Buying and Selling Tips in Brampton: A Few Things to Keep in Mind

The housing market in Brampton is hot! Recent statistics show that the median time a house stays on the market is just 18 days.Buying or selling a house in an active market means that you should learn as much as you can before you begin. Here are a few things to keep in mind as you enter the housing market in this vibrant, growing city:

Partner With a Top Broker

·       Whether you are buying or selling, in a complex market like the GTA, you’ll need the advice and guidance of someone who has the necessary knowledge, skills, and experience. Choose a real estate broker who lives and works in the city and knows the neighbourhoods and properties well. Check that your broker is registered with the Real Estate Council of Ontario, the professional organization that holds its members to ethical standards, and ensures that they are properly insured. Most importantly, make sure that the real estate professional you choose understands your family’s needs, and that you have a good rapport with him or her.

·       A good real estate professional will help you with many aspects of the process. Services to a homebuyer include showing prospective properties, helping the client to make an offer, negotiation, contracts, and closing the deal. Services to sellers feature the opposite side of the transaction, including taking inquiries from interested parties, scheduling and conducting showings, negotiations, contracts, and closing.

Mortgages and Other Money Matters

·       As a buyer, you need to get organized before looking at properties. First, study Brampton’s neighbourhoods. Some feature new houses and young families; some are more convenient for commuting to Toronto; some boast houses with classic architecture, and proximity to downtown amenities. Find the areas of the city that suit your family’s lifestyle. Look at other houses on the market, and decide, in conjunction with your broker, on a price range that works for you.  Next, get the finances in order. Clean up your credit rating if necessary. Learn more about the types of mortgages available to you. The Canada Mortgage and Housing Corporation website contains a lot of useful information about mortgages, and makes a good starting point. Don’t be afraid to shop around for your mortgage. Then think of ways that you might be able to make a better deal. Can you offer a large down payment, for example? Are there other ways that you can accommodate the seller, such as remaining flexible about the closing date or the inspection period?

·       If you are selling your home, talk to your broker about the commission rate. The usual rate in Ontario is 2.5 – 3%, but if you are selling an attractive home in a desirable area, your broker may agree to a lower fee rate, since chances are it will be less work to sell. Also -- make sure your home is in tip-top shape. Get rid of any clutter; repair or replace any items that are worn out; and clean, clean, clean! Once the home is magazine-cover beautiful, take plenty of photos and ask your broker to post them online.

Buying or selling a house is one of life’s major decisions, but with some thought, planning, and expert guidance, it can be a great experience! Follow these buying and selling tips in Brampton and maximize the best deal you can!