Here's the state of the market:
1. Listings are not plentiful but depending on area, you can find a solid home
2. Buyer's need to be on top of the inventory as good listings are selling quickly
3. There is talk of further government controls to cool the market
4. In many areas, pricing is feeling on par with March/April 2010
5. Muliple offers are pretty common so know your strategies and do your homework so you're ready, armed and not bumped out
6. Try to get your financing taken care of so that you may proceed w/o a finance clause to strengthen your offer where possible
7.The new rules for homeowners listing their property on MLS and dealing with the cooperating broker direct, may cause some headaches but if the results are anything like what we've seen while this has been taking place in the U.S., an overwhelming number of sellers still put their trust in a brokerage to represent the sale of their biggest assets. Problems in the sale of a house aren't typically in the thousands. THEY ARE MAMMOTH. They can lead to the carrying of 2 homes (if your bank will assist) or the non closure by the buyer of the house you just sold.
8. Because supply isn't abundant in most pockets, be prepared to have a conditional period of no more then 2 business days following acceptance and get your best/biggest deposit to the seller. Seller's are increasingly worrying that the Buyer will walk. It's just the feel out there.
9.Stop waiting for MLS.ca to spit out a listing. Sold another house this week and 5 angry callers working w/o an agent were upset that I sold the house before the 48 hr lag until they got to see it on mls. During that period we had an offer and 15 showings.
10. Don't pay too much attention to the paper. Everything sounds just a little scary right about now. Find an agent who knows what they're doing, let them catch you up to speed; go see homes; learn about values; discuss strategies and try to have fun.
http://www.TheSmithsBuyAHouse.com
http://www.PropertiesintheGTA.ca
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