It’s officially spring, and in Toronto that means one thing: the real estate market is HOT! Here’s the BREL advice for surviving this year’s spring real estate market, for both Buyers and Sellers:
Survival Guide For Toronto Buyers
- Remember that asking price is not necessarily a true reflection of what a house is worth or how much the Seller really wants for their house.
- If you don’t want to continuously be disappointed, look at houses below your price range – that way, you can participate in a bidding war and actually have a hope of winning. If your budget is $500,000, stop looking at houses priced at $499,900 who are taking offers on Tuesday.
- Make sure you’re on top of what’s for sale. There are lots of new listings out there every day–have a REALTOR set you up to receive automatic listings that match what you’re looking for. There’s no obligation and it ensures you’ll never miss another home.
- If you lose a bidding war, lick your wounds and move on. It’s common for Buyers to take a break after losing – and if 9 of you lost out on that house on Tuesday, get ready for Wednesday – while everyone else is moaning about how much that house sold for, jump in and score the next great house with fewer people competing against you.
- Be flexible – check out new neighbourhoods and keep an open mind when you go out house hunting.
- Remember that compromises are part of the game. Hardly anyone gets everything they want, no matter what their budget is. Every Buyer eventually makes trade-offs: Style vs Size vs Location vs Price. What’s most important to you?
- Don’t go it alone – as much as it’s fun to hit open houses every weekend and call listing agents, working with a great agent who represents Buyers will take a lot of the pressure off and will get you in the home of your dreams faster.
- Be educated – we consider our Buying Guide required reading for all our Buyers, so pour yourself a glass of wine and get reading.
Survival Guide For Toronto Sellers
- Don’t get greedy – your house may sell for more than your asking price, but then again it may not. If you list your house for the price that it’s worth, don’t expect to get $100,000 over that price. And if you list for $50,000 less than it’s really worth, don’t be surprised if the offers you get are less than what you want. It’s a risky game to play.
- Don’t be dumb. Just because the renovated house next door sold for $850,000, it doesn’t mean that your house is going to sell for the same amount. And yeah, I’m talking to you Sellers in Brockton Village and Queen West right now who’ve priced your 70’s style houses the same as your fully renovated neighbours. Not gonna happen. Not to mention you’re wasting the period of time when your house will attract the most interest (the first 2 weeks). Be realistic!
- List your house with a first-class agent who knows what it really takes to sell a house for top dollar. Professional photos are critical. And yes, there’s a lot more to selling your house than having a listing on MLS.
- Timing is everything. List your house on a Monday, Tuesday, Wednesday or Thursday – never on a Friday or the weekend. Know what homes or condos you’re competing with and time your listing accordingly. Plus, the market traditionally cools in July, so get on it already!
- Be educated – we consider our Selling Guide required reading for all our Sellers, so pour yourself a glass of wine and get reading.
Looking to buy or sell in Toronto? Yea, we do that, and we’re pretty awesome at it. Give us a call or send us an email…