Gaining Entrance into Toronto's Housing Market, without getting Bullied.
With today's demand for homes in Toronto, and our apparent lack of supply, tactics for new entrants to the market require professional knowledge, representation, and in some cases aggressive behavior.
Houses for sale are scarce and potential buyers forced to become aggressive when it comes to getting what they want, when they want it.“It’s the norm now for buyers to be much more aggressive,”
In busy markets sellers plan to review any offers at a set time later in a given week, but buyers are pre-empting that plan with early and strict offers, turning the tables on the sellers and in some cases winning out and canceling the dreaded “offer night”, says Blair Cumming. “In some cases, offers are showing up, with 3 and 4 hours of acceptance time, placing the decision back solely on the seller.”
What is required in these instances is a Professional Realtor to guild you through the process and give Mr. or Mrs. Buyer the confidence for such action. Buying and Selling Real Estate in Toronto has become complicated if you only look at listings and their sales prices.
In years past, bully offers or aggressive tactics such as this would be quite infrequent, and would be dismissed as homes sellers would wait until “offer night.”
The Toronto Real Estate Board reports that listings in the Greater Toronto Area in March dropped 11 per cent from the same period in 2010. Sales slipped 11 per cent year-over-year. The average price, meanwhile, came in at $456,147 which is a 5 per cent jump from March 2010.
Listing inventory is down which is allowing this current climate to continue. However, as the cold air shifts in favor of warm, we’re likely to see more sellers, more inventory, less required aggression.
“For first time home buyers, it can be discouraging”
"Perhaps after the Spring Federal Election we’ll see some increased listing traffic, some warmer weather, and some more relaxed selling vs. buying in Toronto Real Estate."
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Blair Cumming is a professional full-time Realtor in Toronto with Royal LePage Real Services Ltd., Brokerage