Toronto Real Estate Looking Towards Fall

And we don’t just mean the season we’re currently in, with the crisp air and the falling leaves. According to the Globe and Mail, the Toronto real estate market – which has been booming for some time and far succeeded other markets in the country – is about to take a dip this fall; and it’s news that both buyers and sellers need to pay attention to. The news comes from a group of Toronto Realtors, and it’s going to change the way buyers and sellers act while on the market, and how they interact with each other.
While the market is slower, buyers need to be prepared to set a timeline for their property to sell, and an end date to take their home off the market if it hasn’t sold yet. In a slow market, a property that sits for too long soon costs too much money to keep there, and loses the captive audience it had when it first came on the market. It may be a case for sellers of an early offer being the best offer and if it’s not, it’s time to know when to cut your losses and take the house off the market for a brief reprieve.
The Realtors have some sound advice for buyers too, but this time it’s a bit more positive. Slower markets always mean more homes available to more people; and that means buyers have much more negotiating power with sellers. Sellers don’t want their homes to be sitting on the market for a long time, nor do they want to have to take it off the market when their end date rolls around. Because of this, buyers should always be prepared to at least put in an initial offer that is lower than the asking price.
Buyers will also have many more options in the slower market when it comes to their mortgage as well. While the variable rate is still very low, even with many lenders increasing it over the past few weeks, fixed rates are very good too and could get you a better deal.
While the drop in the market for the coming season isn’t going to be a huge one, and certainly nothing like the standstill it came to in 2008, it will be slower than it’s been over the last eighteen months. And anyone who’s in it needs to be aware of how the slight drop will affect them.