This is what my clients say to me on a daily basis, and I’m not paraphrasing. I was reading posts from fellow realtors this morning in a “realtor only” social media group and this sentiment is widespread. Buyers are absolutely exhausted, sad, defeated and every other iteration of these emotions. Frankly, I don’t blame them.

We had this interesting lull in early COVID where things seemed to calm down and prices were more in line with what one would predict. This especially held true in the condo market where prices dropped significantly across the board. Personally, my own investment condo dropped +/- 20% in value. If there was ever a time that I felt the real estate rollercoaster ride that my clients experience, this was certainly it. What does this re-iterate? Real estate NEEDS to be a long-term hold that you can weather the good, the bad and the seriously ugly.

Today, we’re in a premature spring market where the only hint of the pandemic lies within buyers having to wear masks while showing; it’s the last thing on people’s minds. Is this a good thing? Great question. I don’t know. We’re seeing numbers representative of serious panic buying and this holds true in the GTA and peripheral markets where what a property sold for thirty days ago is barely relevant.

So, why is this happening? It’s really just a perfect storm. Homeowners are sitting at home 18-20 hours a day which quickly reminds you what you hate (or love!) about your home. Interest rates are low- money is essentially free (ha). Location parameters due to WFH have opened up causing markets further from the core to explode. Lastly, buyers are afraid that if they don’t pull the trigger now (regardless of property type), they won’t be able to get into the market.

All of this leads me to a few pieces of sage (pun intended here, too) advice for buyers:

  1. Be patient. I know it’s hard, but it will be ok.
  2. On the flip side, if you can’t be patient, you will have to push every single one of your boundaries. Price? Increase it. Double car garage? You can make do with a single. Parking? Street permit parking is fine.
  3. See newly listed properties in the first 24-48 hours. Pre-emptive (“bully”) offers are alive and well and you don’t want to miss out. Do NOT wait until the weekend.
  4. Get a mortgage broker that’s educated on the current market. If your mortgage broker is emphasizing the inclusion of conditions, unfortunately, you either need a new broker or the market conditions simply aren’t right for you.
  5. Sellers- get a pre-list inspection. Let’s set a higher standard here and respect one another.

Hi, I’m Jen

I’m committed to bringing my clients the most updated market insights based on a real understanding of their real estate needs. I’m candid, responsive, reliable and always in your corner.