The market remains brisk in the Toronto and Greater Toronto area due to a lack of inventory… not enough houses on the market right now. That along with the low interest rates, makes it a Seller’s market right now… too many Buyers.. not enough listings. Great situation for Sellers but if you are a not selling a property and are a first time home buyer, you must be careful not to overpay on a home you are submitting an offer for.
I have had many buyers who refuse to even participate when this occurs, but they could be missing out on an opportunity to buy the home they want. Just because there are multiple offers doesn’t mean you have to over spend…I counsel my Buyers to put forth their best offer that falls within their budget and comfort level. Since the other offers remain confidential, everyone is on an even playing field.. so no one knows what the other offers are.
If you find yourself in that situation, you have to try and submit the cleanest offer possible, and by “clean” I mean an offer with the least amount of Conditions possible. If you have already been pre-approved and your numbers are secure, you may consider removing the financing condition to make your offer more appealing to the Seller.
Try to make your offer as appealing as you can to the Seller… give them the closing date they are asking for. Let them know you are serious by submitting a substantial deposit with the offer. Stay within the boundaries of inclusions and exclusions listed on the MLS Listing.
Normally I would recommend a house inspection in every instance, but if the property is relatively new, say 10 years and under, and you go through the home to see its general condition, and it looks like its been well care for, you could also consider removing this Condition, but again that is the Buyer’s sole decision.
When buying a Condominium or Condominium Townhome one Condition that is must is for your lawyer to review the Status Certificate. This document has a wealth of information in it, i.e. the amount in the reserve fund, when the maintenance fees will elevate, are there any special assessments being levied in the near future, are there any lawsuits pending against the corporation, is there sufficient insurance on the exterior of the buildings and common elements… These are all important things your lawyer will review for you.
In summary, if you find there is another offer in addition to yours… submit your very best offer the first time, as you may not get a second chance. Stay within your budget and what you can comfortably afford… you just never know.. your offer could be the one that is ultimately accepted!
I live and work in STREETSVILLE and have a vested interest in property values here. Are you considering buying or selling or know anyone who is? Give me a call for a complimentary evaluation of your home in this changing market. (416) 717-6331.
When you choose me to handle your real estate needs, you are choosing a real estate professional who cares about you and your family, and who will listen to your needs, work together with you, and protecting your interests to achieve your objectives.
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