The most common questions about
Buying + Selling
So many of my friends have purchased without a home inspection- is that smart?
While it’s possible that they purchased without - I don’t ever encourage it and often the home inspection is reviewed before an offer is made. If you’re working with a reputable agent, they will ensure this is covered off in some capacity. It’s understandable that with the volume of information and paperwork, it’s possible that the home inspection was forgotten when emotions were running high.
Do I have to work with a real estate agent - can’t my lawyer handle it all?
All the lawyer is doing is reviewing the legalities of the documents- not house condition and value of the home, type of area/ neighborhood. There often isn’t a cost for you to use an agent when buying- so why not leverage the experience and expertise of an agent?
Does the time of year matter? Is the market still seasonal in Toronto?
After 16 years of real estate I can say that the market is constantly changing. There are many factors that affect when you should be buying (who saw a pandemic coming?!). If the weather is mild, there can be more inventory. School breaks and Easter play on market availability.
The best way to answer this is depending on the moment - no one has a crystal ball for the market. Historically I've seen January be slammed with multiple buyers and lots of intense offer situations. Come April or May when there is more on the market it cools down. Interest rates can impact sales and market values as well.
Let’s not focus on the “timing” and instead focus on getting you the right property or the right price. The way to get ahead of all of these factors is to take action and not delay your decisions.
Does it really matter who my agent is as long as they’re an agent?
Yes. It absolutely matters. As an agent we have a legal obligation to only transact business in an area we are familiar with. No offense to your mom’s sister’s cousin but not all agents undergo various levels of training and some choose to add additional courses and certifications. Working with someone who is very familiar with what you’re looking for and has local expertise to maneuver that market is going to be in your best interest.
Email me to get a questionnaire to help you pick an agent.
It’s ok to interview an agent and ask questions to see how you feel about working with them. This is one of the biggest investments you’ll make in your lifetime- make sure that choose an agent that you feel good about and has a working style that compliments how you make decisions
How can I get a deal in real estate? Are there any deals left to be had?
The way to get a deal is to be organized, have everything prepared and be decisive in your selection process.
In a market that has struggling inventory levels, the longer you wait to purchase, the higher the price will be. No one has a crystal ball so nobody can predict what the market will do. The stats show the market increases year over year, my clients get a deal because they compete against fewer people. Because of how I work with buyers and the preliminary work we do, we waste less time looking at irrelevant properties so you find a home sooner and “get the deal”.
Also, just winning a bid means you got a deal - you got the house!
Negotiations in Toronto's market are not “typical”. Winning in today’s market place involves more skill than just hammering out a price. It’s how you prepare the offer, do due diligence and how you’re presented to the seller. Price is no longer the only factor that gives sellers confidence. Leverage my type A personality and how tight I run my ship so that you’ve got your best foot forward… and in the door of your future home.
Recently, a seller of mine chose a lower price offer because the higher offer was so disorganized that my clients didn’t have confidence that the buyers knew what was happening and would be able to finalize the deal on time.
How can I buy it if I don’t know how much I'm going to make in my sale?
One of my most asked questions!
1. We look at the market conditions and see what's in your favor. Do we need to prioritize home buying or selling to get the most out of the market? Are you looking for something more unique, that takes longer, are you looking for a 1 bedroom condo where they could be a lot available, are there more buyer or fewer buyers due to time of year (people are on vacation and not thinking about buying VS planning to move and actively looking)
2. Buying and Selling may happen at the same time
3. Part of my process is doing a thorough analysis of your current home so that we have a rough idea of what you might have to work with in your new purchase.
I’m really handy - is it a better deal to buy a fixer-upper?
People often misjudge the amount of work and money needed to renovate a house. Very few people actually have the cash on hand to do the renovation themselves. With building permits required, delays with approvals, supply chain issues for materials, securing a contractor and sub trades, its a lot more work that many expect, especially if you have a full time job. Unless you can finance the renovation in an alternate method, do you have the cash on hand to actually get it done?
Questions to ask yourself:
Do you have the money or time?
Do you have the patience?
Can you pay for 2 properties at once?
How will this affect your family/ relationships?
I’m spending all this money but the house isn't exactly what I want…
You can get the dream property, but it might not be everything you envisioned inside.
I’d encourage you to look at “the bones” and the fact that you can buy it. You’re going to be a homeowner- actually own property- that in itself is a win. If you want to be a successful buyer- we need to look at what’s really important- does it have some elements to make you happy until you can make it what you want.
Some people have found that it’s beneficial to live in the space for a bit and then make changes. Once you’re in the property, you might find out that there are a few things you want to change, and some things that are actually fine as they are. Just being able to own the home is the best win.
Where is the market now? The news says…
The media drives me crazy, for whatever reason they love to beat up on the real estate market and tend to look for the most dramatic examples. You need to speak to a professional like me and get the right information from the people who know the most about this topic. book a call with me or send me an email.