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How to buy strategically?
People are ready to buy, but in a low-inventory market, how can you find the ‘one’?
Compared to January – May 2022, new listings are down 33% in Toronto’s East End while demand from buyers continues to increase.
Not only do the dynamics of supply and demand push home prices up but they can also create an inventory stalemate in the market where sellers want to wait to buy before they sell.
When homes do come on the market, we’re back to multiple offers and competitive bidding.
Are buyers destined to wait and compete in this market? Not necessarily. With a strategic approach and preparation, you can increase your chances of finding and securing the right property
Knowledge is Power
In a low inventory market, knowledge of off-market or ‘exclusive’ listings is critical. These are properties that are not publicly advertised on Realtor.ca but are still available for sale.
Local agencies that sell and buy more homes have an extensive network and connections within the community, allowing them to have more listings and be in the know of off-market opportunities. This will increase your chances of finding these hidden gems before other buyers.
Stay in Focus
With limited options available, it’s important to identify your must-haves and be flexible on less essential features.
Even when a home isn’t ‘perfect’, we have so many resources in-house and through our network to help you figure out what it will take to make it the home you want.
If you’re just waiting for listings to come up on Realtor.ca, you’re probably missing out. Your agent should know your wish list and the homes in your target neighbourhood well enough that they can actively reach out to homeowners.
Always be Prepared
In this market you need to act fast. Your mortgage broker is a key partner to ensure you’re fully approved and confident in your offer.
Other tactics include finding out if the seller has done a home inspection and requesting a copy and/or a walkthrough with the inspector beforehand. If not, we’ve arranged inspections prior to offer night so our client can have confidence putting in a ‘clean’ offer free of conditions on offer night.
Stay the Course
Stay persistent and patient. Often times when clients get impatient, they make dramatic changes in their wish list that take them too far away from their original reason for making a move.
Don’t settle for a property that doesn’t meet your needs or doesn’t feel right. Keep searching, stay positive, and trust that the right one will come along.
When you’ve finally found your home, don’t lose it because of poor negotiation skills or an agent’s lack of strong relationships with other agents. Working with a full-time, proven professional is so important.
If you’re considering buying and want to know more about how we make it happen for clients, contact us at [email protected] today to learn more.