Not even the coronavirus pandemic was able to cool down the red-hot real estate sector in Toronto, but we all know that housing markets happen to be cyclical. Property value appreciation does not always run parallel to listed prices; in the case of a growing metropolitan area with high quality of life such as Toronto, you can always count on value appreciation being constant, but there will be times when markets run wild, and this is what happened in the GTA from 2018 until about April 2021.
Thankfully, the GTA housing bubble did not burst in dramatic fashion. As of July 2021, the pace of property listings and sales had eased gradually, and many of the most ambitious sellers decided to take their homes off the market, thus injecting a sense of normalcy. What this means for prospective home buyers is that now is the time to buy real estate in Toronto, but they should only do so with adequate representation. Opting out of retaining a Realtor is never a good idea, particularly when the housing market is going through a period of transition.
With all the above in mind, here are five reasons you should work with a Realtor when venturing into the GTA housing market.
Getting a Competitive Edge
Sellers who see prospective buyers come in without representation will immediately smell blood on the water, especially if they are working with a Realtor themselves. Having a professional by your side will lessen the chances of walking into an unfavorable deal. The same can be said about choosing the representation of the listing agent because they will always uphold the competitive interests of the seller.
Getting the Best Price
As previously mentioned, market conditions have prompted many opportunistic sellers away, but a few are still bound to pop up here and there. Having your own Realtor means having access to important data such as sold prices in Toronto, and this will form the basis of negotiating the contract. Realtors who represent buyers know that their clients are interested in getting the best price, and they will do what is necessary and feasible to accomplish it.
Familiarity With the Market
Americans and other foreigners who are prospective real estate investors are flocking to Toronto because they feel that the market could heat up again in the near future. When these foreign buyers retain a Canadian real estate professional, they discuss their intentions upfront; they know that their knowledge of the GTA market is limited, and they do not want to end up acquiring a property that is difficult to profit from.
Realtors are driven by success more than by their commissions; this is especially the case with buyers because they can rightfully boast about finding dream homes for their clients.
Realtors Offer Professional Resources
Whether you need an attorney at the closing table or a team of contractors to thoroughly remodel your new home, you can rely on your Realtor to connect you to the right people. Realtors are business networking machines; they can provide leads for everything from a landscaping architect to an interior decorator.