In GTA right now (February 2020) the market is hot… meaning the demand is high and the inventory is low. It can be a tough market for buyers, so here’s some advice for homebuyers in a hot market from industry veterans:

When competition is high and the number of available homes are low, you must be ready for a fast-paced market. You have to be ready to act quickly and decisively. You Must Bring Your A-Game!  What does it mean to bring your A-Game?

When you might face a multiple offer situation, you need to have every advantage. 

We advise buyers to speak to a local lender (we know a few good ones) before you even start your house hunting. Start the approval process. Get your paperwork to the lender and at the very least get a pre-qualification…preferably even a pre-approval. When a seller gets a number offers and one of them is from a buyer who is already approved, that buyer stands out and is a safer bet for the seller. Take the time to talk to a lender before you begin. You’ll know what you can afford, and you’ll know which loan product is right for you and for each situation. Take time to get your A-game on.

What about cash offers? It’s true, sometimes you’ll get beat out by a cash offer. But not always. It depends on the offer and the situation. As long as it’s within the seller’s expected price range, the cash offer will often be the winner. Everyone has different motivations, and they all play out in the negotiations.

Offer Your Highest and Best

When a buyer is in a multiple offer situation, we always ask them, “if you miss out on this house because you didn’t offer $5,000 or $10,000 more, will you be ok with it next week, or will you be upset? The difference of $5000 may only mean $25 to $50 on your monthly mortgage payment.”

If you really want the house, you’ll need to offer your highest and best. When there are multiple offers you can bet that someone else really wants the house, too. This won’t be the time when you get a bargain. You will need to offer current market value to win. Consequently, this is the time when you have to know your mind, and decide, “how much do I want it?”

Trust Your Agent

The average consumer buys and sells a home every seven years. Therefore, it’s likely that each time they buy or sell, the market is different, so their previous experience is often not relevant to the current market. An industry expert has helped people buy and sell hundreds of times, in all kinds of situations. Find a buyer’s agent who you can trust to guide you through the process. Your agent wants to be your trusted adviser, because they don’t win unless you win. In fact, they don’t even get paid unless you win!

Work with an agent you have confidence in. If you aren’t convinced that they know how to navigate the rapids of a hot market, then move on. You need to work with someone you can trust. The agent needs to inspire your trust in their knowledge and experience. Make sure they can help you get where you want to go, no matter what the current market looks like. You need to trust that they are giving their best to help you win. You need to trust their advice.

Get a good referral. Ask friends, co-workers and, yes, even family. Read online reviews and do your homework. This is probably the most expensive purchase most people make in their lifetime. Choose a trusted adviser. Choose wisely.

Use an Experienced Buyer’s Agent

Interview agents about their understanding of the current trends in the market. Are they familiar with the inventory, time on the market, and year over year trends? Your local real estate market is always changing. A veteran buyer’s agent has helped homebuyers in many different types of markets, whether a buyer’s market or a seller’s market, or transitioning markets. They will negotiate on your behalf. They represent your best interest. The best part is, the seller pays for the buyer’s agent in most situations.

Today’s consumers have a huge number of resources at their disposal with the many real estate portals on the internet. They have handy apps and demographics at their fingertips. Many want to keep their anonymity until they are absolutely ready. Unfortunately, that anonymity costs them when they haven’t gotten ready to “merge onto the real estate highway.” They find the house they love, but they haven’t even talked to a lender. They don’t know what they qualify for, and if they have to sell their home first, they’re not ready.

Look For The Potential In Every Home

Although, you may not be able to change a home's layout, you can change many other things about the home. In a seller's market, the homes that are priced right and in mint condition will go quickly. However, there are other homes that are sitting on the market waiting for the right home buyer to come along. They may be sitting there due to being over-priced, or they are sitting there because they look drab. As a home buyer, look for the potential and consider a fixer-upper. You can paint walls, add new flooring, change out fixtures, and change the landscaping. Many homeowners are even painting the old cabinets to get an updated new look. If you can see the potential that others don't, then chances are, you won't have to bid against other buyers.

Separate Your Needs From Your Wants

When buying in a seller's market, you will find that you may have to forego some of your wants, and focus on just the needs. You may have to compromise on the location, amenities, or condition of the home. Have a checklist of your needs, and refer to it whenever a new home comes on market. If you are able to check off all the needs, make the appointment to see the home as soon as possible.

This is an excellent time to purchase your first home. The slow real estate market we are currently experiencing means first-time homebuyers have a large inventory from which to select. An even bigger advantage for buyers is the lower pricing!
Before you select a REALTOR® to assist you in the purchase of your first home, be sure you are working with someone you can trust with this important decision.
I have 15 years experience working with first-time homebuyers and would like to offer my services to you. These services include not only finding the ideal home, but also confirming the fair market value and best price for that home before you make an offer to purchase. I will be by your side through the entire home buying process. My goal is to ensure your first-time home purchase is a pleasant, exciting, and stress-free experience.
I enjoy working with first-time homebuyers, and would consider working with you to be an honor and a privilege. You have my word that I will always be available to answers any questions and address any concerns that may develop.
You can reach me by phone at 416-418-3311 or by email at [email protected] . You may also view my Web site at Buyinghouse.ca for additional information on the services I provide first-time homebuyers.

