If you’re starting to feel like this may be all you can afford in the city of Toronto, you’re not alone!
I recently worked with first-time buyers looking for houses in the $600,000 range; we had to view homes listed at around $500,000 in order to place a successful bid at far above asking price on our fourth offer date experience.
I have other first-time buyers who have had to raise their budget to well over $1 million to find the sort of move-in ready options they want to purchase.
There are both challenges to and opportunities for buying in the city, but it’s more important than ever to have an experienced agent working with you. Here’s why:
Market Analysis. In order to make an informed decision on the fair market value of a home, you have to be familiar with all of the other sales data for the area.
Objective Advice. It’s easy to get carried away with emotion when you are competing with multiple offers on a property you badly want. However, you cannot let emotion get the better of you and bid far above what a property is worth; banks will not approve the mortgage, and you might get stuck having to come up with the cash difference between what you paid and the bank appraisal on closing! I counsel my clients to walk away when the bids climb past the true market value.
Access to Listings. Professional Realtors have access to new listings before they show up on the MLS website, as well as tools to prepare a targeted group of available properties for you to review based on your criteria. In Toronto, properties can sell the same day they are listed, so having early access can make all the difference.
Experience. As a Real Estate Broker, I have over a decade of experience evaluating condos and houses at a variety of price points in a variety of areas. I will help you narrow down your home search, ensure you are aware of issues such as title insurance or potential government rebates, help you navigate the complexities of the offer process, and of course negotiate the best price possible for you at the bargaining table!
Contacts. If you need an independent mortgage broker to get you the best interest rate possible, or a trusted home inspector to find any red flags, or a tried and true contractor for renovations, I have many industry contacts that I can personally recommend after years of seeing their job performances up close.
There haven’t been many seasonal slowdowns in recent years, but we are entering the time of year when many buyers take breaks from house hunting to go on vacation. You never know when your dream property may come on the market, and when other buyers might have their backs turned!
I’m happy to set my clients up with custom notifications, so if you are thinking of making a move, give me a call!