The GTA is one of the most vibrant areas when it comes to real estate, and with the spring season in full swing, more homebuyers can be seen looking for a home; and not only in Toronto but also in smaller GTA towns that keep attracting new residents. If you are also on the hunt, make sure you are aware of the fact that you may have to compete for a home with other fellow buyers. Great listings generate great interest, and appealing homes that are on the market today may be sold tomorrow: resale and new builds alike. If you want to gain an advantage in the market, the following tips and tricks can help.
Have Your Finances In Order
The best way to get the seller on your side is to have them know that you qualify for a mortgage and that you can afford the home. Having a mortgage pre-approval in your pocket usually gives you a huge advantage in the competitive market. You let the seller know that you are serious about the purchase and that you are far past the “just looking” stage. They will probably prefer you over someone who has not talked to a lender yet.
Be Up To Speed
Everyone who has been looking for a home, either to buy or rent, knows the frustrated feeling of losing a great listing to someone else. Homes sell fast in the GTA, especially good homes at reasonable prices, and to keep yourself in the game, you will need to be on the alert. Check for new listings, ideally, several times a day, and work closely with your agent to avoid missing out on a great listing. Keep yourself up to date and be prepared to act quickly when you like a home.
You may have a vision of the home you would like to have and maybe you don’t, but the bottom line is that a home can rarely be 100% perfect. Some real estate agents say that if you like a home 80%, you probably should get over the remaining 20% that bug you (unless it’s a structural issue). Learn to recognize a good home and its advantages and do not give up on a home if the wall color is not right or you don’t like the furniture. Look beyond superficial things and focus on what really matters. If you are waiting for a home that fulfills all your expectations to the slightest detail, you will have a very hard time to find a home, and by the time you realize that, all good homes might be gone. Make sure to be decisive when it matters and don’t delay the process because of minor issues.
Go The Extra Mile
Even if the price you offer plays a big role, it is not the only factor. Most of the time, sellers are looking to buy another home and they juggle between the two transactions. This means that other things become important as well. Sellers may be willing to accept a slightly lower price from a buyer who is willing to push back or move forward the closing date for the seller. Sellers are also not fans of many back-and-forths, so keep your negotiations as simple as possible. Of course, your aim is to try to get the best deal for you, but if the home has multiple offers standing, making a fair offer and being open to giving in to the seller here and there may land you your dream home.
For more information and any questions on GTA real estate, feel free to contact me.