Right now, our market is considered a low inventory market. That means that there are considerably more buyers (demand) than there are properties for sale (supply). And that means it’s a challenge to buy a home these days.
But don’t worry. With a little patience and flexibility, it’s possible! I also recommend doing the following to get a house right now:
1. Work with a buyer’s agent. A real estate agent will make your life 100% easier and it’s free to you! Sellers pay agent commissions, so you get all the support, experience, and guidance of a real estate agent at no additional cost.
2. Set up new listing alerts. If there’s an area you have your heart set on, set up listing alerts through your agent’s app. You’ll get notified as soon as new properties hit the market so you can be the first to snatch them up.
3. Look for coming soon signs. It’s worth the time to drive around your desired neighbourhood and see if any properties are coming on the market soon.
4. Expand your parameters. Flexibility is key in our market right now. By expanding your criteria, you might find the perfect home that you wouldn’t have considered before when you were focused on meeting a few parameters.
5. Think about new construction. People used to think of new construction as a luxury, but now many new builds are running in the same price range as established homes. Look to see if there are any new builds going up in your area–but keep in mind that a newly constructed house will generally take longer to get into because it has to be built.
6. Check back on listings. Always save the properties you’re interested in, even when they go off the market. They might be back up later! Sometimes sales fall through and you can grab a second chance at buying the property.
Buying a home right now is doable! It just takes some perseverance, flexibility, and patience. And of course, a good agent on your side can never hurt!
If you want to jump into our market and find your next home, call me TODAY!
Karla Saa
CNE | Broker
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D: 416-881-3770
karla@hometap.ca