Are you ready to trade up for a better home? Many current home-owners are strongly considering the possibility of a move up during this current real estate market, as a slow market is one of the best times to buy property.
In fact, with reduced real estate prices and an increase in home inventory, you will not only find great deals that are too good to pass up, but with so many properties to select from, you are sure to find exactly what you are dreaming of.
As an experienced REALTOR®, I have an expertise and knowledge required to navigate the current property market in order to locate ideal matches for your specific list of property needs and wants.
I will take the time to discuss the vision you have for a move up, carefully listening and noting the precise features that you are looking for. Then, I will search the local inventory, presenting options to you that are strong, individualized property matches. Once we find the property of your dreams, I will work with you to determine the fair market value of the property in order to determine what offer price to present to the seller.
My job as your REALTOR® is not only to help you find a great move up property, but one that meets all of your chosen criteria, and at the best possible price available.
Now is the time to move up in the real estate market! Don’t let these bargain prices pass you by!
I look forward to the opportunity to help you move up from your current home. I am available to answer any questions that you may have about the move up process. For more information, you can visit my Web site at Buyinghouse.ca, or you can feel free to call me directly at 416-418-3311.

Cries of doom and gloom abound about the awful housing market. Most investors strike wary poses, waiting for the market to recover.
I'm sure you know better than to follow the herd. A down market is the ideal time to invest! In the long run, the more undervalued the property is when you pick it up, the more you can make on the rebound. And even in the short term, the opportunity exists to simultaneously play the good guy and the brilliant capitalist. How to do both at once? Invest in Power of Sale.
Why Power of sales?
First, even in a down market, some properties can be picked up more cheaply than others. Power of Sale can often be purchased at a substantial discount off the already low current market value, and some of these homes are attractive investments in any market. Snag one of those and you’ve just gotten a good-to-great deal for an immediate turnaround or a truly spectacular long-term investment if you want to hang on to the property for a while.
And while you’ve made an investment worthy of Gordon Gekko, you’ve also helped out a financially struggling homeowner, possibly sparing them bankruptcy and giving them a clean slate instead. This makes Power of Sale  more attractive than other types of distressed property transactions.
Sure, these are tough times, but keep in mind that even during a downturn, some people are prospering. And some of those people are buying real estate. Enough are buying at the current market value to set that value. Getting a property on the cheaply now has the same advantages as it does in any market, plus the added bonus that a lot of your competition is sitting on the sidelines waiting for an upturn.
If you, too, see the potential upside in the current housing crisis, contact me via my Web site Buyinghouse.ca, or better yet, give me a call at 416-418-3311. I hope to hear from you soon!

 What makes a property sale is location, location, location. Catchy yes, but it's not correct. In today’s real estate market, there are other factors that will get your house sold: Pricing, Marketing, Show Home Ready, Access and Showings, Communication, and the AGENT you select.

So let’s review these factors that will get your property sold.

Pricing: One of the main reasons your house may not sell is due to overpricing. Home buyers are looking for the absolute best value when buying a home and will educated themselves on the current market prices of the home, its location and its features.

Many neighbourhoods will build similar homes as far as design and quality goes. If one property in a neighbourhood has had renovations and upgraded, it does not mean you will get top price for that home in that specific neighbourhood. The renovated property may catch  more attention than the others, but do not expect it to sell for that much more. You need to look at the average selling price for homes in that specific neighbourhood. What is the true value of your home renovations? Are they enough to entice someone looking to buy in that neighbourhood to pay more and make an offer?

If you are listing your home above what other similar homes in the same neighbourhood, it may exceed the fixed budget of someone who has priced out homes in that location and are ready to buy. Remember there could be multiple homes for sale just around the corner they could buy for a more realistic price in their desired location.

Buyers are considering the homes location, square footage, bedroom and bathroom count, size of yard, etc. Families with children will look at school districts, parks, shopping and more. Once a potential buyer has decided on the criteria for their new home, some added amenities may convince them to make an offer, but only if the bonuses of that home’s location does not drive the price out of the market, or out of their budget.

The best way to make sure you are not overpricing your home is to do a comparative analysis of the market. This is looking at other sold homes similar to the home you are looking to sell in the same neighbourhood.

Other factors you need to consider will be the condition of the home, the age of the mechanical systems. Have you upgraded your heating system, hot water heater to be energy efficient? What about those old drafty windows? A home with upgraded mechanical equipment will be more attractive to a buyer than a home with old furnaces and air conditioning systems. You  need to  to adjust your price based on feedback about your home’s condition.

