Right now the Toronto real estate market is in a unique position. While once a famously red-hot seller’s market, adjustments to interest rates and other economic factors have reduced the number of active buyers. However, it’s not an outright buyer’s market in the traditional sense of the term. Yes, today’s buyers have far more inventory to select from compared to years past, but average sale prices aren’t yet plummeting in a major way as strong-willed sellers hold steady.
With all that in mind, buyers who are looking to utilize today’s market conditions to their advantage will need to embrace creativity when placing an offer on a home. The best way to do that? By working with an experienced real estate agent who has the right strategies for today’s market. Let’s dive in.
Looking to buy real estate in Toronto? You’ll want to work with a locally knowledgeable real estate agent. Visit these blog posts for helpful tips.
- How to Read Between the Lines of Agent Reviews
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- How Many Real Estate Agents Should You Interview Before Choosing One?
What Makes Today’s Market Unique
The city’s once continuously record-breaking market has balanced out over the last couple of years. Although the market isn’t outright seller-favouring like it used to be, it’s not a free-for-all for buyers either. While today’s buyers do have increased leverage in certain ways, there are still some adversities to navigate. For instance, depending on your personal situation, you could be working with comparatively limited financial resources. While this wouldn’t disqualify you from the opportunity to own a home, you may need to get creative in how you entice sellers with your offer.
Why Are Some Buyers Holding Out?
In today’s market, many would-be buyers are hesitant to begin their home search because of what they’ve heard about interest rates. That said, the reality of buying a home right now doesn’t exactly align with some of the louder narratives floating around. In fact, today’s lending costs aren’t as unprecedented as many assume, and compared to the past four decades or so, they are more or less average.
Buying a home in Toronto for the first time? Check out these other posts from our blog for helpful tips.
- 5 Things to Know Before You Buy a Home in Downtown Toronto
- 3 Toronto Neighbourhoods For First-Time Homebuyers
- How to Take Advantage of First-Time Buyer Incentives
Strategies For Standing Out
Making a Personal Connection
Sellers are looking to land a great price on their home, but they also want to see it land in the right hands. With that in mind, one way to make your offer stand out is to make a personal connection with the seller. As an example, consider creating a letter or video expressing your love for the property and detailing how it fits into your vision of a dream home. This may seem simple but tugging at the heartstrings of sellers and connecting on an emotional level can make your offer more memorable and appealing.
Outside-of-the-Box Negotiations
While the financial aspects of your offer are crucial, a creative approach to negotiations can be equally impactful. Instead of solely focusing on the final price, think about what else you can bring to the table. Are there any unique terms or conditions you can offer that might sweeten the deal for the seller?
For example, consider a flexible closing date that aligns with the seller’s needs. If the seller is attached to certain items in the house, be open to negotiating whether they can be included in the sale. By demonstrating flexibility and a willingness to work with the seller’s preferences, you show creativity in your negotiation strategy.
Work With a Creative (and Experienced Agent)
In any market, working with a real estate agent is essential for navigating the buying process. However, given the current state of Toronto real estate, choosing the right agent can make a world of difference.
As a buyer, the best way to maximize your chances of finding (and landing) your dream home is to work with a creative and experienced professional. An agent who thinks outside the box will explore diverse options, negotiate strategically, and bring a fresh perspective to the home buying process, increasing your chances of success in Toronto’s competitive market.
Want to find the perfect Toronto home for your needs and lifestyle? Silver Burtnick & Associates can help. Call 416-587-3300 or click here to send us an email.
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