Your Georgetown Real Estate Company – Huge Value!
Georgetown’s hot housing market has increased exponentially in residential property value over the last couple of years. Each homeowner is affected differently and depending on each property it can get complicated. If the assessed value of a home has increased by the same percentage as the average in the municipality, there might be no increase in the property taxes paid by property owners at all. The question everyone is asking is why the value is soaring so much? Here are some answers from your Georgetown real estate company.
Supply and Demand: Georgetown is strongly in demand among many home buyers and because so many people are looking to buy in Georgetown the value of the property has gone up. A shortage of houses available. Combined with the above factor, these 2 situations have increased property value in Georgetown. Sometimes, homes go up in value because they are in a very popular area and there is no other homes left or land left to build new homes. So if you are a late comer and really want to live in Georgetown, you are going to have to pay the price. Interest rates also have an effect on the property value. When interest rates rise, mortgage lenders generally increase the cost of payments. Up until recently, the mortgage rates have been low to moderate making the home buying experience much more attractive. Economic growth. As the economy grows, more people can afford to buy a house, this increases overall demand which increases prices. (See Supply and Demand) And really the 3 most important factors of property value, Location, Location, Location! Georgetown is a hot spot. It provides the small town feel with still being within the GTA and minutes away to the highway providing access to the city. It’s a great place to raise a family with fantastic schooling and other activities or to find your forever home. Georgetown has so much to offer and is a great place to live.