Marketing: If your home priced right and still did not sell, you should consider how effective the marketing was. Did your agent do a good job marketing your home? What marketing strategies  into place during the duration of your listing? 90% of home buying begins online. All property marketing efforts need to start online. High quality photos and virtual video tours should offer the best presentation. Before this  your home must look great and show well. The quality of your presentation must  good to capture the rooms and key features of the home to draw people in. Poor quality pictures and videos will not capture  attention of a potential buyer and will harm the online presentation for your home.

Slapping up a “for sale” sign on your front lawn is not a marketing plan. The goal is to get the home listing in front of as many potential buyers as possible so that the buyers know your home is on the market. Blasting your listing across the globe will not sell your home. Your target market is  where your home is sitting, in that city and or neighbourhood. Targeted advertising on social media such as Facebook, Twitter, Instagram, Pinterest, Google and video Marketing should be part of any successful marketing campaign. Is your real estate agent using the full power of internet marketing to the right buyers so they will want to come and see your home? If not then you need to find an agent who will market your home. If not, your listing can slip through the cracks and you may never have your home shown, or receive any offers.

Open houses do not sell homes. Having a few open-houses is not a marketing plan. Less than 5% of homes sold through an open house. Your realtor can take advantage of your open house to find buyers for his or her other listings. Proper online marketing and showings are more effective than having random people going through your home, many of them don't have mortgage approval, and some being there just for something to do.

Show Home Ready: Is your home fixed up, cleaned up and prepared for showing? When a potential buyer goes through, you want them to see themselves living in the home. If your home has collections, personal pictures, unique decorations and paint colors, it will serve more than a distraction for a home buyer. Take that stuff down and pack it away so the home has more of a neutral look. Walls should have any wall paper removed, and all walls repainted in neutral tones.

While no home may be perfect in the eyes of all potential buyers, you have to make your home as presentable as possible before you list it. You want to get rid of all clutter, clean out closets and storage areas so that the home does not have a cramped feeling to it. Any repair issues need to to fix  before listing your home. Odors from cooking, pets, etc. should be eliminated.  Remove items that are not used every day and put them into storage somewhere else to help reduce clutter and open the space.

Curb appeal plays an important part in decision making for buyers. A manicured lawn with no leaves, some fresh mulch and flowers show that your back - yard maintained. Your home from the curb is the first impression the buyer gets so landscaping and maintenance needs to done up at all times.

Showings and Access:  A buyer can see 4 to 6 homes in one day. If they cannot get into see your home for any reason that can cause a lost offer. If they saw 6 houses that day, but did not see yours, then your home is not even being in the decision making process. Also, the longer a home remains on the market the more likely a price reduction will be needed to get it sold.

While your home is being showed, all people and pets should leave during that time. If it is not possible to remove your pets during showings, put them into a crate or somewhere where they are out of the way of the potential buyer. It is best but to remove all signs of pets so that home buyers do not imaging smells that are not there.

Communication: Communication very important in the home selling and buying process. Your realtor needs to communicate with you and any potential buyers as soon as a question may come up. You need to be available as much as possible, or be able to get back to your agent very. If a potential buyer has unanswered questions from the seller and are left hanging, they can move on to the next home . This can cost you the sale of your home to that buyer.

Some offers  come with a short time frame for you to respond. Working with a professional real estate agent who returns calls and emails in a short time will lesson the chances of an offer being lost. Slow communications can be a killer in the home buying or selling . Ask your agent what his/her turn around time is on communication.

Agent: All real estate agents will show enthusiasm and will want to list your house for sale. Unfortunately, many agents still using uneffective, old school marketing ideas that do little to sell your home, so you miss out on the best buyers.

Choose your agent based upon their experience at listing and marketing properties.

Your real estate agent should use online technology to market your home to potential buyers 24/7.

Your agent should review with you a comprehensive Marketing Analysis of home sales in your area.

Your agent must have a marketing plan that will get your home sold for the highest possible price.

Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him or her about the current real estate market. Find out how knowledgeable they are about houses currently for sale in your price range and also about houses that have recently sold in your neighbourhood.

Does your agent work with a good lender or mortgage broker that can help the new buyer to get financing? Can they refer a good lawyer if they do not have their own?

Doing your homework and choosing the proper real estate agent can get your home sold quick at top dollar. A good realtor can also help you find and negotiate the buy of your next new home, to be prepared for when your existing home dose not sells.

The tension and stress of selling a home in today’s real estate market can be high and having a home expire from the market with no offers can be an experience we would all want to avoid. If pricing and marketing are done wrong or not at all, it can cause the failure of your home sale. Do it right the first time or jeopardize having to start the whole process over again.

Choose the Right Realtor

  Hemanshu Patel GTA REALTOR® who always goes above and beyond for his clients. With over 13 years Experience, his customers are 100% satisfied and would recommend his real estate services to others. Being a Professional  realtor he always learns, adapting and implementing new and innovative ways to approach GTA real estate market.