Toronto is certainly a seller’s market right now—that means there are more buyers searching for homes than there are homes for sale. In a seller’s market, there are multiple offers on each home, and homes sell quickly. For buyers, it’s understandable that this can lead to frustration and fatigue.
The signs of buyer fatigue
You may have experienced the following if you’ve been house hunting in Toronto. These are common signs of buyer fatigue:
- Properties sell before you’re able to view them.
- You’ve lost out on a home (or multiple homes) in a bidding war.
- The homes listed in your price range don’t have the features you’re looking for.
- You consistently see homes you are interested in sell for way over the asking price.
- You’ve had to adjust your budget many times.
- You feel exhausted and stressed instead of motivated to find a home.
How to avoid buyer fatigue
There are a few things you can do to proactively prevent buyer fatigue. Try these tips:
- Get pre-approved. Having your financial ducks in a row is a huge help—it lets you lock in a mortgage rate, saves time and stress later on in the buying process, and shows sellers you’re serious about buying.
- Work with a trusted real estate agent. Finding a Realtor you trust to advocate for you is crucial, as a Realtors help navigate the fast-paced seller’s market with their expertise.
- Act quickly. There’s little room for hesitation in today’s market—if you see a property you like, be ready to make an offer quickly and work with your Realtor on the best strategy.
- Adjust your expectations. Revising the ‘must-have’ list for your new home can open up a different pool of potential properties, which increases your chances of buying.
- Stay informed about the market. There are some signs that the housing market could cool slightly as demand wears off due to buyer fatigue, and as Bank of Canada interest rates rise. Keep up-to-date on what’s happening so you can take advantage of any shifts in the market.
Need a fresh outlook on buying in Toronto? Let us guide you through the process.