Turn Your Stress Into Success When Buying Your Central Toronto Home

How not to put the cart before the horse
The internet is by far the most efficient method of obtaining information to help you in your search for a new home.

Neighbourhood, Neighbourhood, Neighbourhood. Finding the right neighbourhood is completely dependant on what your needs and desires are. Each neighbourhood has its own attributes and only you can judge which one suits your needs best.

From the comfort of your home, you can enjoy the benefits of the internet by “visiting” listings online. Most listings include detailed photos, with some providing virtual (video) tours of both the interior and exterior of the home. This information is extremely valuable in determining homes that you want to visit in person.

The best way get to get the flavour of a neighbourhood is to visit several properties in person. It takes more time but the payoff is well worth the effort. By doing this you get a real feel for the homes in a neighbourhood. Keep in mind that you will always be able to make modifications to your house to suit your needs and lifestyle. However, if you buy in the wrong neighbourhood for you, the solution could be very costly and painful.

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Lawrence Park Homes for Sale and Sold – June 2008

92 Glengowan		105 Stratford		28 Glengowan		128 Buckingham

There are 25 homes available for sale in Lawrence Park. Inventory of homes for sale has increased since last year. This neighbourhood is shifting from a sellers to a buyers market. However, prices are holding strong.

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Leaside Homes for Sale and Sold – June 2008

209 Randolph		19 St Cuthberts		434 Sutherland

There are 38 homes available for sale in Leaside. Inventory of homes for sale is slightly higher than in previous years. The Leaside market continues to show very strong demand from buyers, and it continues to be a seller’s market.
 
In May of 2007 there were 31 homes sales in Leaside, compared to sixteen sales in May 2008, representing a 30% drop. The average price was $859,706.  Six out of the sixteen properties sold received a selling price above the listed price. The lowest price was $474,500 and the highest sale price was $1,700,000. The highest sale received 113% of the listed price and the lowest got 90% of the listed price. 

The average selling time was 12 days. Only one home sold in one day, and the longest took 39 days. The homes shown here are MLS listings by various broker companies, sales representatives and broker members of the Toronto Real Estate Board. For more information on any of these homes send us an email. 

How to Win the Bidding Wars When Buying a Home in Toronto

While the real estate frenzy has slowed down in most areas of Toronto, there are still prime neighbourhoods where as a buyer you may run into bidding wars. 

It may sound harsh, coy or immature to call the process of buying a home a game. But when the market is overheated, that is precisely what it turns out to be.

Having inside knowledge on how to “play the game” can make the difference between frustration and disappointment or being able to purchase the home of your dreams without paying too much.

Make an offer without conditions. No, this is not advice for financial suicide. If done properly, you will see there is little or no risk in having an offer with no conditions.

Get pre-approved for mortgage financing, not just pre-qualified. Now you can proceed with an offer without financial concern.

Have the home inspected BEFORE presenting your offer. At most this may cost you a few hundred dollars if your offer loses out. However, it will likely cost you to lose the house because you insisted on having this condition in your offer. By doing a home inspection prior to offering you eliminate any concerns you have about the integrity of the house. You also show the seller that you are a serious buyer. 

• Make as large a deposit as you can and certify your cheque, if at all possible. If you ask, you will receive interest on your deposit until closing date.
• If you are able, give a closing date that the seller prefers.
• Do not ask for any extras not specified in the listing.
• Respect the seller’s wishes regarding items the seller wants to keep.

Do not buy the house through the listing agent. This is known as “dual representation”. I do not represent a buyer if I have the home listed with the seller. To me this is simply a conflict of interest.

I cannot serve two masters who have entirely opposite goals. If you really think about it, one fact always remains… the seller wants to sell at the highest possible price, while the buyer is looking to buy at the lowest price. This is not new, just reality.

Be prepared to lose one or two bids. If you are determined and your agent is working closely with you, you will find your dream home.