Looking for a great deal?

You may be closer than you think.

Finding a discounted home can be challenging given the competitive real estate market, but there are several strategies you can use:

1. Work with a Real Estate Agent

  • Experienced Agents: An experienced real estate agent can help identify potential deals, provide market insights, and negotiate on your behalf.
  • Access to Listings: Agents have access to Multiple Listing Service (MLS) databases that include properties not listed on public websites.

2. Monitor Real Estate Websites

  • Websites: Use websites like Realtor.ca, Housesigma etc to monitor listings. Look for price reductions and properties that have been on the market for a long time. Also your Realtor will set up a email MLS search for you to get listings to your inbox.
  • Set Alerts: Set up email alerts for new listings that meet your criteria, including budget.

3. Attend Open Houses and Auctions

  • Open Houses: Attending open houses allows you to see properties firsthand and gauge their condition.
  • Auctions: Sometimes homes are sold at auctions for lower prices, especially if they are foreclosures or need repairs. Auctions are rare in Ontario however they are not unheard of. We may start seeing them more often.

4. Look for Foreclosures and Bank-Owned Properties

  • Foreclosures: These properties are often sold at a discount because banks are eager to sell them quickly. Remember when buying a Power of Sale or Foreclosed property from the finance company you will not have any conditions like finance or inspection. You also will be forced to take the property as is with no warranties on the home or mechanical systems and appliances. This is a real buyer beware methodology.

5. Consider Fixer-Uppers

  • Properties Needing Renovation: Homes that require some work are often priced lower. Be sure to factor in renovation costs.
  • Sweat Equity: Doing some of the renovation work yourself can save money.
  • Emerging Areas: Look for neighborhoods that are up-and-coming but still affordable.
  • Public Transit Access: Areas with good public transit but less current demand might be more affordable.

7. Negotiate

  • Offer Below Asking Price: Don’t be afraid to make an offer below the asking price, especially if the property has been on the market for a while.

Tips for Success:

  • Be Patient: Finding the right deal takes time.
  • Stay Informed: Keep up with market trends and property values.
  • Have Financing Ready: Pre-approval for a mortgage shows sellers you are serious and ready to close quickly.

Using a combination of these strategies can increase your chances of finding a discounted home.