Moving from one home to another can create mixed feelings in anyone. On the one hand, it’s exciting to have new experiences and surroundings to look forward to, especially in a city as exciting as Toronto. On the other, it can also be a stressful and time consuming process.
Often, it seems just as complicated to move to a house on a block five minutes away as it does to relocate across the country. Once the last box is unpacked, some people solemnly swear, “This is it! I’m never moving again!”
However, none of us ever know where life may take us next. You might get a new job offer that is simply too good to pass up. Or perhaps you’ll want to move closer to your family or friends one day.
If a big move is on the horizon for you, the tips below can help streamline your transition and create a positive experience for everyone involved!
What to Know Before Buying or Selling
There are a few housekeeping items to take care of before listing your existing home or searching for your next place to put down roots. The questions are endless, and you may be wondering what to do first. When in doubt, it never hurts to begin with some market research. Knowing whether we are in a seller’s market, buyer’s market, or balanced will help to guide your next steps, such as deciding whether to buy or sell first.
However, Toronto’s housing market can change quickly. It is driven by high demand, low supply, yet conditions still fluctuate based on other economic factors. The idea is to get enough information to feel empowered throughout your journey instead of being overwhelmed or paralyzed by over analysis. One secret many people aren’t aware of is that as long as you buy and sell in the same market, you don’t have to worry about the ever-fluctuating peaks and valleys of housing prices.
Connecting with an experienced real estate agent early in the process is one way to capitalize on all of your strengths no matter what the market is doing. With expert guidance, the entire process of selling and buying can become as seamless and stress free as it is successful.
Where do you start when there are so many agents available in Toronto? Learn all about how to choose the right real estate agent right here.
Getting the Best Value as a Buyer in Toronto
Now that you understand more about the market overall, it’s time to dive even deeper into each stage of your move. How do you get the best possible value when buying your next home?
Like so many things in real estate, it starts with being prepared and informed. One of the best first steps is to get a pre-approval for a mortgage. This gives you a clear picture of how much you’ll be able to borrow, which in turn allows you to create a realistic range for your budget. If the market gets competitive, a pre-approval gives you an advantage over other buyers because you can act quickly, possibly even dropping the condition of financing. Since sellers love a firm offer, yours will stand out over others.
After your budget is set, you can think about what you want and need in your home. Detailed but flexible criteria saves you from spending time evaluating houses that are not the right fit while narrowing your focus to those that feel like they were made just for you. When working with a local Toronto real estate agent, you can often get access to unadvertised or undervalued listings you might never have otherwise found.
Where should you look for your next Toronto home? A few of our neighbourhood highlights below can help you narrow it down:
- Up and Coming Neighbourhoods for Families
- Top Dog-Friendly Neighbourhoods in the West End
- Our Favourite Neighbourhoods for Downsizing in Toronto
Sellers: Prepare for Outstanding Success
Realistic expectations are essential if you want to experience a seamless transition to or within Toronto. Housing prices are already high, and there are quite a few ways you can increase the value of your listing even more, such as thorough cleaning and making strategic upgrades. However, current market conditions are always the driving factor in how fast your house sells and for how much.
Over or underpricing for the market is among the most common mistakes by homeowners looking to sell in Toronto. This is why that initial market research is essential. How can you know what your listing price should be to attract the most attention from the most qualified buyers in a market that changes so quickly? A local real estate agent can provide you with a Comparative Market Analysis.
We start by assessing the condition, size, age, and location of your home. Then we compare it with statistics from the most recent sales of similar properties in your area. Once we know where you stand, we can look for the countless small ways to make your listing even more attractive to potential buyers.
A solid foundation of market research combined with effective marketing and negotiation are all key components of a successful sale. Each step is worth a little extra time and effort, especially when upgrading your family to a more spacious home or to a brand new location.
Are you ready to maximize your results from selling your Toronto home? The posts below can help:
- Secrets of Selling When the Market Is Not on Your Side
- Is Staging Your House to Sell Still a Good Idea?
- Selling Your Home? Here’s How to Maximize its Value in Any Market
Keep Your Eyes on the Ball
Once you have accepted an offer or a seller has accepted yours, it feels like you are on the home stretch. Now you can take care of the more straightforward details such as arranging for a mover and packing up your belongings. However, it’s critical that you don’t take your eyes off of your goal just yet.
You still need to close the transaction before your move can take place. Fortunately, this process usually goes off without a hitch. Your real estate lawyer and mortgage broker handle most of the closing tasks behind the scenes.
As a seller, you can do your part by ensuring that your house stays in pristine condition and that you make any repairs as outlined in the agreement. As a buyer, you’ll want to make sure you have your deposit and down payment set aside as you finalize your mortgage.
A full service real estate agent will guide you through each stage, including recommending any other experienced professionals you need to ensure a seamless close. Moving can seem like a daunting task, but always remember that help is a phone call away.
Are you curious about buying or selling a home in Toronto? We are happy to answer any questions you have. Connect with us today at Erica@EricaReddy.com or call 416.443.0300 to start a conversation.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
