Tips for Navigating the Mad Brampton Real Estate Market
Brampton is the ninth most populous city in Ontario and the third largest in the Toronto area. Brampton has seen massive growth as people have moved to the suburbs of Toronto, while Toronto itself rivals Vancouver for the title of Canada’s hottest real estate market. The challenge for home buyers is to find a home without overbidding or having to pay an insane price for your dream home. Here are some tips for finding the home you want at an affordable price.
Find the right real estate agent
They say all real estate is local. But finding good deals or just finding the home you want quickly requires in-depth knowledge of the local real estate market. This is why you want to hire a real estate agent in Brampton who is well connected with this market rather than assuming that any real estate agent in Toronto will do. The best real estate agents will learn about homes that haven’t been on the market yet, whether someone is filing for divorce or bankruptcy. This allows them to show you the house and bid on it before it reaches MLS. If you are selling your home, a good Brampton real estate agent can attract many qualified buyers and help you win multiple offers for your home. Now you can choose the perfect deal, whether it’s a higher price or a faster closing date.
Establish a budget before bidding
Know how much home you can afford before you start your home shopping. Know what you can expect to pay each month for the mortgage, utilities, taxes, and insurance. Set a ceiling and stay below. This prevents you from making the mistake of bidding on a house for more than you can afford. Try to stay well below the maximum you can qualify for, as you want to be able to save and pay for major repairs and have an emergency fund to pay the bills if you lose your job.
Start searching sooner rather than later
Brampton’s real estate market is tight. Near zero interest rates, low inventories, and high demand mean it takes time to find the right home at the right price. Start looking for new homes months before your current lease expires. So you won’t be tempted to bid on the first decent house you find, because you have to close soon.
Know what you want and don’t want in a house
You can save time by working with a good real estate agent and giving them a list of the things you need to have and don’t want in a home. For example, you should make it clear whether you want a house ready to move in or whether you reject any property that needs major renovations to be suitable. If it is essential to have space for your growing family, say so clearly. Tell the real estate agent that you want each child to have their own bedroom and enough space to run around and play. If you can’t stand the stairs or don’t want to live near the freeway, say so clearly. They will appreciate knowing what issues make a home unsuitable for you, as they don’t want to waste time showing you a property that you won’t buy.