It’s happening again. It’s that time of year when Buyers decide en-masse to take a break from their home searches for the summer. After months of fighting for parking at open houses and fiercely competing in bidding wars, Toronto Buyers can now be found having a pint on the patio or catching a World Cup game.
Buyers, hear me out:
This is the biggest mistake you will make and it will cost you tens of thousands of dollars.
This happens every single year. And as in years past, I’m sure all you Buyers will decide to re-enter the market at the same time in September (usually the second week), where alas, you’ll be met with the same low supply, frantic competition and high prices.
Why do you do this to yourselves?
July and August are PRIME buying months in Toronto. Supply is good (by Toronto standards anyhow). Bidding wars happen far less frequently and when they do happen, they are far less competitive. You won’t hear about a house getting 32 offers at this time of year.
If you’re upgrading to a bigger house, remember you can also take advantage of the Summer Market Differential. While you might not get $50K over asking for your current $700K house, you also won’t have to pay $100K over asking for your new $1 M house. That’s using the market to your advantage (to the tune or $50K in this example).
So put that pint down and get back out there.Trust me, you’ll save yourself a lot of money and heartache. Stop doing what everybody else is doing: