The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
In a perfect world, the first property you tour could end up being your dream home. But anyone who’s been through the buying process knows that the journey to the ideal home is rarely that simple. Finding a house for sale in Ontario that meets your needs, fits your budget, and checks off every item on your wish list can be a lengthy process sometimes.
So, how many days or weeks exactly are needed to find the right house?
How long the house-hunting process takes usually depends on the homebuyer’s priorities, the inventory available, and market conditions. On average, finding a perfect home can take anywhere between a few days to several months. The typical home buyer searches for 10 weeks and looks at around 10 homes during that time.
Let’s look at the factors that can impact this timeline and what homebuyers can do to avoid delays and find their dream home sooner.
When house-hunting, many homebuyers fill their wish list with a host of non-negotiable factors. They might hold firm on a specific neighbourhood, a certain number of bedrooms, a large backyard, or several modern amenities within a tight budget. These non-negotiable items on the wish list significantly reduce the pool of potential homes, making it harder for the buyer to find the perfect fit.
There are times when a homebuyer finds a home that perfectly matches their criteria and budget but they still remain unsure about it. This uncertainty can be common among homebuyers who are buying a home for the first time. Because of this hesitant nature of the homebuyer, their ideal home may slip away, leading to missed chances and further delays in the home-buying process.
If you start your home-buying process when the market is in favour of buyers, it won't take long for you to find your dream home. In a buyer’s market, there would be more houses available for sale than interested buyers, leading to less competition. This means you have a better chance of finding the perfect home at or below the asking price.
However, finding and buying a home for the first time in a seller’s market usually takes time. The lower inventory makes it harder for a homebuyer to get a house that ticks all or most of the boxes.
There are no set-in-stone strategies if you're expecting to find your dream home within a day or week. Getting an ideal property within that timeframe may be possible if there are a lot of homes available for sale in your desired location, but not guaranteed.
That being said, there are many tried-and-tested tricks through which you can minimize delays and increase the likelihood of finding the perfect home within a relatively short timeline. Here are the proven methods that can expedite the house-hunting process and boost your chances of success -
With a mortgage pre-approval in your hand, you can easily narrow your search to houses within your budget. This saves you the disappointment of falling in love with a property that’s financially out of reach and the time spent touring unrealistic options.
Out of all the steps to buying a house for the first time in Canada, the most frustrating one is failing to find the perfect match. You may be checking out a lot of properties, but none may be coming close to what you’re looking for. This is where the expertise and assistance of a real estate professional come in handy.
Realtors are skilled at using a Multiple Listing Service (MLS) platform and other property listing tools to find homes that match your specific criteria and budget. They even have access to property listings that might not be public yet or haven’t hit the market officially. They’ll offer you personalised guidance and support, guiding you every step of the way until you find your dream home.
In the context of real estate, “unicorns” are houses with a bunch of highly desirable features that homebuyers keep searching for. Just like chasing the mythical creature, finding these perfect properties is impossible. You may spend weeks and even months looking for the perfect property that ticks every box without any end in sight.
To avoid the unicorn trap, make a realistic list of the features that you need to essentially have, want to have, and think it would be nice to have in your would-be home. Remember many of the features from the want-to-have and nice-to-have list can be added to the house later on.
You may have narrowed down a specific neighbourhood for buying a home for the first time . Perhaps you want to live near your family or maybe you have got a new job opportunity in the area. That’s understandable!
However, if you’re failing to find a suitable home within your price range in a particular area, you may consider expanding your home search to a different neighbourhood. It’s quite possible that you may find a house with more features or square footage within the same price in a different neighbourhood.
The eagerness to settle in your new space may tempt you to rush through the steps to buying a house for the first time in Canada. However, the old saying “haste makes waste” applies perfectly in this context of home-buying. Buying a home is a significant financial decision, and speeding up the process might set you up for costly mistakes that could stick with you for years.
So, keep in mind to be patient and carefully consider all the key factors while looking for the right home. Don't settle for a home that doesn't seem like the perfect fit and make sure not to skip the home inspection and other crucial steps once you find your dream home.
Remember, it's better to be sure than to rush into something you’ll regret later on.