Are you looking for a small, pleasant community to buy a home? Collingwood, Ontario, should be one of the top towns on your list. Collingwood is a small community with a population of 22,000 people. It is over 160 km north of Toronto, so it is a great place to live for families that want to distance themselves from big city life. However, it is an affluent community, so housing prices are higher than 80% of the other towns in Ontario. The average median price right now is $700,000 to $800,000 for a house.
It is important to look for good deals on smaller homes and condos if you have a small budget and plan to live in Collingwood. Here are some tips to get a good deal on real estate in Collingwood.
Buy before the Economic Boom drives Prices Higher
Collingwood has one of the most robust economies in Ontario, which is driving demand for new housing. A couple of years ago, the town’s marketing and business development manager reported that nearly 50% of new residents relocated from other parts of the province to take advantage of new economic opportunities.
Since the economy is growing faster than in other parts of Ontario, more people are expected to buy real estate to move to Collingwood soon. You don’t want to wait too long to make a purchase. Realistically, you have a small window of opportunity before prices rise even higher.
Estimate Closing Costs Before Making an Offer
The average closing costs on a home in Ontario range from 1.5 to 4%. It is important to keep this in mind while making an offer. If you have a substantial budget, you may want to drop your offer by a few thousand dollars to reflect the closing costs. On the other hand, sellers that are eager to close will often accept the proposal.
Look for Properties that have been on the market for a while
Some homeowners around the Georgian Triangle have a harder time finding buyers than others. They may be asking too much, or their property may not be close enough to the beach for many people’s tastes. You may get a better deal by making an offer on properties that have been on the market for a while. Even the most demanding sellers will be more likely to accept a lower offer if they have had difficulty selling their property.
Don’t make too many Counteroffers on Reasonably Priced Properties
Cheap properties are hard to come by in Collingwood. Don’t spend too much time haggling with a seller if they have a reasonable asking price. Your best option is to accept the asking price before another buyer makes an offer. If the price is a little too high, you can make a counteroffer. However, the more counter offers you make, the higher the risk of another buyer entering the market and offering a better price.
Don’t be too Picky
Collingwood is an affluent tourist community, so that most homes will be in great condition and decent neighbourhoods. It is easy to lose sight of this while looking at listings. Don’t get too picky because you may be tempted to purchase a property outside your budget. Remind yourself that the best real estate in Collingwood is nicer than those you would find in other parts of Ontario.
Try to Research the Seller Before Negotiating
Never enter any negotiation blind. Before purchasing a new property, you need to do your due diligence on the seller. Some sellers will be more eager to get rid of their property than others, depending on their reasons for selling. For example, sellers taking a new job or facing the possibility of foreclosure may be more eager to close than others.
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This article was published on August 8th 2021 by Move Me To.