There is a lot of doom and gloom in the market today. People fail to realize that this happens every year at this time and disappears come November. However, I have begun to develop a strong concern for first-time buyers in the 1-bedroom, under 1,000 square feet condominium market.
Ever since the mortgage rule changes this past June, these buyers have slowed down considerably. Unfortunately, the supply has only continued to pour onto the market.
We now have a case where these buyers have a lot to choose from, but, regrettably, do not have the experience or a proper adviser to give them proper advice. As a result, I am finding people comparing buildings like Palace Place to shoebox condominiums like those found at Windermere Avenue and The Queensway. Simply put, they are effectively comparing a Mercedes-Benz to a Fiat. You just do not find this kind of mistake in the car world. Why is it happening in the condo world?
ANSWER: Buyers are not educating themselves beyond the floor plan and the “dream” that the builder is selling. Because they are not educating themselves, we must do it.
If you are a Palace Place 04, 07, or 12 owner, you need a realtor that can educate buyers on this fundamental difference, even if the buyer is represented by another realtor. It takes a heck of a lot of work, but it needs to be done. Otherwise, you are just throwing money out the window, as these buyers throw their money at new builders and their unfounded marketing hype.
Do you want to set another record? Call me today!