They say timing is everything in Real Estate - make sure it's your time. Not just the market!
Last spring I witnessed some pretty incredible real estate transactions. I watch the MLS like a Stock Broker watches the ticker tape. Sometimes I couldn’t believe what I was actually seeing. Houses selling for 100k over list..or more! 500 sq ft. Condos selling with multiple offers. It’s amazing how supply and demand worked in perfect harmony to turn the Toronto Real Estate market into a feeding frenzy.
I work with a lot of clients, and have sold many houses and condos in downtown Toronto. But, I have never worked with, nor advised any of my clients to participate in a full on bidding war nor do I suggest they wait for a slower market either. Simply put, Real Estate is not just about timing, it's about when you are ready! I suppose I understand why a Buyer would at times offer a huge sum over the list price…true love, rare location opportunity, house of their dreams etc...If you love a house (and don’t care that you have overpaid for it), your in it for the long haul and you’re happy, then good for you. But if you find yourself searching and holding back for months while anticipating a drop in prices, you are 'chasing the Real Estate Market' !
Unfortunately, too many Buyers have the same mindset - they are waiting for the prices to drop and what do you think is going to happen when they all start buying again? Well, demand will outstrip supply and this same group that were waiting for savings, will actually drive the prices back up in the next cycle. Buyers drive up prices, not Sellers.
Generally speaking, there are two seasons in real estate (spring and fall) but there is no date in the calendar saying when the prices are at their lowest. Average 'price rising' is a fact for a city that continues to grow. Toronto is no doubt a 'local market' and differs highly from national forcasts.
In a nutshell: Don't 'chase the real estate market' and buy when you are ready!
Looking to sell or buy this fall? Need some profesional advice? What are your real estate options?
How may I help you today? Direct line: 416-219-6662
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