Re-evaluating Your Needs
Taking a ‘deep breath’ and examining your home buying goals
Sometimes we learn that our expectations and needs do not concur with the market and its offering. Our requirements, however well-justified, may actually cost much more in your new market than they did in your old neighbourhood. Times change and so do needs, wants and prices. This happens in every craft and trade.
Take your time by Allie Caulfield
If at first you don’t succeed, try again. That advice definitely holds true when it comes to buying a home in Toronto. Though the real estate market has levelled off since the height of the seller’s market we saw in recent years, it’s still true that renovated homes in great locations are very popular. It is obvious that if a home gets you excited, it’s getting other buyers excited, too. There is a chance you might go home disappointed on offer night. If this happens, it’s best to pick yourself up, dust yourself off, and try again with the next home. There is more than one best home for you.
However, if you find yourself losing out on property after property, it is probably time to re-examine your home buying goals and ask yourselves why this keeps happening. For instance, are you consistently putting in low-ball offers that are insulting to home sellers? Are you looking at the top end of your price range, with no room to manoeuvre in competition? Are you unwilling to compromise? Do you really want to move at all? Are you being realistic about how real estate is bought and sold in Toronto? Are you reacting too slowly to the marketplace rather than being ready to jump at opportunities when they present themselves?
Whatever the reasons, Jamie will help you identify any blocks that stand in your way of getting your dream home.
How not to give up if your home search is taking longer than expected
It’s all too easy sometimes for homeowners to get overwhelmed by negative news and downward trends in the real estate market. A few years ago, bidding wars discouraged some people from entering the market, as buyers traded horror stories of competing against dozens of others and overpaying for their homes. Now, buyers worry about the economy in general, mortgage rules, and the potential for rising interest rates. There is always something to worry about, but such concerns needn’t overwhelm you or prevent you from owning a lovely Toronto home.
As you search for a home, even if your search is occasionally frustrated by various factors, it is important to try your best to stay positive. Try to remember:
- Owning a home is still one of the most sound and time-tested investments you can make
- The real estate market is cyclical: values go up, values go down
- Currently market conditions are balanced, which means you have good purchasing power and can expect to pay fair market value for a home in Toronto
- Interest rates remain low
- With more and more properties going on the market, and builders building again, the number of choices is ever-increasing, which means you have a much better chance of finding the perfect home
If you don’t have a strict deadline by which you must move, how can you stay motivated if you have lost a couple of bids for homes, or find that homes are too expensive, or have had trouble getting financing? The key is persistence. If you really want to buy a new home, there is a way. It may mean changing where you are looking or revising your list of needs vs. wants. It may mean going on a financial diet to get in shape for your purchase. Rather than putting your home search on hold or just letting it stagnate, Jamie will keep in touch with interesting properties and strategies to help you find your dream home so you don’t lose that spark that made you start looking in the first place.
A Fresh Start
A new game plan and tips to renew your excitement for the home buying process
If you’re starting to question whether buying a home is right for you – maybe because you didn’t find a home you love right away – you’re right. Buying a home is a big deal and you should make sure it’s what you really want! One of Jamie’s favourite suggestions is to place a picture of your ideal home where you can easily see it every day, like on your desk at work or on the fridge. How do you feel when you see the picture? Can you see yourself living there? Really feeling the feelings will put you in the right headspace to attract the perfect home.
Another thing to do (not as much fun, but certainly effective) is to sit down and make a list of the pros and cons of going forward with a home search. Your reasons for buying a home should definitely outweigh your reasons for staying put. If they do, but you still feel discouraged, talk to Jamie. He has helped hundreds of clients move on to the next phase of their lives and he has seen it all! He will offer practical and anecdotal advice and support, and help you develop a new game plan; perhaps you need to see more homes in person, narrow your search to just a few streets, or start looking in a new part of the city.
Tips For Staying Positive
Avoid toxic people. Toxic people can be well-meaning friends who tell you their home buying horror stories. It’s really anyone who is coming from a very negative attitude about finances or real estate. You will know if you’ve been around a toxic person, because you will begin to feel deflated. When you realize the conversation is bringing you down, it’s best to either change the subject or walk away.
Screen the media carefully. Remember that the intention of the media is to sell! The more they can paint a negative and fearful picture of the real estate market or the economy, the more their sales go up. Why subject yourself to negative spins when you can find just as much information to point to the positive?
Look for the opportunities in today’s marketplace. Even in a seller’s market, there are many opportunities, and successful real estate professionals like Jamie are constantly taking advantage of them for their clients.
Remember that your success depends on your mindset, not on market conditions. It may sound esoteric, but your beliefs really do create your reality, so whatever you choose to believe will become true for you. The law of attraction states that you get what you focus your attention on. So choose your beliefs carefully. You might want to focus on something like:
- “I achieve whatever I set my mind to”
- “My best home is right around the corner”
- “Buying a home is easy and I will love the end result”