Pro Tips to Find the Best New Condo for Sale in or Around Toronto
The Toronto property market has been on the rise in recent years. With increasing prices and interest rates, it is becoming harder for first-time buyers to afford properties in the city. However, this trend in raised prices has had an impact on the seller’s market as well with properties sitting in the market for a lot longer. This outcome could vary depending on where the property is located.
So, if you are prepared to buy, the time is great if you have the money. There are a lot more diversified options available. When looking for a new condo for sale in Toronto, you will see more properties available in most areas. Becoming a homeowner is an important decision. Even if you have to pay more than expected, going for it is the best option.
Here are some pro tips to buy the best new property in the GTA region:
Do Your Homework Right
Start your hunt for the new property by getting your homework right. Some Sellers are using low starting prices and offer dates to gain more traction for their property. They are encouraging bidding wars with the hope of getting better prices. However, this is not the case in all areas.
So, one thing for sure is that the asking price may not be the clearest indicator. In the same building, you will find condos listed at different prices. The ones listed at lower than market prices are designed to try to bring in multiple offers.
It’s not easy to figure out what you should offer or if you should put an offer in at all. This is where specialized professional help will be useful if available.
Select the Right Realtor
Realtors are in the industry for a reason. A lot of the time buyers can think they can do fine without an agent. However, real estate agents are the most updated people with current trends. They will guide you in making the right offer for your property of interest.
When looking for a condo for sale in Toronto, an experienced real estate agent will help find the best option. Also, their insights can help acquire your dream property with a smooth purchasing journey.
Be Ready to Face the Competition
When looking for a property located in a prime city area, always be ready to face competition. A condo listed at a good price usually gains more attraction among buyers.
There will usually be competition when looking to purchase a property in a big city like Toronto. However, competition is much less fierce for pre-construction and under-construction condos in Toronto City.
Treat Every Neighborhood as Its Own Market
It is quite easy to generalize about the prices for properties in a big city. Some would make comparisons of a property several blocks away or streets away. However, this is not how the real estate market works in the GTA region.
Every neighborhood is its own market. Even if a property gets sold for a more affordable price in a building right next to the one you are looking at, it will not always be the best price indicator. Every neighborhood, street, and building is diverse and holding different property values. So, make sure to consider every property according to its local value when offering.
If Something Nice Comes Up, Don’t Wait
It’s not often that you see a property that you fall in love with instantly. The number of rooms it has, material choices on the interior, the design layout of the property, and stunning views of the surroundings, are all important factors among others. Not very long ago, buyers could take some time looking at various factors of any property. However, things have picked up since then and properties for sale are moving a lot faster.
Do Not Ignore Less Attractive Listings
It’s always the first preference to check out only the shiny listings. Ones that have been staged well get the most attention. However, there can be much more hiding in plain sight. All you need to do is to look deeper and find the best condo for sale in Toronto according to your personal and financial objectives.
Pay some attention to not-so-attractive properties as well. Look at factors like the location of the property, its age, and price range rather than how well the pictures are taken or how the property has been staged. You might find something good when you least expect it. Visit something close to you and find out what it is all about.
Pay Attention to Properties That Have Been Sitting for a While
Often, if you can find a property that has been sitting for a while, the seller may be willing to drop the price. However, it is important to find out the reason why the property is not selling. Look out for reasons that might have caused potential buyers to not put up an offer.
Often, highly-priced properties hold up for much longer times as well. If this is the reason for the property not selling faster, put your decent offer in. Finding the best condo for sale in Toronto is all about looking at the right options. Something not selling fast might just be that dream home you have been looking for.
Buy What You Can Afford Easily When You Afford It
It is always important to not put yourself in too much stress financially. Often, if your budget is around the $800,000 range, something in the $1m range will attract you. However, that $200,000 difference might not look much on the mortgage payments schedule yet can be a huge difference maker.
Even the couple of hundred dollars extra you need to pay can stress your budget out. Also, it can be really helpful if you can get pre-approved from your bank or financial institution as well. You would know exactly what you can afford before putting that offer in.
The information on this blog is based on our experience. Readers/Users are strongly recommended to obtain independent property, mortgage, legal, tax or accounting advice. The information displayed is for reference only and is without any representations and warranties.