In many ways, having a lot to choose from is a good problem to have – at least as a home buyer in Canada’s most competitive market. However, that doesn’t make the process of house hunting any less stressful.
More properties to choose from means you have a better chance of finding a home that checks all the boxes. But it also means there are a whole lot more listings to sift through as you navigate the market. So how can you make that process easier? Keep reading.
Perks of a Buyer’s Market
High inventory is a trademark characteristic of a buyer’s market – and that’s what we’ve been seeing in Toronto lately. Right now, buyers have the advantage of a less active market – which means the process is less competitive and prices aren’t escalating as fast as they used to.
That said, with less overall activity (sales) and inventory still entering the market fairly consistently, we’re starting to see a surplus of available homes. This, in turn, has created another unique perk for today’s buyers: greater selection.
Preparing to buy a home in Toronto? Explore these blogs for helpful advice.
- When a Home Seems Too Good to be True
- How to Take Advantage of First-Time Buyer Incentives
- Why Creativity Matters When Placing an Offer on Toronto Real Estate
Know What You Want
First things first – before you start house hunting, you’ll need to know what it is you’re actually looking for in a home. This might sound simple (or even obvious) but you’d be surprised how many buyers head to the market without putting any thought into their home wishlist.
A good way to sort out your must-haves is by asking yourself a few simple questions.
Think about location. Where do you want to live in the city? Are you drawn to the downtown core, somewhere central but close, midtown, or a more suburban neighbourhood? How important is proximity to work, schools, or public transportation?
Next, consider what you need from the home itself. How many bedrooms and bathrooms do you need? Do you want a big yard or a garage? What about a home office? Are you looking for a detached single-family home, a townhouse, or a high-rise condo?
By having a clear idea of what you want, you can narrow down your choices and focus on homes that meet your criteria.
Don’t forget to think ahead too. Moving is a big process so you’ll want a home that can meet your needs both today and in the future. Are you planning to start a family? Will your kids be moving out? How soon are you looking to retire? All of these insights will be helpful in ensuring you make the right choice and investment.
Know What You Can Afford
Along with knowing what you want from a home, you should also know what you can afford. Before you start looking at homes, you need to understand your current financial situation. This means having a solid grasp on how much money you have saved, what your income is, and what your expenses are.
With that in mind, getting pre-approved for a mortgage is a good way to have an accurate idea of what you can afford to buy. When you get pre-approved for a mortgage, you’re essentially providing all your financial details to a bank or lender, who will then determine how much they are willing to lend you and at what interest rate. A mortgage pre-approval can also give you an advantage when making an offer on a home, as it shows sellers that you are serious and financially capable of purchasing their property.
Looking to make the most out of your next home purchase? Check out these blog posts for unique pointers on buying.
- 3 Neighbourhoods That Are Perfect For First-Time Homebuyers
- How Many Real Estate Agents Should You Interview Before Choosing One?
- How to Realistically Save For a Downpayment in Toronto
Work With an Agent
When it comes to finding the perfect home, a professional real estate agent is the best tool in your tool kit. Whether the market is swelling with available homes or inventory is scarce, a professional knows how to match you with the right properties based on your criteria.
Of course, in a market like Toronto, finding your dream home is only one piece of the puzzle. Even when the market is in favour of buyers, navigating the negotiation process can be tricky. That said, an experienced and knowledgeable real estate agent can guide you through this process with ease – helping you actually land the perfect home.
Ready to head to the market? As Toronto’s leading real estate experts, we can help you find a home that speaks to your heart. Send us an email or call 416-587-3300 to discover your path to success.
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