How to compete in a hot market
What do the Olympics and buying a home have in common?
As this year’s Winter Olympics wind down, I am reflecting on how the Games bring the world’s best athletes together to compete, and how international fans root for their favourites.
Whether you enjoy watching alpine skiing, curling, bobsledding, or ice hockey like me, it is always thrilling to see the highest-level global athletes strive to reach the podium.
I cannot help but notice some similarities between those who compete in the Olympics and those trying to buy a home property in a hot market.
Planning Whether you are taking part in a global sports competition or buying a house in a local neighbourhood, adequate preparation is key. While an athlete will get ready by having a rigorous training schedule, expert coaching and disciplined meal plans, homebuyers also need to prepare for what’s involved and rely on expert advice. This includes doing your research, crunching numbers and setting a budget, getting mortgage pre-approval and finding a real estate agent.
Coach and real estate agent While every competitive athlete has a coach for training and support, a buyer can also benefit from the valuable expertise and guidance of a registered real estate agent. Generally, you can expect an agent to offer a broad range of service options that may include sharing their knowledge about housing in specific neighbourhoods, monitoring market trends, arranging showings, negotiating and advocating on your behalf, and managing paperwork.
A supporting team of experts In addition to a coach, an athlete also typically has other people behind the scenes who all serve different but crucial functions. These could range from a sports nutritionist, personal trainer and psychologist who help ensure top performance, to a publicist to manage endorsements, press conferences and other engagements.
Likewise, it is smart for buyers, in addition to an agent, to have other professionals on their team. A real estate lawyer can provide legal counsel, review documents, investigate property title and take the necessary steps to complete the transaction successfully. If a mortgage is required, an institutional mortgage adviser or broker can help you secure one with loan terms and a rate you are comfortable with.
As well, a home inspector can examine and report on the property’s major systems, such as electrical, roofing, plumbing, foundation and septic systems. This can provide valuable information before finalizing the purchase.
A resilient mindset Sporting events and Ontario’s current real estate marke are both highly competitive. Whether they win or lose, athletes are trained to keep their head in the game and keep going. In the same way, it is very important to stay positive if your purchase offer is not accepted for a property. If you are in the market to buy, I am confident you will eventually reach the podium with a new home if you have a plan, a strong team of experts and some patience.
IF YOU HAVE A QUESTION ABOUT THE HOME BUYING OR SELLING PROCESS, PLEASE EMAIL INFORMATION@RECO.ON.CA.
JOE RICHER IS REGISTRAR OF THE REAL ESTATE COUNCIL OF ONTARIO (RECO). THIS COLUMN IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT MEANT AS LEGAL OR PROFESSIONAL ADVICE ON REAL ESTATE TRANSACTIONS. FOLLOW