How to Buy a House in a Competitive Market?
If you want to buy a house in a competitive market, especially in the GTA market today, when there are multiple offers, and tons of competition, would you want advice and help to buy a house?
Already have the keys, you still have to buy a house in a competitive market, are you readY???
At the end of the day you’re going to want a professional that knows how to buy a house, look after your best interest, do hard grunt work and make the deal happen.
So, how do you buy a house? What are the key factors that will make your purchase successful? Get a sales rep. committed to you. Motivate them to work for you. Have your sales rep. work outside the box.
Home buyers and sellers in a recent survey done last October by Real Estate Council of Ontario, said how they would have done things differently.
Home Buyers That Would Have Done Things Different
41% of homeowners in Ontario and 45% of first-time home buyers actually said they would have done something differently.
Are Multiple Offers in the Toronto Real Estate Market Here Again?
You bet they are
This week I put in an offer on a home in the St. Clair/Dufferin area. The home was listed for $ 629,000. My client put his best foot forward and came in at $ 640k with no conditions and met the sellers closing date. Great offer. They lost it to someone else who bought the house for $ 685k.
Mind boggling, isn’t it?
The size of the house was around 1000 sq. ft. and it was a bungalow. The basement was finished and the house was renovated.
We offer “more” than just putting you (the potential buyer), on an automatic house search. We actually investigate the listings making sure that the houses we show you are ones that fit your criteria.
What “More” Means to Us:
….sitting down with you and finding out exactly what you are looking for.
- Don’t wait to talk to a mortgage lender and check your credit. Take care of any credit issues and prepare you finances to meet all the mortgage requirements early. Get pre-approved for mortgage financing and know what you are able to afford before you look at homes
- Don’t wait too long to buy. Many renters pay more for an apartment than they would pay for a mortgage payment. Don’t keep paying off someone else’s mortgage while you watch the real estate values climb. Homes often appreciate in value faster than you are able to save additional money for the down payment.
- Don’t buy more house than you can afford. Keep your payments within reason and have a backup plan for emergencies. Even though you qualify for a certain mortgage amount, you must feel comfortable with the payment.
- Don’t fall in love with the home for all the wrong reasons. Even though I mostly tell home sellers to use home staging strategies to sell for top dollar, my advice to home buyers is to look past all the staged glamour. Look at the bones of a fixer-upper home to see if you can turn it into your dream home.
- Don’t work with the wrong agent. Make sure the agent is working for you and they are obligated to represent your interests. I would love the opportunity to interview for the job of representing you.
- Don’t buy too far away from work. Drive the route during rush hour to test how you will feel, how much time it takes, and how much gas you buy. Your happiness outweighs the home’s amenities. Calculate gas expenditure versus transit savings for a closer home and add this amount to your possible mortgage payment.
- Don’t forget to get a home inspection by a licensed professional. They are skilled in being able to advise you on the true condition of the home’s major systems.
- Don’t misunderstand what comes with the property. Make sure you know what will be happening to the appliances, window coverings, light fixtures, and other items in the home. Make sure you know what parking is included. Know if the condo suite includes a separate storage locker.
Remember when you hire an agent they will ensure that all your questions are asked and answered