As mentioned in my last post on April's sales statistics from the Toronto Real Estate Board, our present environment of low mortgage rates is spurring entry-level buyers to take advantage of the improved affordability of homes. However, because of the swift pace at which homes are being sold versus the limited number of new listings being offered for sale, the Toronto real estate market recently shifted in favour of sellers (based on the sales-to-listings ratio for April).
What does this mean if you are a first-time buyer hoping to purchase a home for under $450,000? It is critical to be prepared, which allows you to move quickly with confidence when the right property comes along.
What does it take to get prepared? The first step is usually for you to contact me for a free buyer’s consultation to help determine the type and price of home that is suitable to your tastes and personal finances. Then, depending on your preference, I can send you listings for potentially suitable homes for sale as they come on the market and I review them, or I can automatically send you listings directly from the MLS that meet whatever criteria we have identified in the consultation. If you do not already have pre-approval for a mortgage, the next step is to speak with one of my mortgage consultants to get pre-approved, and to lock-in a preferred interest rate. Completing these steps, along with reviewing the information sheets in my exclusive Home-Buyers Package, will help ensure that you are prepared.
Of course, I also have a lot of my own homework to do ‘behind the scenes’ to help you reach your goal of finding the perfect home. For example, one day last month I was able to find out through one of the other Toronto RE/MAX offices that a particular home was about to come on the market which might be suitable for a couple I was helping. My clients and I proceeded to drive by the property, which looked promising. Later that day, within minutes of the listing going live and before there were even photos of the home on the MLS, we were already touring the inside of the house on a private showing. Because we were prepared and had all done our homework, by getting our foot in the door quickly, we were able to submit a successful offer within a day of the home being listed.