If you're looking to buy in Toronto right now, it looks very different depending on the neighbourhood you are targeting. While some areas are still hot and multiple offers are normal, in others, it's crickets. Regardless of where you are looking, here are 3 tips that are sure to help you!
1) Get Pre-approved, Again
While you may have been pre-approved when you started your home search, you should check in with your mortgage broker every time an interest rate hike happens, as this will impact your overall budget and monthly expenses. Knowing where you stand financially will help you to target the best properties and make quick decisions when viewing properties
2) Act Quickly
Although places aren't selling as fast as they once were, why wait? Get in to see places you like as soon as they come up. This is helpful for a few reasons! First, it gives you more time to think about it, and if you do like the property, it gives you time to get your ducks in a row before submitting an offer. It also helps to act fast if another offer happens to come in. Simply put, if you snooze you lose.
3) List of Needs/Wants
Having a list of needs and wants sounds simple, but you will need to make some compromises during your search, and knowing what those are will help keep you focused. For example, if you know location is a main focus, be prepared to compromise in other areas if a property has the exact location you're looking for. Having a good understanding of what is a need and what is a want will allow you to see the best properties and avoid buyer burnout and disappointment during your search.
Buying a property should be a fun and exciting journey! If it feels overwhelming, stressful or confusing, book a call with me so that we can get you on the right track!
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