I read articles all the time written by Real Estate agents who are trying to convince themselves that we are in a good business to be in, and that it is necessary to use an agent for every transaction. In Toronto, put up a sign and your property will be sold by the...read more
Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors.
In a crazy market, it is best to find your house first then sell after. The reason being that you will not be forced to buy something you don’t like if your time runs out on the selling end.
I have witnessed many buyers go through what I call the Buyers Blues through my travels, and in many cases there are a few steps to avoid this from the beginning. Here is my list of things to do:
1. DO NOT FALL IN LOVE with the house you see. When you are looking for a house, always keep in mind the house is not yours until you get the keys. Even if you have a firm deal in place there are many things that must happen before you are actually living there.
2. Be Realistic: Do not look at houses that are under priced and out of your price range. Examine your budget and what you can afford before going out and searching for houses
3. Get Pre-Approved: Make sure you are pre-approved and can possibly get your offer approved with an under writer before sending it off. This will ensure you can submit an offer without your finance clause.
4. Get a Walk-through home inspection: I have a home inspector that will give a walk through home inspection without all the bells and whistles. Basically just making sure the key points of the house are in dis-array. This will help you remove the inspection clause that will lose you the house.
5. Go by Comparables, not listing price: Never ever look at the listing price and say you can afford that. You need to look at the comparables, and go by the last sale. Even then add some money. To win a bidding war you must be aggressive and sometimes go beyond the comparable just to get the other bids out.
6. There are more houses out there: Yes you might have lost out on a house, but be sure that there are other houses out there. It is devastation sometimes that you lose a house, but be assured there are more out there.
As you can see there are a few things to do while trying to buy a house, there are many mistakes you can make and many ways to put stress on your life. Try to follow these steps and get into something new.
READ RECENT BLOG & ARTICLE POSTS BELOW
One thing that can truly help lower GTA prices are some major transit solutions. It is apparent that the GTA market and all of the surrounding areas have gone buck wild in the past few years, and especially in the last few months. So many sales records have been...read more
Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...read more
The liberal government has announced that they will be doing something to calm the renting hikes from landlords. While this is a good thing for renters, it could be a detriment to housing and landlords going forward. Some landlords have already become proactive and...read more
While the Ontario Government cut this John Tory's dream of having a great highway into Toronto short, I believe he was on the right path to increasing the value of Real Estate. When I heard they were going to add some sort of toll to cars going into the city, I was...read more
Buying a house and using the listing agent is like going into court without a lawyer to represent you. Each and every time I have a listing, I have somebody calling me asking me "what's the price if I don't have an agent and buys directly though me?" I always want to...read more
What is the one thing the liberals are looking for right now? Votes and money. The way that they will try to get both is to try and capitalize on this hot real estate market. The middle & lower class does not like the fact that they cannot afford any real...read more
Right now marijuana, and grow ups are a fairly minimal concern when buying houses. Agents typically put a clause that the owner never grew or has known about any grow ops in the house, but this is about to change next year. What is changing is that July 1st, 2018,...read more
Solar roof panels are the ugliest feature to attach to your house. I tried to sell a house once with solar panels and nobody wanted to even think about it. The panels were bulky and ugly, and the technology to save the power to batteries was messy and confusing. ...read more
For the past few years, all of the new buzz in Market was for aerial footage. While it was great and produced some really cool pictures and video, there is going to be a shift away from the practice. Many Real Estate agents got their own drones, and did their own...read more
This is a question I get asked all the time. The Short Answer is No, you cannot tell somebody you won't rent out your place because they have a pet. Another question, many people have is, whether or not you have a pet clause in there, and then the tenant gets a pet...read more
Why does everybody have an option about what is going to happen in the real estate market in Canada? It is a story that is not going to go away. An abundant of money tied up in the Real Estate. Every facet of life is intertwined with Real Property. I must read or talk...read more
Many landlords do not understand what the rules are regarding leases. The landlord tenant act is something that all landlord's should study before renting out your investment property. A major reason why is that tenants study it, and know it very well. Tenants used to...read more
If you put an offer on a house that goes into multiple offers, chances are you must waive two conditions: home inspection, and financing. We will deal with financing next week, but for now lets talk about the home inspection clause. In the 80's there was no such thing...read more
The banks are to Blame for Our Housing bubble. No Really, there is no one else to blame. You could throw the government in there too but mostly the banks. You can blame Realtors for driving up market price. You can blame Owners for jumping on the band wagon and...read more