Creative Buying

Buying real estate in Toronto is a challenge, regardless of market conditions. Bram Goldman, an agent with The Richards Group, shares his strategies to make it happen for you.

Bram Goldman

A true ‘buyers’ market’ is defined when inventory is at six months or more. With inventory in East Toronto at 2.45 months, we are still in a sellers’ market. All this means that finding the right home requires more than a little patience – it demands creativity.

First and Foremost: Align Your Agent With Your Goals

Most people get excited by scrolling through realtor.ca and just want to see homes. Sure, this can be fun, but unless you dive deep with your agent to understand what is important to you over the short- and longterm, you may risk getting wooed by an exposed brick wall in a home that will not serve you and your family a few years from now.

You and your agent should know what you want and wait only to see properties that are pretty darn close to what you want.

But wait… won’t that just make your list shorter? Yes, it will, and that’s okay because good agents have a network of potential sellers.

Most buyers don’t realize that many homes are sold without ever hitting realtor.ca. Some sellers may not be quite ready to list yet – or simply prefer to sell off-market, and only when they have a matched buyer does listing their home make sense. Your agent’s access to this pool of future sellers can put you on the inside track.

Go Forward With Confidence: Sell Before You Buy

Of course, your ability to sell your current home (if you have a home already) often comes down to circumstance, financial flexibility, and comfort level. But in these conditions, buyers who have already sold their existing home benefit from the confidence of knowing what they can afford. And they can protect their purchase because they don’t have to rely on a sale to move forward.

Be Selective (Even When There’s Little Selection)

You’re making the most significant financial investment of your life during a competitive market. This is not the time to trust your newly licensed cousin in Mississauga to find you a home in the Beach.

As mentioned previously, professional agents have solid networks of future sellers. Find out who is the best Realtor in the neighbourhoods you are hoping to buy in. Ask them about their ability to get you early access to homes before they hit the market, access to exclusive (off-market) homes, and their understanding of home values.

This expertise will help you make an educated decision about what to buy and how to approach your bid. They can also put you in the best negotiation position should you be in a multiple-offer situation.

Above All: Have an Open Mind

You want specific goals regarding what kind of house will support your future needs. But that said, I see some clients become a little too fixated on very particular features — for instance, a list of only select streets they’ll consider, which can dramatically limit your options in a competitive market. Boundaries and hotspots are changing quickly – and many fantastic homes in neighbourhoods are on the cusp of being the next “street to be.”

And while the media loves to share horror stories about bidding wars on one hand and the bottom falling out of the real estate market on the other, the fact is that many buyers are still finding gems in this market.

Whether you’re a first-time buyer or moving up the property ladder, the secret to success in this market is to partner with a professional who can help you stay strategic and uncover those hidden opportunities.

Beware the “I Have a Buyer” Trick

You’ve probably seen this letter in your mailbox: a real estate agent writes that they have a buyer for your home. Exciting news! But not really.

Unfortunately, many agents use this technique to try and drive up listings without having a legitimate buyer. If an unsolicited letter from an agent gets you thinking about selling, ask the agent detailed questions about the buyer, what they’re looking for, and how to connect with them.

Anyone with a legitimate buyer will be happy to share these details. If they don’t, contact a professional who can advise you on your next move.

Want to learn more? Connect with Bram today. C 416.688.2468 E bram@therichardsgroup.ca