There is a Toronto phenomenon which repeats every year:
As you can see from the graph above, listings are really reduced in January, February and March and the inventory goes up drastically in April. At the same time, there are a lot of buyers…there is talk of multiple offers on market-priced properties. Sadly the Toronto Real Estate Board has no way to track the number of Buyers in the marketplace but if you talk to a REALTOR today in Downtown Toronto, they will tell you that there is a terrible shortage of Listings.
So what is the solution or how can a move-up Buyer take advantage of a listing shortfall? When you are selling and there are lots of Buyers, you can write your own ticket.
Tell your REALTOR that you will list and sell but request a long closing so that you can take advantage of the shortfall…but not buy till the later Spring abundance. If you wait till you find the perfect house in today before you list, you will be in competition…. unless you wait till the Spring Flood. Then you may get stuck owning two homes and not maximizing the price for your existing home.
The Key: List when there are few listings and Buy when there is an abundance…just get a long closing. Now call your REALTOR!!