A lot has happened in the last year. The market was stupid crazy to start, then stupid slow to end. In between there were ups and downs attributed to some government intervention and some buyer fatigue.
Stefanos Papadopoulos's blog
Happy New Year Toronto!
As you would expect, the close of another year brings a slew of articles and blog posts recapping 2017 and predicting 2018. And while I try to be different in my approach to real estate, this post will not be different. After the year 2017 was, this almost needs to be written.
Don’t underestimate the psychology of your counterpart when you are ready to buy or sell real estate. My job, beyond having expert knowledge of what the market is doing, is to negotiate for my client’s. A large part of that negotiation hinges on the psychology of my client and the psychology of our adversary, be it buyer or seller.
Canary Commons near the Distillery District
Today I was at the launch of a new pre-construction development. For the most part, I am not too keen on pre-construction condo developments for a variety of reasons. To recap, I think pricing for many projects is too high relative to current available properties and that several policy changes will impact primarily the foreign buyer of condos, reducing their demand.
When can I re-enter the Toronto market is perhaps the question I have been asked the most in the last few months. There are buyers on the sidelines waiting, wondering and preparing, to get back into the market. If you have read my blogs, you know that I talk a lot about buyer psychology. Well, what is it currently?
I have been working on this blog post all week. I started to write this around the time the Toronto Real Estate Board announced the August numbers. That news release compelled me to dig into the numbers more deeply. Between the extra research and showing properties to clients, because after all, my job is to help people buy and sell real estate, not write blogs, it has taken me a little longer to get this post done. I love writing these and love helping people make great decisions when it comes to their real estate transactions, and I hope that passion shows as you read these.
Is now the time to buy/sell?
One question people always ask me is when is the right time to buy/sell? Just as with stock markets, there are ups and downs in real estate markets. The challenge is knowing when is the top or bottom. Few people, if any, can truly time the market consistently. But many people can time it generally. You may not buy at rock bottom, or sell at the peak, but if you can come close enough then you have likely made gains.
June is such a wonderful month. Everyone seems happier in June. The kids are getting ready for summer vacation. The sun is shining more than at any other time of the year. And for many, a housing move is in the cards.
Have you noticed the change in season? Things are a little different out there. The frenetic pace of the spring market has subsided. Now you can look at a listing and still see it listed the next day. Not only that, but you may see many more just like it too! But I’m not sure you see it, if you are a buyer. The interesting thing about buyers is that when the summer comes, they leave. And many buyers have left early, taking the Thursday and Friday off before a long weekend.
It is a cold evening on March 15, 2017. You line up with 17 other hopefuls for a chance to be the successful bidder on that new property you have dreamed of. Cars line the street of the house with realtors and clients alike, idling to stay warm. The phone rings and you did it! You got the house! You paid $300,000 more than the asking price. You paid more than anyone else on the street was willing to pay, but you got your house!