Ontario is starting to slowly open up and the real estate market is no different. Activity seems to be coming back and a lot of clients are asking us if this is the right time to jump back in. It’s still difficult to know what the market will look like in the next few months but it is possible we could be in a buyer’s market for a little while (Buyer’s market = more supply than demand). In a buyer’s market it can sometimes be tempting for buyers to try and save money on real estate agents, either by working with the listing agent or by finding an agent who will significantly discount their services in exchange for providing almost no hands-on assistance. We would like to strenuously advise caution with this approach. A Covid-impacted buyer’s market will require a lot of adaptations to the normal ways of doing business and you will benefit from having an experienced agent who knows you and understands what you are looking for. Here are the ways that this new market will be different for buyers:
1. Open houses are banned for the foreseeable future
2. It is likely that as a buyer you won’t be able to touch anything in the house
3. Your agent will preview everything for you in advance and you will only attend showings in person when there is a high likelihood that you can offer on the home with all appropriate protective precautions
Basically, your agent will be doing a lot more groundwork to find you a house. You want an agent who is experienced and knows exactly what you are looking for. Further, in a buyer’s market, Toronto buyers may finally (and likely temporarily) have a bit of leverage and be able to negotiate on deals. Don’t give up this leverage by skimping on your professional representation. It is likely that you will save money in the long run with a good agent by your side.
Obviously we admit that we are biased and we would love it if you hire us. However, it doesn’t really matter which agent you hire as long as you trust them, they are experienced and they have a good reputation. Heading into uncharted waters, everyone in this market will benefit from buyers who have good representation.
As always, stay healthy and safe
– Robyn VanderVennen
The Kim Kehoe Team
