First-time Home Buyers in Okotoks May have a Longer Commute

Get closer to the city with Okotoks Real Estate

 

The Okotoks real estate housing crunch has made it almost impossible to buy a home in town. If you are looking to build a new home, or if you are a first-time home, you are likely going to have to start looking out of the town limits. This can have a major impact on your daily commute if you work in town.

Prime Real Estate in Okotoks

No new homes can be built in Okotoks due to the lack of enough water. Even if the town manages to find another source of water, it will still be years before enough homes can be built to keep up with the current rate of growth. Real estate in Okotoks is going to be expensive for a while.

Buying property just outside of town will keep you close enough for a reasonable commute to work, while saving considerable money on your mortgage payments. Of course, as more people move to the outlying towns, it is going to drive the prices of homes higher in these areas, too. The higher the home prices, the further away first-time home buyers are going to have to go to be able to afford a small, starter home. The growth is a process that will likely take some time to even out.

Consider Your Options Carefully

If you decide you want to buy a home in a nearby town and commute to work every day, you should take into account how much the commute is going to cost you. Keep in mind, it is not always the monetary costs that are the most difficult. If you have to commute one hour each way to work, you are losing 10 hours of time each week. When added to the cost of gas and the wear and tear on your vehicle, you may decide to wait until the housing market is more buyer-friendly in town.

Eventually, things will change in Okotoks. The town will likely find a new water source, allowing for more people to live there. New construction will begin, including single and multi-family homes. When there are more homes available, prices will come down. It will be affordable for a young people to buy a first home in Okotoks, if they can wait it out. As mortgage prices come down, lenders will lower interest rates. There will be a point in time when there is a balance between buying and selling a home again.

One of the best things for you to do right now is to become involved with a real estate agent in Okotoks. He or she will be able to help you find the rare gems that come available in town, and also keep you up to date on the market and when it shifts. It is up to you to decide if you want a long commute to work, or if you can wait it out to buy a home in Okotoks.

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