There is no question that the housing market is hot, hot, hot right now. This story rings true all over the world, and the Toronto market is no exception. Demand for homes is high, far outweighing supply, and it is a seller’s market, making the process more complicated for homebuyers (especially those experiencing it for the first time). Heather Hadden, of Hadden Homes (Berkshire Hathaway HomeServices), is dedicated to taking the stress out of the home buying process and wants buyers to know buying a home in a tough market does not have to be an unpleasant experience.
Homebuyers always face challenges when it comes to financing, obtaining a down payment, having the right credit score, finding a home, getting an offer accepted, and then hoping the appraisal and inspections all come through so the deal can move forward. In the current market, despite increased desire and drive to purchase a home, there is low inventory for housing, meaning that there is limited choice for homebuyers. Finding the perfect home may take more time than expected, as potential buyers far outnumber the availability of homes for sale.
Currently, buyers are finding themselves jumping through hoops just to get noticed by sellers. Homes are going for well over asking and get multiple offers as soon as they hit the market. Navigating the process can be tricky and at times full of heartache as buyers are finding themselves making offers on homes they have not set foot in, throwing all sorts of incentives toward sellers, hoping to get picked, only to repeat the process for every home they want to bid on. Prices are only increasing, and the landscape is not expected to calm down anytime soon.
“In its 2021 market outlook, TRREB forecasted the average residential price in the GTA will top $1 million this year. Now, the GTA is a big place bordered by Oakville to the west, Oshawa to the east, and Newmarket to the north. When you narrow it down to Toronto proper, the average residential price will be well into seven figures.” Hadden cautions against any kind of bidding war—that only drives the price higher and benefits a seller, “Remember, a home is only worth what someone is willing to pay for it.”
Hadden does not want homebuyers to lose hope or feel like finding a home is impossible. Part of her practice is to get to know buyers, develop relationships with them, and fully embrace empathy in her process. She knows what it is like to be in transition, to need to find that safe place to call home, and is determined to make the process friendlier for others. It is possible to buy even in a tough, low inventory market; and Hadden has the confidence, skills, connections, and technology to make it a reality. “Thankfully, interest rates are on the buyer’s side, as the cost of borrowing has never been cheaper. Given a solid down payment, flexibility when it comes to housing type and neighbourhood, and determination, homebuyers can still buy in this market at a price they can afford. Then, with time and growing equity, they too will have a chance to move up the property ladder.”
“I know how hard these transitions have been for me. Whether it was buying a first home, needing to upsize, needing to downsize, retiring parents, I have been there,” Heather says. “Over the past 14 years, my team and I have been through every situation under the sun and are equipped to make this transition as easy as possible for you.”
Consulting a real estate professional like Heather Hadden and her exceptionally talented team is going to give prospective buyers an advantage. Investing in each buyer’s unique circumstances and helping them become a competitive buyer, then getting people into homes are both Hadden’s passion and expertise. From the perspective of both buyer and seller, she can help with all your Toronto real estate needs. Hadden Homes is in the top 0.1% of agents in the Toronto Regional Real Estate Board, and their listings sell in an average of just 11.5 days (about 1 and a half weeks) for 105% of the list price.
Born and raised in Toronto, Hadden is well established in the community, known for her commitment to clients and the proven Hadden Homes Method. With 15 years in the industry, there is no challenge she is not willing to take on, and her people-based approach has changed the real estate experience in Toronto, setting the bar extremely high. Connect with Hadden and her team on the Hadden Homes website and on Instagram, where she regularly shares Toronto real estate tips and information.