Hello all of you real estate lovers! Britt Huggins here to do a guest blog for Danielle in the City, Toronto Real Estate Agent. The first thing I need to ask is, how is everyone doing? These past two years have been quite the real estate journey for all of us. Whether you were buying, selling, renting or even just keeping your eyes on the real estate market, IT’S BEEN WILD! Which leads me to our topic of the day, do you trust your real estate agent?
If you have been keeping up with our Market Watch blogs, in our last entry we talked about the madness that incurred in January, February and March. If you haven’t read it, in a nutshell, sale prices spiked by about 30% in January & February and by the end of March prices dropped by about 20%. While the numbers were still up about 15% when compared to last year at this time, many buyers have now found themselves feeling some buyers remorse. They are regretting their beginning of the year purchase due to the current appraisal of their home, which is in many cases nowhere near the purchase price.
One of the most frustrating things that buyers have experienced in the last couple of months is not being able to close on their new home purchase. In most cases, it’s because home owners were not able to sell their home for what they anticipated they would get based on January and February prices. Interest rates are rising, inventory is growing and the market is shifting. Closing dates are being extended to accommodate lag in selling timelines, deposits are being lost to those that are not able to sell and now more than ever you NEED a real estate agent that you TRUST! Someone that is going to work in YOUR best interest and not THEIRS.
The main message that I have for you that’s pretty much turned into my tagline is “it’s time in the market, not timing the market”. Don’t let the market stats scare you off. Historically, we have always seen the prices in real estate increase over time, it’s just about patience. If you are interested in buying or selling right now, make sure you are working with a realtor that you have trust in. Let’s talk about some Do’s and Don’ts:
- While the market is in this unpredictable state, sell before you buy.
- Do not overextend yourself, even if it is your dream home. Be realistic about what you can afford.
- Consider a different location if your dream home exceeds your budget in your ideal location.
- Find yourself an agent that puts you first and an agent that you trust.
How can you find an agent that you trust is probably going to be your next question. Here are some pointers that will help you select the perfect real estate agent:
- Interview multiple agents.
- Check their online reputation.
- Check to see if any complaints have been filed against them with RECO.
- Take referrals and advice from friends and family that have a trusted realtor.
- Trust your gut.
At the end of the day, the decision is yours. The team that Danielle and I are part of (So&CO.) is full of hard working, kind, experienced agents. It was so important to me to join a team that shared the same values that I have. It’s all about the client, taking the stress off of them, getting the job done and having some fun while we do it. Looking forward to working with you on your next real estate journey. I am here if you have any questions about buying, selling, renting, stats, etc. Please feel free to give me a call at 647-863-7234. Over and out.
