The seller’s market that’s shaping much of Toronto’s real estate shows no signs of slowing, and it’s leaving many would-be home buyers frustrated. In a seller’s market, the number of available properties is eclipsed by the number of buyers. This leads to higher home prices, tighter buyer competition, and properties flying off the market in very short time spans. And yet, buying a home in our little slice north of Toronto isn’t wholly impossible.
If you’re on the hunt for a new house and don’t want to wait for the market to cool, put these tips to good use:
1. Know What You’re Looking For
A lot of home buyers start their journey by “seeing what’s out there.” This isn’t a bad strategy, per se, but it doesn’t work well in a seller’s market. That is because, by the time you decide you want to explore a property further, it might already be sold and off the market. You end up missing out on a lot of potentially good opportunities simply because you’re not sure what you’re looking for in the first place.
If you think you might be ready to buy a home, we suggest knowing what the right home looks like for you. This means inspecting different areas and neighbourhoods, the number of bedrooms and bathrooms, what you need and don’t need in a home, price range, and other factors. When you do finally find the right home, it will stand out above all the others.
2. Get Pre-Approved
To be clear, you do not have to get a mortgage pre approval to buy a home in Canada. But in a seller’s market, that pre-approval can make a big difference in getting the home you want.
Pre approvals give you confidence about how much you can afford to spend on a home. But they also signal to the seller that you are a serious buyer and will have no trouble coming up with the money to make the purchase. This means they can trust you enough to accept your offer instead of other offers they might have.
3. Make Your Best Offer First
There are very few second chances in a seller’s market. Putting your best offer on the table the first time shows you’re a serious buyer and will knock any lesser competitors out of the water. Remember, sellers are likely looking at multiple offers at the same time and don’t have to negotiate. Use this one chance to really impress them.
4. Always Be on the Lookout for Properties
Casually exploring properties on the market isn’t going to cut it in a seller’s market. Because homes sell so quickly, looking for a home can easily feel like a full-time job. And in a way, it is.
This is where having a great real estate agent on your side can help you win big in a seller’s market. Tell your agent what you want and they will be your boots on the ground. As new properties become available, you can be among the first to know about them.
Steven Sarasin Real Estate is here to help you find your dream home in this ongoing seller’s market. Let’s connect today and find your new home!