Discover Hidden Gems in Toronto’s Real Estate Market
Finding a hidden gem in Toronto’s real estate market might seem like an impossible dream with the ongoing bidding wars and sky-high prices. But what if I told you there are insider secrets to scoring deals that others might miss? Imagine walking into a property worth hundreds of thousands less than market value. Sounds too good to be true, right? Stick around because today, I’m going to reveal some of the secrets that my home buyers use to find these hidden gems. From special keywords to knowing when a seller is desperate, these tricks can give you an edge in Toronto’s competitive market. Are you ready to unlock these secrets? Let’s dive in.
Secret 1: Keyword Search Strategy
The first secret is all about language. Certain keywords in listings are absolute gold mines. Have you ever noticed the words “motivated seller” or “must sell” in a listing? These are signals that you can’t afford to ignore. But there’s more to it than just keywords. What do they actually mean for you as a buyer? Let me show you exactly how to search for these hidden gems and what to watch out for when you see these magic words.
I’ve pulled up my screen here, and let’s go through a couple of key search terms that I use when my buyers are looking for a hidden gem or a steal in today’s market. With the market being what it is and things being a little slower, there are a lot of sellers out there who might be in distress or need to sell for financial reasons.
So, this is my search platform, a little bit of insider baseball. This is what I use to look for properties. There are various qualifiers I can put in here when searching for a property, but I’m going to focus on broker remarks. This section, generally accessible only to realtors, can be incredibly useful.
Keywords to Use
The first keyword I’m going to use is “must sell.” It’s showing eight matches right now. These listings indicate that the realtor has signaled to other buyer agents that this property needs to sell. This is often a signal to throw in an offer, even if it might be slightly lower, what we like to call a low ball.
Another keyword I like to use is “bring any offer.” This indicates an open invitation for an agent to bring any offer. Currently, I have two matches. Properties with this keyword are open to seeing and reviewing any offer that comes in, meaning they are willing to negotiate.
Ultimately, there are many keywords that we can use to filter out properties that may be hidden gems or in scenarios where a seller might be more receptive to negotiating the price down.
Secret 2: Leveraging Bonus Commissions
Let’s move on to another strategy that can help you put cash back in your pocket. Many buyers may not know about or overlook bonus commissions. Yes, some properties actually offer extra incentives to agents. If your agent is savvy, they may be able to leverage this and pass these savings on to you.
Most of the general public doesn’t have access to information about cooperating commissions on a property. However, a buyer’s agent can see this information. Properties listed as “must sell” or “must close quickly” often come with a commission bonus, indicating that the seller needs to sell quickly. An agent can use this to negotiate the price down.
Secret 3: Power of Sales and Bank Sales
Next, let’s dive into an even bigger opportunity: Power of Sales and Bank Sales. These properties can often be bought at a discount, but there are risks involved. A power of sale or bank sale occurs when a lender takes back a property due to non-payment by the owner and is now looking to sell it.
If you’re interested in getting our list of power sales and bank sales, drop your email in the comments or email me directly, and I can add you to our email list. But let’s discuss the risks and benefits involved.
Risks:
- As-Is Condition: Buyers are responsible for any repairs or issues.
- Limited Disclosures: Less information on the property’s condition or history.
- Legal Complexities: Requires specialized legal advice.
- Eviction Issues: Potential eviction issues with tenanted properties.
- Financing Challenges: Securing financing can be tough, especially if the property is tenanted.
Benefits:
- Lower Prices: Often sold below market value.
- Motivated Sellers: Banks are motivated to sell quickly to recoup their money.
- Less Competition: Generally less competition compared to traditional sales.
Secret 4: Identifying Price Decreases
Have you ever noticed a property that keeps dropping in price? Multiple price decreases can signal a motivated seller ready to make a deal. But why are these properties dropping, and are they worth your time?
Price decreases don’t always signal that someone is ready to accept a low-ball offer. Context is key. If the seller was grossly overpriced initially, they might just be trying to catch the current market price. However, if you notice multiple price reductions over time, it could signal desperation.
Secret 5: Properties on the Market for 60+ Days
Properties that have been sitting on the market for over 60 days can be gold mines. Sellers might be desperate and willing to negotiate. Often, listing agents claim that sellers are not desperate and don’t need to sell. However, anyone with a listing on the market for over 60 days clearly wants to sell.
These strategies can turn you into a savvy home buyer or investor in Toronto’s tough market. But remember, the key is to act fast and smart. If you want more insider tips, make sure to subscribe and hit that notification bell. We’ve got more content and secrets to share with you.
Bonus Tip
You’ll always find value in hidden gems and properties or neighborhoods that some might consider under the radar. The best things in life are where you least expect them.
If you have any questions, drop them in the comments below, and I’ll be sure to get back to you. Also, if you’re serious about finding these deals, reach out to me directly. Let’s turn your real estate dreams into reality.
