One of the first steps in a big move is deciding what type of house you want and where you want to live. The next challenge is to find a home in your budget range that fits the bill.
In some markets, listings are plentiful and you have your pick of the best. Other times, the options can be a little more scarce. Or you may have something so specific in mind that it’s tough to come by in any situation.
What can you do? In this post, we’ll talk about some creative ways to find the house of your dreams.
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Traditional Channels Are Just the Beginning
Visiting open houses or searching for sale signs can work, primarily during buyer’s markets when many homeowners are selling. These tactics can also be hit and miss.
In a seller’s market, many listings go too quickly. You might not have a chance to find the right house and negotiate the terms of your purchase.
In short, if you are not particular about what house to buy or where, or if you’re really lucky, or if you are in no rush whatsoever and are happy to wait until an opportunity arises, you can rely on open houses and visible For Sale signs.
A more popular traditional path is to work with a real estate agent. Not only do you get expert representation during one of the largest investments you’ll ever make, but you’ll also expand your horizons beyond what you could find on your own.
When you know where you want to live, you’re well on your way to a successful home purchase. The posts below can help you narrow it down:
- These Toronto Neighbourhoods are Perfect for a Fresh Start
- Up and Coming Neighbourhoods for Families
- Top Dog-Friendly Neighbourhoods in the West End
The Value of a Network
The benefit of having a real estate agent go to bat for you isn’t just for access to the MLS®. It’s also because of the massive network they bring to the table. Often, this includes tradespeople and contractors, which comes in handy after you get the keys to your new home.
Even more importantly, this expansive contact list can help you find the right listing to begin with. For example, let’s say you’re looking for a detached house in the Riverdale neighbourhood that is more or less move-in ready.
Immediately, your agent will check the MLS® for everything that meets your criteria. However, the important thing is that we’re not going to stop there. Keep in mind that some niche real estate services specialize in their own neighbourhood by becoming a fixture of the community.
They know who is planning to sell and when, not through traditional marketing methods, but through chatting with local residents. Homes for sale in these areas are known as “pocket listings.” If your own agent is well-connected, you could be among the first to know about them.
Your Realtor ® will also keep an eye out for expired listings. A home was on the market at one point, but the owner either removed it or the listing agreement expired. In some cases, they may still want to sell; they just don’t want to go through the process again.
A homeowner whose property remains unsold might be open to an offer. Opportunities like these can fly under the radar, unless your own Realtor® is watching for them on your behalf.
Searching for your ideal new home in the vibrant City of Toronto? Start with our featured listings.
The Hidden World of Private Sales
Private listings might arise through real estate agents whose clients have exclusive listings. No sign goes up on the yard, and by all indications, no one would know that the house is even for sale.
Homeowners may have various reasons to go this route. Perhaps they’re a public figure and are hoping to avoid unnecessary attention. Or they may simply not want people to know they are moving.
Whatever the reason, the listing does not show on the MLS® or through any of the usual public channels. The only way to find it is through a real estate agent with a network.
Note: if the listing agent does advertise, the home must then go live on the MLS® within three days. Nevertheless, having a Realtor® of your own gives you a three-day advantage.
Looking for even more tips on what to look for, when, and what resources are available when buying your first home? Check out the posts below:
- Living Your Loft Life in Toronto
- Why Now Is the Time for Toronto Buyers
- How the Government is Helping First-Time Buyers in Toronto
Be Ready to Act
With a smart strategy that keeps your options open, the right home might appear before you know it. Your job is to be ready to act when the opportunity comes.
First, connect with a real estate agent with experience in helping buyers in the area you are interested in. This gives you the best chance to discover all opportunities, both hidden and on the MLS®.
Before you begin visiting potential homes, you’ll want a detailed checklist of what you want and don’t want. This will save you time and let you zero in on a worthy contender as quickly as possible. Lastly, be sure that you’ve arranged your finances beforehand.
Set aside a down payment and deposit in an account that you can easily access. While you’re at it, visit a lender and get a mortgage pre-approval early in the process.
When all of these pieces come together, you’re in a position to make a strong offer. That perfect new home could soon be yours!
Are you ready to start your house hunt in Toronto? Reach out to us at erica@ericareddy.com or call 416.443.0300, and we are happy to help you find the perfect fit.
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