If you’ve ever tried to buy a house in Toronto–or at this point, anywhere in Southern Ontario–you’ve probably noticed that it’s tough out there for buyers.
With so few homes available for purchase–and so much competition–offer nights have started to feel like a high stakes game of musical chairs. Where there are 100 other players and only one chair left. So, how do you beat the odds (and the other buyers) and snag a home in this market?
Our team has helped countless Torontonians buy their homes. They’re experts at navigating a difficult market. And they have all the insider tips for coming out victorious on offer night.
Get there first
In real estate, the early bird gets the worm. To have the upperhand, you want to be among the first to see a home when it hits the market. If that means going to showings on your lunch break, then do it. The sooner you see a home, the better the chance you have to compete against bully offers–or submit your own.
Watch out for the “Deal Breakers”
Pre-list home inspections are your friend. Most homes on the market will have them. So, ask to see them and get familiar with the information inside. Condo buyers will want to ask for the status certificate.
Learn to identify the red flags (aluminum wiring, knob and tube, asbestos, lead pipes, UFFI). Finding these on the home inspection could cause problems with your insurance or financing–and could even kill your deal.
If you’re unsure of something in the inspection report or status certificate, ask your agent about it. That’s what we’re here for!
Get Pre Approved
Knowing how much you can afford is key for snagging a property. BE HONEST with your mortgage broker. The last thing you want is to have your offer accepted, only to have the deal fall through when you can’t get financing together. Not only could you lose the home of your dreams, but you could potentially lose your deposit in the process.
Before you’re ready to make an offer, make sure you have about 5% of the purchase price somewhere accessible. Showing up on offer night with a big bank draft could tip the scales in your favour. You don’t want to be scrambling to pull that money out of an RRSP at the eleventh hour.
Work with an agent who knows their stuff
This might be the most important tip.
An experienced agent will know the ins and outs of your desired area. They’ll know whether the neighbourhood routinely sells $100k over asking, or $500k. They’ll be able to look at that listing price that’s a little too good to be true and give you a rough idea of what the buyer ACTUALLY wants. This insider knowledge could save you some time and unnecessary heartache.
But, even more importantly, a great agent will have their finger on the pulse of the neighbourhood. They’ll know which buildings or streets are great, and which ones you may want to avoid. They’ll be watching new listings come to market with hawk-like precision. So, when it’s time to jump on that dream listing on the first day, they’ll be booking your showing early and coming up with a strategy to beat out the competition.
If you’re looking to make a move, let’s talk. We have a talented team of agents who specialize in areas all over the city and we love to help make those offer nights a little less stressful for our buyers.
