To be a buyer in Greater Vancouver is quite difficult. In this hot real estate market, people are always searching for a “good deal.” The most difficult part is that there are only very few such places that can be found.
However, the market is smart, and prices are also naturally adjusted because of supply and demand and are either too expensive, or less expensive.
However, a few savvy real estate agents like EstateBlock can always offer a few effective tips to help you to find a sweet home at a much better price. The following are a few ways how you can easily find in Toronto and Vancouver good real estate deals, even in the present market.
1. Hook up with a good agent
In this competitive market, if you can manage to get a trustworthy estate agent then half the battle is won. Usually, most of the estate agents have full knowledge about every location and can help you to avoid disappointment.
2. Consider condos
In Toronto, Condos prices are rising but dipping slightly in Vancouver. In any case, condos can always offer a more affordable way to get your home. You need not worry about things e.g. maintenance, shoveling snow, or mowing the lawn.
3. Timing is everything
In Greater Vancouver, the real estate price is largely seasonal. If you have got a semi-flexible schedule, avoid hunting for a home during the spring/summer season. Typically things get slower in December/January, and also during summer end around August.
4. The short sale
In real estate, a short sale will allow you to buy any home that is being sold less than what is owed by the homeowner. You may feel a little bit icky at first, but it will work out very well for both you as well as the owner, and not to mention even the bank.
5. Foreclosed real estate
The bank can foreclose any property when a homeowner will fail to pay their mortgages. Therefore, the homeowner will forfeit the rights to his property. The lender has got the right to sell such property and the home is usually auctioned for a reduced price.
6. Price comparisons
For consumers now, price comparisons are much easier than ever. You can do your search online and know about the market and know the high and low prices where you are interested.
7. New builds or pre-construction
You can get a quality home with a pre-construction home purchase, although often at a little higher price than your budget. However, in some areas, you can spot condos at a far more reachable price.
8. Buy what others are not buying
If a home is on a very busy road, then usually it is not preferred by many. Such homes typically have a little lower demand and you can get at a good bargain price. However, you may also find it difficult to sell in the future.
9. Consider a leasehold building
In the case of a leasehold, property you can own the property rights of your home but not the land where it is on. Most likely you can get a good deal. However, remember such properties are less likely to appreciate.