Right now, real estate is a place it hasn’t been in a long time. Although everyone has a chance to find success, home buyers especially have an advantage.
Given just how rare today’s conditions are, most Torontonians (including existing homeowners) haven’t had the opportunity to buy in a buyer’s market before. As a result, not everyone understands what it’s really like to house hunt – and eventually purchase a property – in these types of market conditions. Yes, there are lots of perks to buying in a buyer’s market. However, it’s not a total walk in the park either.
In this blog post, I’ll highlight everything you need to know about buying a house in today’s market, from why it’s such a great time to buy to how you can make your purchase even better.
Both buying and selling? I’ve got tips on how to sell your house in a buyer’s market.
What Makes a Buyer’s Market?
Let’s start with the basics. What exactly is a buyer’s market?
In basic terms, a buyer’s market refers to a real estate landscape where the conditions generally favour buyers over sellers. There’s no official threshold that a market needs to hit to be called a buyer’s market, but if there are one or more staple features at play, buyers will likely have a little more leverage when placing an offer and negotiating a deal.
Here’s what a buyer’s market usually looks like:
- There are plenty of available homes for sale, but fewer buyers in the market.
- Houses typically take longer to sell as buyers have more time to shop around.
- Bidding wars are far less common, so prices remain stable or even drop slightly.
Is Toronto in a Buyer’s Market?
So, does Toronto really have a buyer’s market right now? Well, it’s not as black and white as you may think. Real estate doesn’t look the same all across the city. Rather, every neighbourhood tends to follow its own trends.
That being said, it’s a great time to be a buyer in many of the city’s best communities! Inventory is up in most places, with fewer active buyers shopping around.
On that note, today’s market is particularly ideal if you’re looking to buy a condo. Compared to semi-detached and detached homes, there’s a greater gap between supply and demand in Toronto condos. Buyers can use these conditions to their advantage.
Buying a home for the first time? Check out these related resources from my blog!
- Buying a House Under $1 Million in Etobicoke? Here’s What to Expect
- How Much Does It Cost to Buy a House in South Etobicoke?
- Getting to Know Etobicoke’s Starter Homes
What Are the Perks of Buying in a Buyer’s Market?
It’s called a buyer’s market for good reason. As cheesy or obvious as it may sound, there’s some serious benefit to being a buyer in a buyer’s market. Let’s do a deeper dive on some of those perks.
There’s More Selection
You may remember that just a few years ago, Toronto’s housing supply was super limited. This made it tough for buyers to find a house that matched their needs. But in today’s buyer’s market, there are lots of properties to choose from. As a buyer, you have a much higher chance of finding your dream home.
You Have More Power
Negotiation plays a big role in buying a house – and in a buyer’s market, you have much more power when it comes to working out a deal. For example, when you submit an offer, you’re able to start with a price that works for you, include certain conditions, or maybe even request certain changes or repairs to be made to the house as part of the deal.
There’s no guarantee that a seller will accept your initial offer. However, you’ll have much more leverage throughout negotiations, which will boost your chances of scoring a great deal.
It’s a More Relaxed Buying Process
Another huge perk of buying in a buyer’s market is that it’s much easier. When demand is high, buying real estate becomes a highly competitive process, which can take the fun out of something that’s supposed to be an exciting life milestone.
Right now, there are fewer buyers in the market, which means you’ll face less competition. Of course, great houses will always attract multiple potential buyers, but the odds of a bidding war or high-pressure scenario are far less likely.
About to buy a home? Check out these other blog posts to learn more about buying.
- What Should You Know About Buying a Power of Sale Home in Etobicoke?
- Insider Tips For Buying a Home in South Etobicoke
- How to Buy a House When You’re Expecting Kids
Ready to Buy?
Even in a buyer’s market, working with an experienced and knowledgeable real estate agent (like me) is an essential part of finding a great home.
I know South Etobicoke’s homes and communities like the back of my hand – having helped local buyers find the perfect home for more than two decades. Whether you’re just looking to buy or you also need to sell, my refined expertise can help you make the most of today’s market conditions.
Thinking about buying a home in Etobicoke? I can help! Call or text me at 647-239-7587 or send me an email at melissa@southetobicoke.com to get started.
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