The spring market is a stressful time for both buyers and sellers but we’re focusing on buyers today because in a seller’s market buyers lose more than they win. For a seller, putting a house on the market is always stressful. However, if done correctly, at the end of all the work and inconvenience you are almost always guaranteed to pop a bottle of champagne and count your money. For buyers the stress feels deeper. It is the stress of finding and losing your dream home. It is the stress of wondering if you’ll ever find a new home, move out of your parent’s basement, have a yard for your new dog or a bedroom for your still-gestating new baby. For buyers in Toronto the stress extends to an uncertainty in market conditions. Should you buy before the market goes up and you are priced out or should you wait for the market to correct? Some buyers don’t have the benefit of waiting one way or another.
The end of April and beginning of May breaths fresh life into most downtrodden buyers. Right after Easter the number of listings picks up giving buyers more choice and, ideally, less competition. Today has been no different from other years with many listings coming out. For most buyers around this time, the frustration turns to exhaustion. Here are some tips to buyers for surviving the rush:
Clear your schedule: Now is the time to be looking at houses so plan on doing that for several nights a week. You will see your real estate agent more than your family (It’s mutual. Your real estate agent is seeing you more than their family).
Don’t get too attached: It is possible to be heartbroken by a house. Pursue your favourite homes with fervour but be prepared to let them go. Ask yourself logically if a house would work for your lifestyle. Don’t start planning your family Christmas dinner until everyone has signed on the dotted line.
Communicate with your real estate agent: Real estate agents are huge resources to you. They can do much more than simply open up the door and fill out the paperwork. Share your concerns with them and let them do the problem solving.
Take a (brief) time out: After you have lost an offer, let yourself have some time out from listings. You will gain some perspective and be ready to hop back into the offer process.
Any questions? Get in touch.