The Toronto Market has always shown a shortage of desirable houses due to the fact that there is no space for new developments. This causes in some neighbourhoods a bidding war even in the winter months. If a house is priced correctly it will usually spawn the dreded bids and disappointments for some. Even though there is a shortage of houses out there but here are a few easy steps to make sure that you are not going to regret buying a house in this market!
1. Hire a Real Estate agent you trust. Making sure that your agent is someone who is looking out for your best interests is not looking to get a quick sale under his belt. Usually in a heated situation an agent has more power to persuade you and not point out the negatives in a house. A good agent will give you both the pros and cons when looking into a house. Bad agents do not give you the cons.
2. Make sure you do not remove a home inspection clause. This inspection is there to protect you and give a professional a look at the house you are buying. Sometimes this clause is good because it will cool you down if you win a bidding war. A few days to think about your purchase might make you think different about your purchase.
3. Don’t buy your new house before selling your old one. This causes people who need the money from the sale to drastically reduce your price immediately because of the desperation. Its sucking you into a bad deal in reverse.
4. Look for houses that might need some renovations. Most people want to walk into a house that is completely finished and don’t want to lift a finger. Here’s the thing, you can hire someone to do the work and incorporate that work into the purchase price. You don’t have to do the work. Let the professionals do it the way you want it. Houses that need renovations tend not to go into bidding wars and tend to stick on the market, chances are that you’ll be able to get a better deal.
5. Don’t listen to Listing Agent or Owner Noise! Many times, agents and home owners selling their own homes give you a load of crap when trying to negotiate. Try to filter through the crap and stick to your guns in the negotiation. The truth of the matter is that if you don’t get their house, there will be plenty more to choose from.