Think for just a moment about how quickly our Toronto real estate market moves. It’s insane.
Compare our market to other markets around the world, the continent, or even the country, and it’s like real estate on steroids. Houses are listed and sold quicker, and more competitively, than in just about any other market.
Buyers constantly fall behind the pace, and often get scooped by competing buyers. Thankfully, not everything in life moves that quickly, but imagine if it did?
No matter how hard I try to convey our current market climate to new, uninformed, often naive buyers, there’s always one or two that don’t want to acknowledge it.
The opening scene of this video is one I’ve experienced a couple times so far this year.
Ultimately, it’s up to the buyer to act, or not. If they don’t want to see a house, or buy a house, that’s their prerogative.
But if after explaining the market conditions to a buyer, they still don’t feel any sense of urgency to see a new listing for a single-family home that’s in their price point, then getting scooped, or losing a house, is inevitable.
And it happens to Toronto buyers every single day in this market.
I tried to draw some appropriate parallels in the video.
Imagine you’re at the gym, you get a quick sip of water, and after being distracted only for a moment – you return to find that some meat-head is now chugging the entire barrel of water?
That is what happens in our real estate market, that is red-hot, hyper-competitive, and where buyers are constantly looking for an edge.
But in 2015, going to see a new listing for a single-family home within 24 hours of the property hitting the market isn’t gaining an edge, or using a tactic, or thinking outside the box.
It’s simply the new norm.