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Tips for Navigating Brampton's Crazy Real Estate Market

By Jamie Richardson | July 21, 2021

Brampton is the ninth most populous city in Ontario and the third largest in the Toronto area. Brampton has seen massive growth as people moved to the Toronto suburbs, while Toronto itself rivals Vancouver for the title of hottest real estate market in Canada. The challenge for home buyers is finding a home without getting outbid or being forced to pay an insane price for your dream home. Here are a few tips on how to find the home you want at a price you can afford. 

Find the Right Real Estate Agent 

They say that all real estate is local. But finding deals or simply finding the home you want fast requires in-depth knowledge of the local real estate market. That's why you want to hire real estate agent in Brampton who is well-connected with that market rather than assuming any real estate agent in Toronto will do. The best real estate agents will learn about homes that have yet to hit the market, whether someone is filing for divorce or bankruptcy. This allows them to show you the home and bid on it before it hits the MLS. If you're 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 ideal offer, whether it is a higher price or faster closing date. 

Set a Budget Before You Bid 

Know how much house you can afford before you start home shopping. Know what you can expect to pay each month toward the mortgage, utilities, taxes and insurance. Set a ceiling, and stay below it. This prevents you from making the mistake of bidding more on a house than you can afford to pay. Try to stay well below the maximum you can qualify for, since you want to be able to save up and pay for major repairs and have an emergency fund to pay the bills if you lose your job. 

Start Looking Sooner Rather Than Later 

The Brampton real estate market is tight. Near-zero interest rates, low inventory and strong demand mean that it takes a while to find the right home at the right price. Start looking for new homes months before your current lease expires. Then you won't be tempted to bid up the first decent home you find, because you have to close soon.

Know What You Want and Don't Want in a Home 

You can save time by working with a good real estate agent and giving them a list of things, you must have and don't want in a home. For example, you should make it clear if you want a move-in ready home or will reject any property that requires significant renovations to be suitable. If having space for your growing family is essential, make that clear. Tell the real estate agent that you want each child to have their own bedroom and ample space to run around and play. If you can't stand stairs or don't want to live near the highway, make that clear. They'll appreciate knowing what issues make a home unsuitable for you, since they don't want to waste time showing you a property you won't buy.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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