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There Are No Houses for Sale in My Area - What Do I Do?

May 6, 2022 | Posted by: Fortune Funding Mortgages

You're in the market for a home. You want to capitalize on mortgage rates before incremental Bank of Canada announcements increase them, and home values grow further. But there's one problem. You've conducted an intensive search and have come to an educated conclusion - there are no houses for sale in your area. Are you out of luck? Not at all. You've got options and we've laid them out below.

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5 Options to Consider When Buying a Home When There Seems to be No Available Houses Left on the Local Market

Consider Homes Outside of the Area

The initial choice is looking outside of the box. At first, you may not have imagined buying a house beyond limits. However, when you look deeper you may find a dream scenario that you hadn't before considered. There are some amazing properties available along the outskirts. Homes that you once thought of as vacation properties could be more than suitable, especially if the events of 2020-21-22 have allowed you to work remotely full-time or some of the time. There may be a small commute required to get to the office or to enjoy a night in the city (etc.) but returning to a dream home at the end of the day will make it worth it. 

Consider a Condo

Another option is to consider a condo. While the single-detached house inventory has become extremely lean, there are still very desirable condos available in your area. These aren't typical 'apartment' type spaces, but two-level lofts, warehouse conversions, and spacious family units that buck the traditional image of condominiums. View more on getting a condo mortgage.

Look at Current Construction

You may not see houses for sale in your area when looking at current MLS listings, but these listings do not showcase current construction. Your ideal property maybe a hammer and nail away. 

Consider Your Own Construction

Can't find the home you want due to low inventory? Build one of your own. The prospect is much more practical and realistic than you ever realized. 

Work with an Agent to Boost Your Buying Power

Your belief in not being able to find a house in your area could be due to a misperception about buying power. However, with the right mortgage agent, you could increase your buying power significantly and get access to an inventory of homes that once seemed out of reach. If you're buying a home in the Ontario area, find out how mortgage agent Azie Pouragha will increase your buying power. Call 416-897-3257  for a friendly conversation about how to make it happen.

 

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