by Greg Parker
For many of us, buying a home is one of the most important financial decisions we will ever make in our lifetimes. As most investors will agree, the success of a real estate investment is determined when you buy, not when you sell.
Finding the right property that ticks all of your unique boxes is challenging enough. Considering market conditions, competing offers, neighbourhood trends, schools, and the necessary clauses and legal jargon, the process can be overwhelming.
In a large, competitive market such as Toronto, your success as a buyer is directly related to your buying strategy. Here are a few signs that your strategy may not be working as planned…
1) Properties are selling faster than you’re able to get organized, view them, and confidently put in an offer. Automate through technology to get instant notifications, leverage a team to do the legwork, and be on alert to cut down your response time.
2) The offers you’re putting in aren’t even being signed back.Make sure that your agent is a skilled communicator and has a good understanding of the seller’s expectations. Every transaction has to be a perceived win-win for all parties or you’re going nowhere!
3) You’re consistently losing out in multiple offer situations. Understanding proper market values is critical. Be realistic with what you can afford, and stick to the type of properties and locations that are actually attainable. If not, you’re shooting yourself in the foot and wasting valuable time.
4) You’re finding out about ideal properties AFTER they’ve sold. Were you clear about your expectations with your buyer agent? One missed property could be a mistake – beyond that, there is a miscommunication somewhere in the process.
5) You and your spouse or partner can’t agree on your ideal property details. This is an indication that another consultation is in order. You won’t achieve anything if the entire team isn’t focused on the same target.
6) The stress of NOT finding the right home is greater than the excitement of finding it. You don’t want to feel bullied or pressured into a purchase. There will be some stress, but you should still feel hopeful and optimistic along the way.
7) Communications with your agent have ground to a halt. Don’t call me – I won’t call you. If you’re buyer agent is avoiding you, its time you start seeing other people…
Buying a home can be one of the most exciting and rewarding experiences…and we’ll be there to guide you through the process from start to finish.