Today’s real estate market is so frustrating for many reasons. In addition to the price of detached homes in the GTA, you have to be prepared to play so many games.

Last night a new house that I was interested in came out on the MLS. This morning, I emailed the agent asking to see the inspection report and to let me know if the house got any offers before the open house in two days. I guess I was too late, because she never responded and by this afternoon, the house was sold.

So I might have started this as a rant, but the following are some things I have seen that you should be aware of when looking to purchase a new home in a seller’s market:

 

• Be prepared with a certified cheque: A friend of mine was selling his house and the agent changed the offer date at the last minute and requested all offers be submitted that night. Buyers were scrambling to get their offers together and submitted what they could. My friend was debating between two offers. One offer was slightly higher than the other, but did not come with a certified cheque for a deposit. His agent was also representing a buyer and their offer, although slightly less, came with a certified cheque. Although my friend knew that the agent manipulated the situation to get her buyer clients the commission, he went with them because they were the only ones with a certified cheque

Lesson Learned: be prepared with a certified cheque because you never know when you will have to put in an offer

 

• Check for new listings on a daily basis: regularly check new listings, have a good idea about what you are looking for, know the market, and be prepared to pounce when you see something great.

Lesson Learned: don’t hesitate when you see something you like

 

• Know what to look for: You might not have an opportunity to take a second look, bring a builder, do a home inspection, etc. Invest some time into preparing yourself before you officially start the house hunt: walk around with contractors, talk to friends, learn about the various things you should be looking for (and looking out for). 

Lesson Learned: do your homework before you start looking

 

• Don’t trust the information on the listing: brokers can update the listings at any time. While the listing might say offers will be accepted on a certain day, this could change without any notice.

Lesson Learned: Be prepared, Be prepared, Be prepared!

 

• Stay relaxed: You might put 10 offers in before you finally get a house. This can be a very long and stressful process, so try not to let it get to you. Take a walk, go for a run, practice your yoga breathing.

Lesson Learned: I am still working on this one