It’s no secret that the local market is highly competitive for buyers, and with the fall housing market in full swing, it’s more important than ever to be prepared and informed. The key to a successful transaction during this time is knowing what to expect and having the proper guidance to get you the best results.
Here’s how to survive–and succeed–in today’s Toronto real estate market:
1. Stay Rational
Buying a home in Toronto can be an emotional rollercoaster. When you find a home you love, go back and forth with offers, and are waiting for the final word, it’s easy to get overwhelmed. Keeping your emotions in check will help you make rational decisions, ensuring that you stay on-track to a smart investment.
2. Speak to a Mortgage Broker Right Away…Don’t Delay!
The real estate game is extremely competitive! For every “move-in ready” home for sale in Toronto, there are 47 potential buyers. You need to make sure your finances are in order before you begin your search. Mortgage brokers eat, breathe, and sleep mortgages, down payments, and interest rates; when you meet with one (either in-person or over the phone), you’ll get a clear understanding of what you can afford. I’d be happy to recommend a mortgage broker if you aren’t already connected to one.
3. Make a Wants and Needs List
Before you start your home search, it’s important to think about what matters most. Knowing what your priorities are and what you’re willing to compromise on will help you narrow down your choices and see the potential of each home.
4. Stay Up-to-Date
To make the most of your real estate experience, it’s important to keep an eye on all current and upcoming changes in the housing market–especially in Toronto. An easy way to stay in the loop is to subscribe to the CMHC reports, or follow me on Facebook or Twitter for local real estate updates.
5. Start Your Search
When you hear that the market is ‘hot’ it means that homes are selling within days of being listed and serious buyers are willing to pay over the list price for that slightly less than perfect home. I can help you find a home you’ll love, but be prepared to see homes on the day they are released on the MLS and possibly making an offer the same day with your strongest bid.
6. Most Importantly…
When it comes down to it, remaining realistic, practical, and informed is the key to surviving today’s real estate market. The more you know about market conditions, the quicker you’ll find success. If you’re looking to buy or sell your home soon, I’d be happy to help. Just give me a call at 647-898-4663, or send me an email at alex@AlexBeauregard.com.