The Highly Sought After Bungalow-why everyone wants one
A slow down in Toronto in large family homes and condos has some sellers feeling shaky but some sellers are still confidently holding off offers in hopes of a bidding war: Those would be the owners of humble, two-bedroom bungalows.
At the Mary Roy Team we have seen a large demand for bungalows in the past few year and hot spot locations are Whitby, Brooklin, North Oshawa & Newcastle. The reason for this is the large Buyers market. These homes work well as investment properties, starter homes, retirement homes, homes to live in now an dexpand or build on the lot later. Builders like to buy bungalows and either top them up or tear them down. The traditional first-time buyers continue to seek them out, and downsizing baby boomers often prefer them to condos.
Buyers should always think about the size of the potential target market if they eventually decide to sell.
Even as real estate sales in the Across Greater Toronto Area slumped 9.7 per cent in the first two weeks of May compared with the same time last year, some bungalows in popular neighbourhoods were attracting multiple offers.
Buying a Bungalow is a good strategy for first-time buyers because bungalows can be expanded and renovated in ways that semi`s,detached houses and townhouses can’t. They also tend to have larger lots and a private drive whereas a semi may have no parking at all.
Empty nesters buy bungalows because they don’t want to move again years later when they can no longer climb stairs. “For the downsizers, they are really targeting the bungalow because they want everything on one level.”
For investors, a good strategy is to buy a bungalow and rent out the basement to one renter and the main floor to another. “It’s something I have my eye on for an investment down the road,” he says.
War time homes are becoming a hot comodity and in many neighbourhoods they’re replaced with larger houses.
Have you ever spent countless hours search through the MLS system seeing the same homes over and over again looking for the perfect home, hoping to find something new? Then, when you do find what could be your dream home, you call the listing agent only to find out it has already sold?
Mary Roy & Team have been selling homes in the Durham Region since 1987! Ranked in the top 1% of Realtors across the GTA and Durham Region, we know what it takes to get homes sold fast, and for the most money.We provide each of our clients with a comprehensive plan of action outlining exactly what will be done to get their home SOLD and for the MOST MONEY! We will provide you with up-to-date information on your marketplace, as well as the price and details of competing properties.
Mary is the founder and team leader of Mary Roy and Team. Mary was first licensed in 1987 and joined RE/MAX in 1994. On average Mary has sold over 100 homes a year and is ranked in the top 1% of Realtors in Durham and the GTA. Mary also owned and operated her own successful Re/Max Franchise for over 5 years before turning her attention to building the team and focussing 100% of her attention on her clients. Mary has a true passion for people and strives to exceed the expectations of all those around her. One of Mary's greatest beliefs is to “Under-Promise & Over-Deliver” and this is reflected in everything she does.