Homeowners have been asking themselves that question for decades. The answer depends on market conditions and your own set of circumstances. In today’s market in Toronto, it makes more sense to buy first. Here’s why:
1. Toronto is a seller’s market. The average days on market is often less than 25.
Considering many homes hold back on offers for 10-14 days, that’s a pretty swift market.
2. Do you have children who need to go to a particular school?
3. Do you need to be on or near public transit?
4. Is the price range you are buying in popular with other buyers?
In theory, you can purchase a home with a condition that you sell your current home, but you will be competing with offers with NO conditions. Seller’s will likely laugh and just move on to other offers.
5. Multiple offers are quite commonplace, anywhere from 25-50% of the time depending on your price range.
6. It’s not uncommon to have five or more offers competing on a listing.
That means four or more people will be disappointed and will start searching existing inventory again, with one less listing available.
7. There is a real shortage of inventory on the market right now, so buyers are calmouring for houses to buy.