Still Sitting on The Fence? Why Wait For Spring?

 

 

It seems most home buyers like to wait until the good weather returns to Toronto before venturing out to look at housing.  Unfortunately this fair weather approach has one intrinsic problem…everyone else is utilizing the same strategy.

In the spring of this year buyers voiced their collective frustration in having to found their perfect house then were faced with half a dozen other buyers bidding on the same house.  Either you were forced to throw buckets of cash in the hope of garnering the sellers’ favour or walked away feeling rejected and bruised from the experience.

It is time you rethought your approach and break away from the buyer herd.  Savvy buyers look at November and December as the better time to buy.  Don’t take my word, check out this year’s month prices as it relates to the past 3 years.

So you can see historically there are price drops every November and December with a corresponding rise of average sale prices starting in the new year.   Think about it. Sellers who is on the market in November or December have to sell.  Here is why.

  1. They over priced their home earlier and having languished for months are faced with a no showings.  Their limited tactical option is now a series of monthly price reductions.
  2. Being an estate or power of attorney sale so they are looking to sell in order to cash in on any property holdings. In this scenario they are getting concern they will be paying utility bills and paying taxes on an empty house all winter.
  3. They have purchased another home & need to sell in order to move.
  4. Immediate personal reasons – marriage break-up or other family issues that necessitates the sale of a home.

 

As a buyer, you have the unique opportunity to save thousands of $$$ in that you can submit offers which 6 months ago would have hastily dismissed by most Toronto sellers.  After showing my buyers a properties, dozens of agents call me begging to submit an offer.  My response, “if we do it won’t be anywhere close to what you are asking”.   The seller’s agent’s answer, “bring it, my sellers are desperate, I’ll make it work”.   (Check out a previous blog on agents who give out too much information).

So while others delay a home purchase, a savvy buyer can certainly take advantage of Toronto’s housing market in almost every neighbourhood across the GTA.    Timing is everything.