4 Toronto Real Estate Buying and Selling Tips
The Toronto housing market has been nothing short of frantic recently, with bidding wars and bully offers becoming the norm.
It's not uncommon to see a property sell for hundreds of thousands of dollars more than the asking price these days, and the fast pace of the market can make buying and selling a stressful experience. The soon-to-arrive spring housing market is expected to be hotter than ever.
However, Rahim Khalifa, an agent with Properly, a real estate company whose mission is to simplify the home-buying process, believes that navigating the real estate market doesn't have to be so stressful.
"What I really enjoy about real estate as a profession is assisting in the alleviation of that stress," Khalifa says.
"I enjoy assisting clients with any needs they may have, whether they are buying, selling, or doing both."
Here are a few pointers from Khalifa to help you navigate this difficult market and find your dream home:
1 - Conduct your research
Before you begin looking at properties, consider your desired location and the style of house that best suits your needs.
Is it an apartment, a townhouse, or a detached single-family residence?
Do you prefer a new home or a fixer-upper?
You should also prepare your financing, such as obtaining a mortgage pre-approval and setting aside funds for a deposit, so that you can act quickly when you come across a gem of a property.
"Focus on these as soon as possible," he advises.
2 - Data can help you with your search
According to Khalifa, market data can assist buyers and sellers in making informed decisions, particularly when it comes to pricing a home for sale or submitting your best bid on a potential future home.
One method is to use a tool like Properly Home Search, which provides you with all the information you need on any listing, such as the listing price, sales history, estimated sale price, and neighbourhood statistics such as demographics and commute times.
You can also compare sales data for any home in the GTA using the Properly Home Search tool.
3 - Understand where prices are trending
There are resources available to help you get a sense of where the market is headed.
One of these is the Properly Instant Estimate, which uses artificial intelligence to provide free, accurate home price evaluations.
"If you're looking at a specific condominium or home, you can use this tool to see where prices are trending," Khalifa says.
"It'll show you the most recent comparables that sold."
So it's not just a number; it's backed up by actual examples that you can look at."
You can use Properly Instant Estimate to determine whether a property's list price is an accurate reflection of its value.
This estimate is constantly changing based on recently sold properties in the area, so it can also help you decide when it's time to sell.
4 - Purchase before you sell
Selling your old house first and putting yourself on a timetable to buy a new one can be a stressful experience.
However, Properly's Sale Assurance, according to Khalifa, can help to alleviate that stress by allowing you to purchase a new home first.
Properly will provide you with a figure that you can bring to your lender using assessments conducted by their team of pricing analysts, allowing you to access your equity and secure financing.
"What we're offering is peace of mind with Sale Assurance," Khalifa explains.
Buyers can use Sale Assurance to focus on their search for a new home before focusing on selling their old one.
And, while buying and selling a home in Toronto this spring may still be an adventure, Khalifa believes that your dream home is still within reach.
In fact, using a service like Properly may even make the experience more enjoyable.