Why Now Is the Perfect Time To Buy: Insights From Our Team
Right now, Toronto's real estate scene is buzzing with opportunity, making it the perfect time to make your move!
Our team, armed with in-depth knowledge and keen market insights, share their own expert advice on why buyers need to get into the market as soon as possible. This is more than just advice; it's a gateway to potentially lucrative opportunities in one of Canada's most dynamic real estate markets.
Fran Bennett | Senior Vice President, Sales
Today presents a wonderful opportunity for buyers to experience a market that has shifted from the seller to the buyer's favour. It is the first time in many, many years that we have experienced this. The shoe is on the other foot, so to speak, and buyers have more power to negotiate not just the price, but making an offer conditional on inspection and even financing.
What is the best single piece of advice you'd give buyers right now in the current market?
Don't wait to buy.
Properties actively listed now are offered for sale by sincere and motivated sellers. The market can shift overnight and opportunities may not return.
Lindy Goodman, Sales Representative
Best piece of advice regarding buying in the condo market right now.
Be patient and sensitive. Sellers are still thinking that their condo is worth more than the current market dictates. We have lived through more than a decade of increasing prices, and now that trends have reversed, sellers are finding that the profits they were expecting have been reduced or, if they bought recently, have vanished. They could come around, but it might take some careful negotiating.
Aileen Halpenny, Sales Representative
Purchasing a home in a buyer's market is the perfect scenario for potential homebuyers because there is little to no competition in the market. You have more leverage to negotiate terms that benefit you. This can include terms such as a longer close, including certain chattels in the agreement, home inspections, etc. In a less chaotic market, a buyer can take the opportunity to make sure they are comfortable and happy with their home purchase versus feeling rushed and under pressure.
What is the best single piece of advice you'd give buyers right now in the current market?
I advise buyers to start their search as early as possible, expand their criteria set and explore their search in other neighbourhoods. Having more data in the arsenal makes you feel comfortable knowing you made the right decision.
Nancy Lee Jobin, Sales Representative
If you are a first-time home buyer, you are probably in the best position to buy in the next couple of months. Having no property to sell will allow you to make an offer without having to worry about selling your existing home. Your ability to close faster may be an asset. Sales will continue to slow down in December and January so properties that have been on the market for a few months may be open to negotiating their price.
Dwayne Evens, Broker
This is a great time to buy because we are expecting interest rates to start decreasing. The market has many sellers and few buyers, giving buyers the luxury of taking their time and not fighting bidding wars. Typically this is the time of year for deals as we head into the new year, but this year particularly, there is a lot of supply and sellers who are extremely motivated to sell.
What is the best single piece of advice you'd give buyers right now in the current market?
The best investment is a home that you love and feels great coming home to every night. Don’t settle for anything less.
Nimmi Bhatia, Sales Representative
Buying real estate now can be advantageous for several reasons, creating a favourable environment for buyers:
Negotiation Opportunities: During periods of less competition, buyers often have more negotiating power. This can lead to favorable terms, such as a lower purchase price or more flexible payment arrangements.
Comfortable Decision-Making Pace: With reduced market pressure, buyers can take their time to thoroughly evaluate properties, consider their options, and make well-informed decisions without feeling rushed.
Conditional Offers: In a less competitive market, sellers may be more open to accepting offers with conditions. Buyers can include conditions in their offers, such as home inspections or mortgage approval, providing added protection and flexibility in the purchasing process.
Reduced Competition: A lower number of buyers in the market means less competition for available properties. This reduced competition gives buyers more leverage in negotiations and decreases the likelihood of bidding wars, allowing them to secure properties at potentially more reasonable prices.
It's important to note that market conditions can vary, and these advantages may not apply universally. Local economic factors, housing inventory, and other variables can influence the dynamics of the real estate market. It's advisable for buyers to stay informed about current market conditions and work with real estate professionals to navigate the specific nuances of the market in which they are interested.
Joanne Hamblin, Sales Representative
Sellers of luxury properties would like to sell before the new tax kicks in on January 1st, so most will have sale price flexibility. This is an opportunity for buyers.
What is the best single piece of advice you'd give buyers right now in the current market?
I advise buyers to be patient, to sell before they buy and to trust the guidance of their realtor.
