Heat Wave

Could a two-dose summer mean a red-hot housing market? Your dream home is still within reach. Richards Group agent, Bram Goldman is known for making it happen for his buyers, so we turned to him for insider advice.

AS THE PANDEMIC TOOK HOLD in the spring of 2020, experts predicted housing prices would drop after the economy shut down. But instead, Toronto home prices soared 33 percent this April compared to a year before, according to the Toronto Regional Real Estate Board. This summer and fall, increased vaccination rates could prompt another boom as borders reopen and Torontonians feel more comfortable leaving home to house-hunt.

“These days, our homes are more than just a place to eat and sleep,” says Goldman, “Your home is not just working double-duty as a workspace, and a safe haven. With the ability to entertain in sight, and many realizing that working from home is a long term situation, many people are finding that their home just isn’t meeting their needs anymore.”

Even as prices rise, it’s still possible to upgrade to the home you really want, says Goldman. Interest rates remain low, and borrowing has never been more affordable. Meanwhile, you can maximize the selling price and profit from your current home through strategic design and staging. The leap to your next home may not be as big as you thought — consulting with experts can give you more insight into your options.

Perhaps the most important factor is who you work with, and in a market with limited inventory, you need someone with inside knowledge. More than ever, properties are selling without ever making it to MLS — in the industry, they’re called pocket listings.

“When you’re the agency that sells the most homes in one market, you have access to the most homes off-market,” says Goldman. “Your agent’s deep knowledge of the area makes them privy

to information about which homes might be listed soon, if they list at all. A homeowner might decide to sell their home exclusively through one real estate firm to limit the number of showings, avoid staging, keep data private, and encourage a quick sale. Of course, clients get the advantage of knowing about those properties first .”

Understanding buyers’ needs, now and in the long term, means Goldman can match up clients with their perfect home.“I usually spend a lot of time with each client talking about their wants and needs, and we’ll drive around the neighbourhood looking at different homes,” he says.

“If we’re not finding what they want on the market, and they fall in love with a particular street or home, I’ll put together a letter to the owner, telling them about the buyer I have handpicked just for them,” he says. “People are curious what their house is worth and what their next move could look like, and it’s resulted in finding my clients their perfect home several times over the past year.”

To power-up your search, expand your neighbourhood horizons.“Some clients will say they only want to live in one specific neighbourhood,” says Goldman. “But when I ask them more about why, I’ll find out what they do in the community and what their weekends are like. They’re often surprised to find they can get the same lifestyle in more affordable areas they’ve never thought of .

Having realistic expectations on prices also helps. “I’ll put together a map of four or five areas with a list of solds in the last 60 days, to give clients an idea of what properties really go for,” he says. “When something is listed for $999,000, it often sells for a significant amount over asking. Being prepared helps reduce sticker shock.”

Once you’re ready to make an offer, your agent should have the negotiation chops to take you to victory, and they should prepare you well in advance. “When we have sold a home in a multiple offer situation, it’s amazing how many people lose out because they are not prepared.”, says Goldman. A good agent has close relationships with other local agents, and a track record of winning multiple offer situations—all crucial skills in a competitive landscape.

Will the market mellow out anytime soon? As inventory fluctuates, it’s hard to predict—but one thing Goldman is sure of is that more of us are realizing how important it is to live in a space you love. “People have really redefined what home is,” he says.