3 Tips for Buying a Home with Limited Inventory
Tags: Toronto, Real Estate, House Prices, 2022, Update, Investment, Investing, Property, Sellers, Buyers, Down, Market, Capitalize, Tips, Inventory
The housing market has been rampant for the past few years, and although the increased interest rates have slowed the runaway prices, it hasn’t made it much easier to purchase a home. The seller’s market is here to stay for the foreseeable future.
We’ve prepared a few top tips to help you navigate the ongoing seller’s market. While following these tips won’t guarantee you’ll find and purchase your dream home, they will help you optimize your search and increase your likelihood of success.
Make a Sweet Deal
High demand means sellers want their house to go quickly for the best price with the least hassle. This means that being able to move quickly, having your finances in order, and being flexible could give you an advantage over other buyers.
Here are a few ways to help you “sweeten the deal”:
- Get pre-qualified - Have your finances ready when you start looking so you can make a qualified offer immediately.
- Be ready to move - Have your current home ready for sale or rent so you’re prepared to go.
- Be flexible - This includes flexibility with your timelines, the style of home you're looking for, and the location you’re looking in.
Have an Open Mind
It’s essential to have a clear list of what you must have and why. Knowing what you can live without, what is worth exchanging for something else, and what you’re willing to remodel later can help you land a great price or that perfect location.
What matters most? This is personal to you and your family’s life stage and circumstances, but usually it includes:
- Location - A bad-fit neighbourhood, school district, or long commute is hard to work around. You may sacrifice some of your wish list to nab the perfect location.
- Type of home - you may have only been looking for turn-key homes only, but fixer upper homes are often more affordable and it allows you to customize your home so it's the perfect fit for you and your family.
- Price - Unfortunately, sometimes our ideal home is simply out of financial range. But options such as renting out the basement floor can make your dream home more realistic.
Hire a Realtor
The 2020s have brought a DIY attitude to just about everything. People want to save time and money while increasing flexibility, so why not buy a house yourself? The answer may surprise you.
Research shows that homebuyers who hire a realtor to help them purchase a home often pay less, have a wider range of options, and get into a home faster. So, what do realtors do that is so unique?
- Experience. Realtors have years of experience with buying and selling homes and know how to navigate the purchase process in different kinds of markets.
- Information. Realtors have extensive access to more home listings such as exclusive listings, off market properties, and properties in areas you may not know about or haven’t thought to consider.
- Connections. Realtors have relevant networks that can help you leverage the best deals across the entire home-buying process. This includes other agents, contractors, real estate lawyers, previous clients, lenders, movers, and more.
Burned Out from Your Home Search? Don’t Give Up!
The Toronto area is thriving, but entering this real estate market can be challenging, especially for first-time homeowners. At Adelson + Weiss, our team of realtors is dedicated to helping you navigate this high-demand market to find your perfect place for the right price.
So call us today to set up an appointment, and let’s get you settled into your dream home.
References:
https://www.bankrate.com/real-estate/should-i-buy-house-without-realtor/
https://www.investopedia.com/financial-edge/0410/the-5-factors-of-a-good-location.aspx#:~:text=Location%20is%20key%20to%20valuable,well%20as%20plans%20for%20development.
