This is a common question for many of my first time Toronto and GTA home buyer clients (and often even those that have bought before). Like so many real estate questions, the answer is, it depends. I know that can be a frustrating answer so let me get a little more into why. We’ll also establish how to determine a likely time frame and approach your search.
To start, your agent should be able to help you estimate a rough time frame once you’ve established your budget, your mortgage and your search parameters (list of non-negotiables, needs and wants). Using this data, they can look at how many homes have recently sold that would have been a good fit. Depending on how quickly the market is shifting this may be as far back as 6 months or a year or a much tighter time frame. While they can’t predict where the market is headed, they can help approximate what’s more likely moving forward.
The next step requires a little introspection and an honest assessment of where you’re at in the process. Take some time to think about what type of real estate shopper you’re likely to be. Are you decisive, realistic, cautious, motivated, etc? There’s no wrong qualities. This isn’t a judgment on who you are. They are just indications that it might take more or less time to find a home. You’re most likely to be successful in your search in a specific time period if you can remain flexible and keep an open mind.
There’s no one size fits all. Some people need time to ease into such a large decision regardless of what homes are available. Sometimes supply doesn’t provide enough viable options in the expected time frame. Sometimes your search shifts and your situation changes. I’ve had buyers who have looked for years and buyers who’ve purchased the first or second place we’ve seen.
Given that there’s no universal buying experience, there’s no right way to do it. I’d say if you’re highly motivated, decisive, able to be flexible and supply is decent then you’re most likely to be able to find a home in a few months. If you’re looking for something very specific, your search changes over time, supply is low or it’s a challenging market, then it can easily take longer.
It’s your agent’s job to be patient with the process, help keep your expectations in line with realistic market conditions and adapt as your journey evolves. I’m thrilled that this weekend one of my fantastic clients bought his first home after 3 years of working together. Time flies when you’re in good company and doing what you love.
Thinking of buying a home this year? Let’s chat.
Also check out our other blog for more tips on how to maximize your home buying experience in Toronto and the GTA: Click Here.
Photo by Devon Janse van Rensburg on Unsplash
