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Are You Looking to Buy a House in Toronto?

Are You Looking to Buy a House in Toronto?

Buying a house in Toronto has been a roller coaster over the last three years as the market has been up and down and all around. Though the average price of a home in Toronto is still down when compared to 2022, there are still bidding wars happening. Some buyers find it very frustrating when a home is listed at a price that encourages a bidding war by listing a house at a low price and in turn getting more showings. Generally, this results in a bidding war and a quick sale at the highest price.

Real estate agents do this because they want to get the most money for the house and do it as quickly as possible. And sometimes, this is the best strategy. In other words, if a realtor lists a house at their target price or a little above, it may take many weeks before an acceptable offer is made. Unfortunately, the bidding war strategy can make buyers feel taken advantage of. Many end up wasting their time dreaming of the impossible.

Here are 5 tips to avoid that:

  1. Learn about the house and market. Know the market and house you want to buy. Look at similar houses to determine their worth and what others will pay for them. Sold information can now be found online on sites like HouseSigma.
  2. Make an offer that matches the market price. Don’t get caught up in the bidding war and offer more than you’re comfortable with… and save your or your realtor’s time offering the asking price with conditions when in multiples.
  3. Ask questions and check things out. Not all realtors will tell you the market price or the reason for the low listing price. Do your research own and ask questions to ensure your price is right.
  4. Target properties that have been on the market for extended periods. That is where you might find a “deal.”
  5. Call a trusted realtor to help. Ensure when you’re searching for a Toronto real estate agent, you read their reviews and look for an experienced realtor.

So if you need more time, call me. I’ve been helping the sandwich generation buy and sell in the Toronto market for over two decades. You’ll get the best deal on your dream home and be happy!

Elliot George
416-892-6589

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