Are you a big fan of condo living? Have you been dreaming of the perfect unit? As a general rule, the best time to buy is when you’re ready. Having said that, many potential purchasers aren’t sure how to approach the market right now. The good news is, in this time of uncertainty, there are some steps you can take to make the most of your money—and help ensure that your condo-buying dreams become a reality.
If you’re ready to purchase a unit, here are a few tips for making current conditions work for you…
1) Understand the market
In Toronto’s condo market, sellers often have the upper hand. Not so at the moment. Due to the pandemic, many urban dwellers are anxious to sell their units in exchange for square footage in the suburbs. Not only that, but the introduction of the short-term rental registry has a lot of Airbnb operators ready to put their condos on the market. Put simply, there’s more inventory for you right now—and by extension, less competition. So if you’ve been hoping to find your dream unit at a reasonable price, this might be your moment!
2) Get your finances ready
When you want to buy a condo, you should be prepared to act fast. Sure, the market is in your favour right now. But it’s always a good idea to set yourself up for success financially. To start with, you’ll want to obtain mortgage pre-approval. Once you know how much financing you’ll likely receive, sellers will be more inclined to take you seriously—which means you’ll be well-positioned to make an offer once you find the right condo. Don’t forget to ensure that your deposit funds are easily accessible!
3) Know your limits
Do you know how much condo you can afford? Have you looked closely at your income and ongoing expenses to determine your price range? The good news is, now is a great time to set boundaries. When you’re one of several buyers in a bidding war, it’s all too easy to get caught up and offer more than you intended. Fortunately, with market conditions in your favour, you can probably take a little more time—and a firmer position—than you otherwise would.
4) Understand the numbers
No matter when you buy, working with a knowledgeable real estate professional is the key to a successful purchase. Right now, you’re well-positioned as a buyer. Your agent can help you make the most of it by analyzing and leveraging local sold prices. From there, it’s a matter of selecting a range you’re comfortable with. When the numbers support your offer, you’re in a better position all around.
5) Work with a negotiations pro
The truth is, many local sellers don’t understand how conditions have shifted since they purchased their condos. They may have trouble accepting the fact that they’ll likely have to sell for less than expected. Fortunately, the market is on your side (and so is your agent). A skilled local professional can help you craft the right offer—and help you secure a price and conditions you’ll be happy with during the negotiation stage.
Ready to find your ideal condo? We can help in any market. Get in touch to learn how we can help you take your next step!
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