BY: RON BARLAY
With the housing market on fire in the Greater Toronto Area, many home buyers are struggling to find a home. When the real estate market is on the side of the sellers, a few good practices will help you buy a home in the GTA, while navigating a seller’s market.
Come Prepared: Before you begin searching for your dream house, make sure that you’re ready to buy. Assess your finances and your ability to save money. To buy a home, you’ll need to be good at budgeting and managing debt. If you are ready to buy, discuss your loan options with a financial institution. This step will help you determine how much you can safely afford to spend on a home. Along with the financial side of preparing to become a homeowner, confirm that you’re emotionally ready for the sacrifice and responsibility of the purchase.
Plan to Gamble: In this type of market, you may be required to gamble. For instance, sellers may accept a lower price if you waive conditions like a home inspection. While you are taking a risk that the home has a major problem, you will increase your chances of getting it. While I don’t often recommend waiving a home inspection, some buyers are prepared to do so. You should also plan to enter a bidding war when the market favors sellers.
Hire a Professional: By hiring a professional real estate agent, you’ll have an expert guiding you through the home buying process. Keep in mind that real estate agents can operate through a network, so they may receive advanced notice when a new home hits the market. An agent will work toward your best interests. They will also help you navigate the risks and drawbacks to purchasing a home.
Make it a Priority: When you’re searching for a home in a seller’s market, like the one that the GTA is experiencing right now, you need to make finding a home a priority. Be as flexible as possible with your schedule. If a home with your specifications becomes available, make plans to see it as soon as possible. Also, ask your real estate agent to send you details about the house right away. Don’t worry about multiple offer situations. You have as much chance of getting the home as the other bidders do.
Stay Positive: Attempting to buy a house during a seller’s market in the GTA is a challenging endeavor. Houses sell fast and in many cases, they sell for far more than the seller is requesting. With an experienced real estate agent by your side, you’ll not only have support while searching for a home, but you will also have someone who will help you stay positive.
