How Michael John Lau helped a first-time buyer land his first home in an area he had written off.
He wanted to buy while the market was down. He had one area and one type of home in mind, because he believed that was all he could afford. Michael John Lau watched the market, changed the search to an area the client had ruled out, found an under-marketed listing, and negotiated a price that made sense. Today he is a homeowner.
The deal, in six lines.
- Client
- A first-time buyer who wanted to buy while the market was down
- Situation
- Fixed on one area and one type of home he believed was the limit of his budget
- Location
- Buttonville, Markham, the area he had originally ruled out
- Property
- 4-bedroom, 5-bathroom detached home, listed with weak photos and awkward showing times
- Timeline
- Watched the market for 3 months, one in-person showing, offer negotiated and accepted
- Result
- Purchased at $1,630,000 against a $1,688,000 list price, $58,000 below asking; his first home
Why did he want to buy when the market was down?
The logic was sound. A slower market means less competition and more room to negotiate. But there was a problem underneath it. He had a very specific area and a very specific type of home in mind, because he believed that was all he could afford. The plan was built on an assumption, not on the numbers.
What was the market actually saying?
Michael and the client watched it closely. There was plenty of inventory. But the homes that fit what he wanted, in the area he wanted, were the ones selling quickly. A slow market and a slow segment are not the same thing. That told Michael the strategy had to change.
Why look at an area he had already written off?
Because the numbers said to. In a slower market the gap between the area he thought he could afford and the area he had ruled out was smaller than he assumed. Michael reopened the search in Buttonville. Not because it was nicer, but because it was where his budget, the timing and the available homes might finally line up.
What made this listing an opportunity?
On paper, not much. The pictures were not great. The showing times were not convenient. It was probably not getting the attention it deserved, and that is exactly why Michael wanted to see it in person.
They got in. The potential was obvious once you were standing in it. Michael knew this was the one worth pursuing.
How was the price negotiated?
Less attention on a listing means less competition for it. Michael negotiated with the sellers and secured the home at $1,630,000, $58,000 below the $1,688,000 list price, a number that made sense for the client and his budget. He became a homeowner in an area he had told himself he could not afford.
What should someone else in this situation know?
The best opportunity is not always where you think you can afford to buy. It is where the numbers, the timing and the strategy come together.
If you are a first-time buyer, be careful about the assumptions you make before the search starts. Decide what matters most, stay patient, keep watching the market, and be willing to pivot when the right opportunity shows up somewhere you did not expect.
Questions people actually ask.
Is buying when the market is down a good idea?
It can be, but a slower market is not the same as a bargain. In this case there was plenty of inventory, yet the homes that matched the client's wish list were still selling quickly. What made the purchase work was watching the data, staying patient and being willing to change the plan.
Why did the search move to a different area?
The client had ruled out one area because he assumed it was beyond his budget. Once the numbers showed that the homes he wanted in his original area were going fast, Michael reopened the area he had written off. The right listing in Buttonville, a 4-bedroom detached home, fit both his needs and his budget at $1,630,000.
How do you find listings other buyers overlook?
Look past the presentation. This home had weak photos and inconvenient showing times, so it was not getting the attention it deserved. Seeing it in person is what revealed the opportunity.
What should a first-time buyer in Markham do first?
Decide what matters most and what you absolutely do not want, then let the market data, not assumptions, set the search area. A good buyer strategy leaves room to pivot when the numbers point somewhere unexpected.
A conversation is just a conversation.
If you are a first-time buyer who has already decided what you can and cannot afford, it may be worth a second look at the numbers. Call or text Michael at (416) 700-0286 or book a consultation. He will walk you through the same market read he used for this client.
Book a consultation Call (416) 700-0286Michael John Lau is a licensed REALTOR® with eXp Realty, Luxury Division (License #4784577), serving Markham, York Region and the Greater Toronto Area. Case studies describe real transactions; client details are shared with permission and some identifying information has been withheld. Past results do not guarantee future outcomes, and every sale or purchase depends on the property, the market at the time, and the client's goals. Nothing on this page is legal, tax or financial advice.