What is a “benched buyer”?
The Toronto real estate market can be very intimidating these days. If you’re a hopeful buyer, but you’re feeling like you’ve been sidelined, you are not alone. With the odds seemingly stacked against you, you may be feeling like you’ve been benched in the big game.
We admit, the market is tough and can feel impossible to get into, but having helped our clients navigate it over the last decade, we can tell you that there IS hope. You just need to get yourself in shape. Here are 3 tips to help get you into the game:
Tip 1: create a plan of action
We’re all guilty of procrastinating. It’s natural to feel like you’ll “know when the time is right”, but in reality, there are those of us that wait for the time to be right, and those of us that create the right timing. Start simple. Create a list that can help you really focus. Here are some questions to get you started;
- What type of property would be ideal? (semi-detached home, 2 bedroom condo, open concept loft).
- Which area do you want to live in? (pick 3 neighbourhoods that appeal to you).
- If you won the lottery tomorrow, when would you want to move into your new home? (30 days, 6 months).
Tip 2: take your plan to a professional
Once you’ve created a plan of action, whether elaborate or simple, the next step is to get in touch with a professional. A mortgage broker, a mortgage rep at your bank, a full time Realtor®, etc. The point is to leverage this person’s experience and have them work with you to refine your plan and turn it into a realistic scenario. Whether you go to a mortgage broker, bank rep, or Realtor® first, you’ll need to get a mortgage pre-approval in order to begin refining your options. Maybe your ideal timeline or the type of property you can afford are different than what you were hoping for, but that’s OK. Be open to the guidance and take advantage of the advice. You will always have the final say and the option to hold off and pick it up again later.
Tip 3: get out there
Establishing your plan and getting your mortgage pre-approval is half the battle, but you won’t get anywhere if you don’t get out there and start walking through available properties. You need to start bringing the conceptual options to life. What does a 3 bedroom home in your budget actually look and FEEL like?
Open houses are a great way to do some independent research, but of course, in order to get the best experience and the best tailored service and advice, you’ll need to connect with a Realtor® that can help you apply your search criteria and show you relevant options.
You’ve got this!
Remember, even the longest journey begins with a single step. If buying a property or moving up to a bigger home is your goal, you need to take action. Creating a simple plan can really help you to build some momentum. Don’t bite off more than you can chew, start small and use the abundant resources around you. You are not alone. Our entire profession is set up to help you figure all of this out.
