If are looking for the best real estate deals in Toronto, be clear about one thing, bargains are usually easier to come by in a soft real estate market. When the economy is in a recession, and homeowners, builders and condominium developers are desperate to move their inventory. Often this is the best time to locate a below-market property. Our neighbors to the south are experiencing this kind of market right now – especially hard hit are markets like Florida, Arizona, Nevada, California , and the mid-west.
Possible targets can include foreclosed properties, fixer uppers, and hard-to-sell new homes in a housing development. It takes time and determination to locate these properties, which can be incredible deals or money pits that require more work to make them livable than you anticipated. Ensure that if you are planning to fix up a home that it is within your capability and budget. Again, your agent can offer you guidance to help you make a decision.
Aside from having a handle on general market conditions, your agent may know if the seller is experiencing a divorce, an impending foreclosure, a financial crunch, or is just tired of having strangers walk through their home. Additionally, your agent may also have professional insight as to whether the property was marketed correctly to attract the right kind of buyers. Armed with this information, he can help you make a realistic offer that will be accepted and by which both the buyer and seller will benefit. The best deals are often had when a seller is desperate or motivated. If you can make a compelling offer from a strong financial position, this may be the opportunity to get the best deal. Again, look to your agent to help you negotiate the best deal.
It may be fun to try to time the market for “best value,” but such a scenario could backfire. For example, I know of a situation where the individual thought the market was going to crash, and waited several years to buy a home. Much to his chagrin, prices continued to rise, and he ultimately gave up and bought at a higher-than-expected price.
What constitutes a great deal is finding a place that suits the overall needs of your family at a reasonable price. If you can see yourself being comfortable and personalizing your new home affordably, then you have probably made a great deal.
Buy aToronto home when your circumstances dictate, and buy based on value. As your Toronto Realtor®, I am eager to find you an AWESOME deal based on your needs. I want you to get the best value on your home - even in our hot market. Please check out the details of my Awesome Asim VIP Home Buying Program on my website.
Please read our next blog for insights on the next steps in buying a home.