Anyone looking to buy a home in Toronto will want to know anything they can do to get the edge on their competition – especially given how hot the market it and how it really doesn’t show signs of slowing down.
While it is true that you can always find a deal or two during the dog days of summer or the coldest months of winter, selection will be limited and you will have to fall in love with whatever is on offer or wait until the busy selling season starts.
One of the best least known ways to close a deal in a hot market without too much competition is to make an offer on days when no one else would even consider being in the market – Easter, Christmas, Thanksgiving weekend and Labor Day – in that order.
While it might seem sacrilegious to suggest making an offer on a holy day, for non-Christians, the first two are just regular days and open for business. Most people would rather be celebrating with family and friends but if you want to jump the queue and get in at the front of a line on a new listing, then making an offer when no one else is likely to do so is the best way to do it. By making an offer on a holiday day or weekend, the sellers are going to be in a more open and receptive mood and are more apt to entertain all kinds of offers.
Other tips for buying in a hot marketing include:
Having all of your finances in order. Make sure you are pre-approved for a mortgage so that sellers can see that you are serious and have come to play.
Know what you want in a house and be prepared to make an offer when you find it. Waiting for even a day can push you to the back of the line and drag you into a bidding war.
Showing the sellers that you are serious by scheduling a home inspection and providing all of the necessary paperwork.
If you find yourself in a bidding war, make the seller’s life easier. Offer to pay their closing costs, offer to take the home off their hands sooner if needed, offer to rent it back to them if they need to find a new home themselves; in short do whatever necessary to get the edge on the competition.
Finding a house in a sizzling market can be tricky and sometimes heartbreaking, but knowing how to go about securing your dream home can mean homeownership regardless of the hurdles.