TORONTO’S COMPETITIVE REAL ESTATE LANDSCAPE
We’re all bombarded almost daily with media commentary about Toronto’s dizzying real estate market. It can be discouraging and overwhelming for anyone hoping to buy in the face of ongoing competition. Don’t despair. Be prepared. Your purchasing experience can be a pleasant one.
PURCHASING IN THE TORONTO REAL ESTATE MARKET
FIRM BUDGET
Have your financial house in order BEFORE you start your search. Carefully analyze your budget. Given the nature of bidding wars you need to know how high you can go in advance of offer day so you’re not feeling uncertain in the moment.
DEPOSIT FUNDS
Have deposit funds ready to go. Here in TO we are often faced with offer dates, bully offers and all sorts of other pushing and shoving to secure a house.
Should you find yourself wanting to make an offer on a home within hours of seeing it you will need easy access to deposit money. If your money is sitting in an investment and not easily accessible it can be a huge source of stress so sort this out in advance.
KNOW YOUR LIMIT
Be realistic about the type of house you can afford:
- Leave room to bid up – when deciding on a purchase price range it is key to factor in bidding room.
- Know your limit and stay within it – don’t get carried away in the heat of the moment. There will always be another house so it’s crucial to maintain a level head when in competition. There is nothing worse than being house poor. Life is too short!
FLEXIBILITY
Be open-minded. Sometimes budget and wish list aren’t in sync. Based on what you can afford you may have to make some compromises in terms of house condition/size/finishing and location or a combination thereof. Having thought a bit about this in advance will stand you in good stead when you begin your search.
PERSISTENCE
If at first you don’t succeed try again. You may have a rock solid offer but the seller chooses to go in a different direction. It happens. Keep a positive mindset and know that you will be successful.
DESIGN CONSULTATION
Need help making design decisions now that you’re in your new home? Call me. I’m happy to provide assistance with paint colors, flooring choices, furniture style and placement and a variety of other home renovation and décor decisions.
