Though we’ve started to see a change in the market, with fewer multiple-offer situations and homes being relisted at lower prices, it doesn’t mean that we are no longer in a seller’s market. While this can be a little discouraging to home buyers, especially those just entering the market, that doesn’t mean that affording or purchasing a home is not within your grasp.
However, this does mean that you and your real estate team need a plan and strategy in place so that you can find and secure your home! If you’re in the market as a home buyer, especially within the Greater Toronto Area such as Oakville, Burlington, and Hamilton, these are some of the tips and tricks we advise you to use.
1. Be Prepared to Act Fast
Things move quickly in a seller’s market, which is why you need to be prepared to act fast. Knowing your maximum budget, your wants, and your needs, along with what you’re willing to settle for is ideal during this time. That way when you find a property that interests you, you can move forward quickly, without feeling overwhelmed or missing out on your chance.
2. Be Informed
Though the current city that you’re looking at may be in a seller’s market, that doesn’t mean that every neighbourhood is going to be or act the same. Stay informed in the areas that you are looking into, to know what’s happening with the sales, number of offers, and price points so that you and your real estate team can come up with a strategy that works.
While it may seem overwhelming to constantly keep up or stay in the know, it will definitely pay off in the long run.
3. Be Prepared to Make a Strong Offer
Luckily, sometimes it’s not all about the money. When moving forward with an offer there are many other things that are considered by the sellers. Of course, the offer price is one of them and is a huge part that is considered, however, if you can tailor your offer to better meet your seller’s needs, you may have a better chance.
That’s why it’s important for your offer to have as few conditions as possible. So, if you can opt out of a home inspection, or ensure that your offer is not conditional on financing, it will help the sellers move the sale forward quickly, which may be in their favour. Of course, we recommend relying on your real estate team for these times of negotiations and decisions, to help protect you and your best interest, while simultaneously putting forth a good offer.
4. Have a Back-Up Plan in Place
As we all saw in 2020 and again at the beginning of 2021, the real estate market can change drastically. This is why it is important to have a backup plan in place so that you can pivot if necessary. Work with your real estate team to develop these plans! By having the ability to pivot, along with staying informed, you’ll have a wonderful chance of securing your home at an ideal time.
5. Be Tough
We’re not going to sugar coat it, working to find a home in a seller’s market, especially one that is ever-changing, is tough. This is why we always tell our clients to have thick skin and to keep moving forward. While it may seem like a never-ending process, your time will come, and it will come at a faster pace than if you stop and wait for the market to change. So be sure to rely on your friends and family’s support, as well as your real estate team, and hang in there!
5. Work with the Professionals
During a market like this, you need a team that knows how to act, plan and strategize for success. That’s why it’s important to work with a real estate agent who knows how to easily navigate this unprecedented market. Reading reviews, going through referrals, and asking potential agents their thoughts and strategies is a great way to find the right one for you!
Of course, our team is also here to help! We’ve been in the industry for over 20 years and have helped many clients find homes during a seller’s market. Feel free to contact us today to discuss your wishes, needs, and wants, and see how we can help you find your home.