Should I rent or buy a home -the age old question. Some people like the “freedom” of renting, while some people like the security
We are currently in the midst of a “Seller’s Market” where there simply isn’t enough inventory to supply the amount of buyers ready to purchase. As a result, almost every property has multiple offers or interest from several parties. This is the nature of the current real estate market in Toronto. Remember, we live in the most dynamic market in the world. But there are things you can do to prepare yourself!
1) Get professional service from a realtor. Andrew and I do close to 100 deals a year. We are experts in GTA real estate. Navigating this market without an agent in your corner is very challenging. We made this website to ease the burden of searching for properties and to gain clientele who see the value in what we’re trying to accomplish.
2) Be realistic with your expectations. The cheapest price you will pay for a home in 2020 is THIS WEEK. With a lack of inventory and an increasing number of multiple offers, the new “high” price this week, means next week’s prices will be even higher. So, be as aggressive as you can right now. If you see a property you like, reach out to us! We can provide clear cut market analyses and get you information you simply don’t have access to.
3) We have a critical Supply/Demand imbalance in our market. We can’t stress this enough. There is currently a decreasing supply of homes coming onto the market and an increasing demand from market ready buyers. This is not ideal, but this is reality. You have to be as prepared as ever to make a winning bid on a property right now.
4) Due to the sensitive nature of offer nights / multiple offer scenarios, more and more listing agents are refusing to bring in their own buyers into negotiations. Simply going to the listing agent “to get a deal” is not going to get it done. There’s just too much interest and too many parties involved especially when all the offers are being presented at once. Negotiations are very tricky and agents are avoiding bringing in their own buyers in order to stay impartial in the process. Please remember listing agents own fiduciary duties to the sellers first! That’s why having an agent that is looking out for your best interests is so critical in this market. The best thing of all is that it doesn’t cost you anything. The sellers in a real estate transaction always pay the commission.
5) Some key stats to share:
Total Listings 2018 – 156,504
Total Listings 2019 – 152,739 down 2.4%
Typically when prices rise, more sellers come onto the market to “cash-in” on the appreciation of their home. Unfortunately this just isn’t happening! We have a severe market imbalance due to the Municipal and Provincial government’s inaction/policy. This is creating an absolute lack of housing supply and it’s not going to change anytime soon!
Massive price appreciation (TREB MLS Average Price) Feb 2019 – Feb 2020:
Feb 2019 average price $779,971
Feb 2020 average price $910,290, an increase of 16.71%
The market kicked into “high gear” in the second half of 2019 and is not showing any signs of slowing down. The time is now to get your unfair share of the market!
Reach out to us if you are seriously contemplating a move! We understand the nuances of navigating this very tricky market. We’re here to educate you. We’re here to provide professional insight that you simply can’t acquire on your own. We’re here to instill the necessary confidence and trust that you absolutely need in a successful purchase.
firstname.lastname@example.org or call me directly at 416-458-9252