is the recession, which combined with a mortgage crisis depressed the values of everything from Toronto resale homes to new houses under construction in Amarillo. What you may not have heard is that the market in Amarillo is actually starting to recover.
Though the median (or middle) sale price has dropped by about 1.5% in the last year, the asking price actually increased by the tiniest of margins (.3%) and the price per square foot has gone up by 5.8%. So while Amarillo homes aren't quite selling as fast as those in Georgetown, Ontario that weren't as badly affected, the number of sales going through has increased by a whopping 60%.
What does this mean for you as a home buyer? It means that if you still want to capitalize on the lowered home prices in Amarillo that came about during the recession, you're going to have to act fast. The market, which was once so heavily in favor of buyers, is becoming more balanced. In a few months or years we might even see it become a seller's market, like you would be dealing with if you bought a Markham home right now. The average listing price in Amarillo as of the end of February 2010 was $202,000, and has been increasing steadily since the beginning of February, though the middling sale price is still only $60,000.
Like your Etobicoke real estate broker told you when you were looking for your last home: price varies widely between neighborhoods. In Amarillo, the most desirable zip codes among home buyers range in price from $147,000 to $360,000, so expect to pay that much for a nice home. If you're in the market for a fixer upper in a developing area, you can snatch one up for as little as $58,000.
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