Getting a steal in Toronto’s current real estate market is possible. There are many opportunities for buyers if you’re looking for Toronto houses, a real estate agent can help immensely, acting as a guide on your home-buying journey. From showing you houses that fit your preferences to helping you craft a competitive offer and negotiate on your behalf, a real estate accent will provide you with support and knowledge through the buying process.
How to Get a Steal in Toronto’s Hot Real Estate Market
As a homebuyer, you can only hope for one thing: not to get ripped off. Regardless of the current housing market, making sure you pay a fair price is essential. But how do you know if you’re getting a great deal before making an offer? Well, you need someone who can evaluate the price of a home so that you can make an informed investment decision.
When shopping for a property, engaging the services of a real estate agent can make a considerable difference. After all, getting a sense of Toronto’s market is vital to have the right help and who’ll go to bat for you.
A Real Estate Agent Knows the Area Inside and Out
To get you the best deal, a real estate agent will pay attention to a property in the market and pricing history. Whether you’re from the area or not, a real estate agent can provide details about zoning or taxes you might need to be aware of. Separately, an agent knows what houses have been sold recently, what is available for viewing, or what has been taken off the market because they weren’t sold.
Conventional wisdom indicates that if a property stays on the market longer than usual, it might be flawed in some way. But you might be surprised that a beautiful home can be overpriced, so the real estate agent might advise you to swoop in and make a written offer. In addition, they can search for the ‘sold as is’ label or bank-owned or short-sale properties.
Moreover, the agent will help you understand the type of property you can afford in Toronto’s hot market, find listed houses that match your price range and needs, and narrow the options to the properties worth considering. The agent can also target Toronto neighborhoods with lower real estate prices.
A Real Estate Agent Can Set Up Tours
While scrolling through listing photos, it’s not the same as seeing the property in person. The real estate agent will communicate with the owners or the home’s listing agent to schedule various showings. They’ll also tell you anything they’ve learned about the property or seller from that communication. If you find something that suits your budget and preferences, the agent will advise you on how much to offer and what contingencies have to be included in the contract. They’ll also explain the contract terms, answer all your concerns, and walk you through every step of the buying process.
A Real Estate Agent Might Advise You to Buy in the Offseason
If you start your house hunt in March, just like everyone, and close in June, you’ll pay an average of approximately 3.8% on whatever property you buy. That is due to the increased competition from other buyers and momentum often picking up in the spring. Sometimes it pays to wait until others buy.
Instead, the agent could advise you to start the home search around November, when the other buyers take a break and prepare for the holidays. Closing in February can save an average of 7% on your home purchase by beating the spring rush. You can even ask the real estate agent for the worst month to sell and let the negotiations begin.
The real estate agent will constantly update you on the seller’s response to your offer and guide you on the next steps, such as if you should accept the counteroffer or negotiate terms and prices. The agent will likely have an excellent gut sense of whether the house is priced appropriately and what a fair selling price might be. Ultimately, you can lean on the agent if you feel exhausted and overwhelmed by the home-buying process.
While it might be hard to find a house for 40% off on Black Friday, you can search for cheap houses by looking for sold-as-is labels or price reductions to help you through the whole buying process. Find a real estate agent to offer you resources to scout affordable neighborhoods and be your partner in negotiating concessions, repairs, and the price.