The real estate market in Toronto is still red hot and if you are looking to buy a home or condo I have some tips that will save you time and energy (and money!) and put you in a favourable position to buy in today’s market.
First and foremost - don’t get caught up with the newspaper headlines. You’ll still hear about the “house that got 36 offers” or on the flip side about how “the market is poised for a slowdown”. Ignore the “noise”, and with my help as your real estate agent and become a local market expert.
Here is what you can do to arm yourself in today’s market:
Be knowledgeable. Once you’ve narrowed down a neighbourhood to buy into, get to know the inventory. Study the sales history over the past several months and understand the trend in that particular neighbourhood. Keep track of the houses you view and understand their eventual sale price. The list price in today’s market can be deceiving and bidding wars are still very much prevalent. Understanding value of the product you’re buying into is key.
Be prepared. Get all of your ducks lined up and make sure you’re prepared with your mortgage financing. Meet with your mortgage broker ahead of time and understand your mortgage options. Also, make sure you have all of the documentation in place to get your mortgage approved. A good mortgage broker is vital in today’s market.
Be flexible. You may not get everything on your house hunting wish list, so make sure you’re realistic of what you can get in today’s market. After seeing the 10th home or condo, compare your wish list with the properties features you’ve seen thus far.
Be aggressive. In a seller’s market you sometimes need to use your elbows to get to the front of the line. Consider your options with me and I will evaluate the various strategies with you. Consider submitting a pre-emptive offer (before the offer review date) to beat out other offers. Also think about doing a home inspection prior to submitting an offer to understand the home’s deficiencies ahead of any offer.
Be patient. You may make several offers before securing your “perfect” house or condo but using the above strategies will help you tremendously and have you better prepared.
If you have any friends or family that are thinking of buying a home or condo in today’s market please feel free to forward them these helpful tips. I would welcome the opportunity to speak with them.