Seven Facts for New Home Buyers Toronto
New to the housing market and not sure what you are getting into? You are not alone. Take a look at these facts to help you better understand the market for new home buyers Toronto.
Whether you are in the market for your first place to call home, or selling your house for the first time, entering the housing market can be a daunting experience for those navigating alone. Home buyers Toronto need to be savvy, educated, and have the ability to act fast when things are right. If you are prepared to dive into the world of real estate, take a look at these seven facts aimed at new home buyers Toronto before jumping in blindly.
1. Get a real estate agent
The very first thing you will want to do is speak to a real estate agent. Are you buying a house? A condo? Or are you looking to sell for the first time? Doing your research on what realty company is successful in your desired neighbourhood could pay off with a fast sell or purchase.
Real estate agents are current with the market trends and can aid home buyers Toronto with price negotiations, home staging, and many other things that can come in handy down the line. For those seeking to sell, especially in Toronto, selling on your own can be an uphill battle without having the publicity and marketing that comes with a real estate agent by your side.
2. Take note of the market
Just as the seasons change, the “seller’s market” and “buyer’s market” seasons change as well. Depending which one you are (and there is a chance you are both), it is important to know what is currently happening in the housing market. If prices are relatively low and sellers keep lowering the price to make a sale, home buyers rejoice; this is your ideal market. If condo prices are sky-rocketing, this is a seller’s market as the money made is greater during this time. Knowing the market type can help you either save a buck or make a buck.
3. Take note of the season
In a practical sense, taking note of the literal season can either aid or hinder you in the housing market. In Toronto, November until about March is often a gloomy, snowy wonderland and usually not the ideal time to sell. Potential home buyers Toronto are not wandering the streets and people tend to hibernate, so open houses usually have less foot traffic. The thought of physically moving furniture through sludge and snow is not appealing to a potential home buyer. (However, this is often the time houses are cheaper, so you can weigh your options). When the weather lightens up in April and stays relatively mild until October, listing your home at this time will often result in more passer-byers expressing interest; this is also the time houses are listed at a higher price.
4. Know your budget and get a pre-approved loan
The biggest mistake new home buyers Toronto often make is over estimating what they can actually afford, and the result is drowning in an intimidating mortgage with high rates. Before you start to show up at open houses for penthouse condos downtown, take a hard look at your finances. Is there pre-existing “bad” debt? (Bad debt is viewed as credit card debt). How much can you afford in a down payment? One way to realistically paint a picture of your ideal house price is to get a pre-approved mortgage from a broker or your bank. A pre-approved mortgage means the lender has taken a look at your financial situation and will inform you on how much of a mortgage you are entitled to, and therefore what your ideal total home cost may be. A pre-approved mortgage will show a seller that you are serious, and will keep you grounded in what new properties are worth looking in to.
5. Get a home inspector
Often, people will fall in love with a home and get swept away with physical features. Home buyers Toronto need to “check under the hood” before making a really expensive, permanent purchase by hiring a home inspector to ensure everything is in place. Do your research; not all home inspectors are alike! Hire one recommended by your realtor or your experienced friends (talking to other home buyers in Toronto to get the scoop on who is trustworthy)
6. Consider outside your ideal neighbourhood
If you are one of the many new home buyers Toronto with a specific home, street or neighbourhood in mind, it is often smart to consider a better quality house that may be for sale on the outskirts of your dream location. Maybe you want to be 5 minutes from work or walking distance to your family; the reasons are endless. Home buyers who are tied down to a small radius can often end up spending more than planned for the sake of shaving 20 minutes off of their commute. Pay attention to the expensive parts of town so you know what pockets may be out of your price range, and look at up-and-coming neighbourhoods that may have a fair price tag attached.
7. Sell your home for cash
Are you a home buyers Toronto and having a hard time selling your current home? It can often be tough to look at new real estate listings while being unsure if your house will sell in time. Consider selling your house for cash; thankfully, we are experienced professionals who can offer sound advice and provide you with a fair offer. Fill out the form below or give us a call to discuss what your potential cash offer may be. The process is incredibly simple: contact us below, arrange a time for one of our representatives to visit your house, then we get back to you with a cash offer. You are under no obligation to sell and our professionals will never pressure you to do so. For new home buyers Toronto, your first step to buying your new dream home is to sell yours with us today.