Suppose you’ve ever been a buyer in Toronto. In that case, you’ve likely had the universal experience of viewing a house, thinking, “Meh. That’s OK, but not for me, thank you,” and then watching incredulously as that house got twenty offers and sold for way over your budget. Sometimes your agent is as confused as you are, and sometimes they’re a little “I told ya so.”

My friends, this is what is happening in the market. Buyers are having to either increase their budget or adjust their expectations.  But, the global events that slowed down our market  (interest rates, COVID, wars, global warming, all other manner of terrible things) have meant that while the market is back, it’s not back entirely. The reasons for some homes selling with twenty offers and some not can be unclear. Ask any honest real estate agent, “how is the market right now?” and they’ll say, “It’s weird.” Some houses are going wild and some homes aren’t selling as quickly as anyone expected.

If you’re a buyer, how do you take advantage of this situation and find houses that don’t have many offers?

1. Work with a dedicated agent who represents your interest. It rarely pays to call listing agents directly for every home you want to see. They have a legal duty to protect the seller’s interests and may not be forthright with you about why this particular house isn’t selling. Your agent will tell you if this is a real lemon or just a solid home that other buyers overlook.

2. Look beyond the staging. There are lots of great houses out there that aren’t staged. However, staged homes sell quickly and for more money.

3. Look at tenanted properties. This one is tricky because managing tenants and hoping that they leave on closing can feel stressful. Also, no one wants to kick someone out of their home. But many tenanted properties are currently sitting on the market, and there are good deals to be had in those homes right now.

4. Prepare to do a bit of work. The houses that aren’t perfect are sitting on the market right now. Plan on painting, re-doing a kitchen or installing new flooring before you move in.

If you’re a seller, how do you make sure you’re one of the ones with twenty offers?

1. Work with a local agent. We’ve said it before, and we’ll keep saying it. It makes all the difference.

2. Paint your whole house. Right now, buyers are mercurial, and they’ll be on to the next house as soon as they spot something (a scuff on the wall, even) that gives the impression that this isn’t a well-cared-for home.

3. Stage: spend money on staging. This is even more important than doing a bathroom renovation or another quick update around the house. You get your money back and then some if your home is well-staged.

4. Price accurately: Overpriced houses are dead before they’re live. Price your home appropriately for the area and save yourself many sleepless nights.

Good luck! We’d love to help you on this journey.