So your pre-approval’s in place, you know where you want to be and now it’s time to see some condos! How many should you see? 🤔
I’ve noticed that buyers usually want to see as many properties as they can – now there’s pros and cons to this strategy, and not worth the time – LET ME EXPLAIN!
In real estate, time is literally of the essence, or time is money, however you want to put it, time is the most important factor in real estate because it’s opportunity. The more time you spend looking at condo units, the more you’re going to miss out on and the more you’ll end up paying – even in a correction market this holds true due to the concept of inflation and time-value of money.
First, establish your must have list in terms of space (bedrooms, bathrooms, sq ft, etc.). This will let you establish a price point as well. There should be a sweet spot between your must haves, nice to haves, and absolute highest price you’re willing to pay.
Then to save time, we recommend that you nail down the area you want to be in, and nail down the building you want to live in. Clients have literally called us to see just the buildings they have in mind, and this could be arranged. Check out the lobby, the amenities, the parking spot, all the things you think you’ll be using day in and day out. You’ll also be able to mathematically establish how much space you’ll get in which building given the price per square foot analysis. A bigger unit might be available in a building you may not have had on your radar, or a smaller unit may be available in a building that is super modern, all for the same price!
Now that you really know what you’re looking for, you should start going on showings. Shopping for real estate shouldn’t be a guessing game, it’s all calculated and you’ll be ahead of the curve if you do your part in doing research.
Here’s our professional take on condos – layouts don’t change. Once you know your minimum requirement and maximum price point, you’ll be able to establish if you want a one bedroom or two bedroom. Since layouts don’t change, you can only see so many units until they start repeating themselves. Use the pictures and get to know what kind of finishes you like, if you like carpets or hardwood, and anything else you might spend more than $5000 on to change.
I know the realtor should be doing their part too, however, we tell clients, you know what you like and you’re going to be the one living in it! So make sure you’re as well informed as your realtor, because they are your partner in this search!
So now you’re wondering, how many showings should I go on as a buyer? Our sweet spot is, 7. After we go on 7 showings together, there may be something that needs to change in the search. At this point, really communicate to your agent why you don’t like what you see – if your agent knows what you’re looking for and you’ve done your research, you should be able to lock it down within 7 units!
Until then,
Happy searching! 🤓