The first month of 2021 has just started and the real estate market is booming!
More than ever, we get a question from our clients :” Is it a good time to buy now ?”
Here what we can tell you.
At the moment, it is a very strong seller’s market at the segment of freehold homes of any type in Toronto and GTA .
Due to pandemic, many people realized how important the home ownership is with the necessity of working from home and kids’ online education .
For some families, it can be 24 hours a day spent together in the same territory. In condos or apartments the space is very limited. And many, who have an opportunity to move to a house, decided on house hunting outside Toronto in all directions of GTA.
At the same time, the inventory of homes for sale decreased dramatically and as always when the demand is much higher than supply, the home prices are crawling up daily .
Now most homes are priced below the market value and hold offers till certain date to attract a maximum amount of buyers to put multiple bids on the home.
This strategy works great for the sellers in the market like this, as it gives them the opportunity to get multiple offers and choose the best conditions including the highest price, a preferable closing date and accept only firm offers.
However, this strategy is very deceiving, disappointing and frustrating for buyers. It is difficult to purchase a home at this time and win all the competitors. Once the home is listed, the showings are back to back and who have seen the home first, get more chances to put a pre-emptive(bully) offer. Most offers come with no conditions of financing and home inspection that also put the buyers at a high risk. But it is what it is. Low supply creates a demand, and we need to work with what we have.
If you have been considering listing your home for sale, do not postpone- it is an excellent time to do it now to get the highest price and sell within days.
If you are house hunting, as they say – the best time to buy was YESTERDAY, but there is always a chance. 🙂 So get your finances in check, make sure you hire a proactive and fast realtor to be the first for showings and be emotionally prepared to participate in bidding wars. Your home will wait for you.
If you would like to talk more about selling or buying strategies at this market, feel free to reach out directly 647-833-3287
Yours, Nikolay and Tatiana