You likely know all about the recent Toronto real estate market shifts. It’s been all over the news. Rising interest rates are cooling the overheated market caused by the COVID-19 pandemic. With future rate increases on the horizon, people are unsure about how to navigate an uncertain market.
However, as an experienced real estate team that has seen this cycle play out a few times in the past, we’re here to tell you that it’s going to be ok!
If you’re planning on buying or selling real estate in the near future, all hope is not lost. You just need to adjust your expectations and, most importantly of all, work with an experienced real estate professional.
In an Uncertain Market, You Want Someone Who Has Been There Before
Not to sound ageist, but many newer real estate agents only recently obtained their real estate license in the past 5 years or so. The fact is that Etobicoke and Toronto as a whole have been in a seller’s market for just as long, and these newer agents have likely never worked in different market conditions.
Sure, there are best practices, and a licensed agent should be able to broker a deal for you in any type of market. But it’s hard to discount the value of tangible, real-world experience when it comes to buying and selling real estate in less-than-ideal conditions.
Some agents never had the chance to hone specific skills like negotiating because it was never needed in the markets they were working in.
A local agent with years of experience knows how to be successful in a buyer’s market, a balanced market, or a seller’s market. They know how to help clients when interest rates are high, when they are low, and they have the trial and error knowledge to pass along to you from all of their past experiences.
Are you interested in learning more about the local Etobicoke real estate market? Read some of our latest blogs here:
- Are Prices in Etobicoke Going Down?
- Is Downsizing in a Shifting Market a Good Idea?
- Everything You Need to Know About Buying a Home in Humber Valley
An Experienced Agent Knows How to Use Current Market Conditions to Your Advantage.
Uncertainty about the market is causing many people to hesitate to take action right now. However, it’s actually an excellent time for investors and homeowners who want to move to a bigger space.
- For investors, prices of homes have dropped, so they will be able to get an investment property for less than they could get it 3 months ago. In addition, there has been a substantial increase in rent amounts, making it a great opportunity to purchase that income property.
- For upsizers, you can bet your dream house is much less than it was three months ago. Larger homes have a smaller pool of buyers, and the price decrease is more substantial. By comparison, your current house will have a smaller reduction in value. This means less of a difference between your existing home and the next!
A Local Etobicoke Real Estate Agent Knows the Area
In addition to having a firm grasp of the underlying market conditions. A local Etobicoke real estate agent knows the area they operate in like the back of their hands. They’re familiar with all the microneighbourhoods and can expertly explain the nuances between them.
They know the appeal of the neighbourhoods as well the school districts, local amenities, bylaws, and off-beat community facts that a non-local would have no way of ever knowing.
As a result, if you are selling an Etobicoke home, they can expertly market and position your home in its best light. Alternatively, if you are buying a home in Etobicoke, they can show you the best properties in the best areas for your unique needs.
An outsider might only be able to show you MLS® listings or post your home for sale on the basic sites with basic pictures and write-ups.
An Etobicoke Agent Maximizes Your Value
Whether buying or selling, getting the price right is critical in this market. A local agent knows all about home values, not just as a whole but in the micro neighbourhood.
- For buyers, a local agent knows what you should pay for a home based on what has recently sold in this micro-market. They understand the nuances of the neighbourhood and why one side of the street may command a premium over the other side. And they know what adds intangible value to your new home, like being close to the best schools and other amenities that are important to you.
- For sellers, they understand how to price your home in this market to attract attention from buyers. Many agents do not know how to price a home effectively. As a result, many listings are just sitting on the market. Pricing is critical. A local agent will price to get the fastest sale and best value for this market.
Thinking about buying a home soon? Read our Advice on Buying a Home in Etobicoke in 2022 right here.
The Advantage Of A Local Agent With Connections
Real estate agents are among the best people to get recommendations from. They are usually quite active in the community and a great resource for everything from finding a great mortgage broker or plumber to knowing the best place to grab a coffee or the best patio for having a cold drink.
They’re community experts and they have connections that they can pass along to you.
- For sellers, this could come in the form of recommending painters, handymen, or stagers to help prepare your home for sale. Or for buyers, it could look like finding a highly-regarded moving company or top-notch real estate lawyer.
- For buyers, one of the most valuable reasons to work with a local Realtor is their connections with other top agents. They’ll get early alerts about new listings that could be perfect for you! They also get visibility to what is coming on the market, and their relationship helps ensure they get a fair deal for their buyers.
Whatever you need, your local Etobicoke real estate team can usually recommend someone to do a great job.
Whether buying or selling a home in Etobicoke, it’s important to have trusted professionals by your side. Here are a few blog resources to help safeguard yourself:
- Final Walkthrough Checklist to Ensure a Smooth Close
- Condo Seller FAQs
- Is it Better to Sell First or Buy First in 2022?
They Know Buyers (And Sellers)
In today’s digital age, online marketing is a huge part of buying or selling real estate. However, we can’t forget about the agent’s personal Rolodex and connections to others in the community. Local agents are working with buyers and sellers every day, and not every person who passes through their doors will buy or sell on a specific day.
As a result, agents are keenly aware of who in their community is looking to buy or sell a home at any given time. This is beneficial for you as a seller because it could lead to an easy sale if your local agent can find the right person right away.
For buyers, it could mean access to off-market listings in your dream neighbourhood. It’s a win-win for both parties in this case!
How to Find the Best Etobicoke Real Estate Agent for You?
Now that we can see why finding a local real estate agent is so critical, let’s talk about how we can find the right Etobicoke real estate agent. Here are a few tips:
- Listen to friends and family – If your friends and family had an excellent buying or selling experience in the past, you could always start by speaking with the person they worked with! Some would say that happy clients and referrals are the backbones of the real estate industry.
- Look at who is active – Look around at local listings. Pay attention to the specific neighbourhoods and housing types and try to find agents that appear to do a lot of business with your preferred specs.
- A quick Google search works too – Searching for an agent online is a great way to find someone, and it’s easy to vet them quickly too. Look for active agents who have listings and post frequently on social media or on their own blogs.
- Read reviews – A good testimonial or Google review says a lot. Read as many reviews as possible for your potential agent, and also pay attention to how they respond to “negative” reviews. That can say a lot about them as well!
Are you looking for a local Etobicoke real estate agent? Contact us today right here to get the conversation started.
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