The real estate market offers consumers a laundry list of questions, decisions and quandaries, some large, some small. Perhaps one of the first such that springs to mind for the home buyer is the not-so-simple question of should you sell first or buy first.

How you approach this issue depends on a number of factors. Should you buy before selling, your main consideration has to be whether or not you can afford to carry two properties should your existing house sit on the market for an extended period.

A second, though equally compelling factor, centres on how active the real estate market is in the area in which you’re buying and selling. The GTA’s very active market has prompted something of a reversal in the traditional approach which dictated that you sell your home first before shopping for another. This turnaround has occurred thanks to the speed with which homes are being sold.

Naturally, there are pros and cons to either choice. Let’s take a look at both options:

Buy First:

There’s nothing like shopping for a new home. Each dwelling offers endless possibilities and it’s important to hold out for those must-haves on your list. Without a closing date hanging over your head, this makes the house-hunting process all the more enjoyable. If your offer is unsuccessful, you can wait it out until the next perfect home comes along.

But the downside to buying first is that you could end up with two homes. Can you swing two mortgage payments in addition to the other expenses associated with owning two homes? That is a consideration you need to address before shopping for a new house.

While you can protect yourself by making your offer conditional on the sale of your current home that would be a tough sell especially in Toronto’s overheated market.

The final consideration is that buying first may force you to sell below true market value because you feel pressured to meet the closing date on the house you bought.

Sell First:

As mentioned, this was the traditional approach, when homes sat on the market for weeks and sometimes months.

Perhaps one of the biggest pluses to selling first is that it gives you a better idea of what you can afford for your next home. It also automatically removes any risk of you owning two homes at the same time.

The disadvantage, of course, is that you may feel under the gun to buy a house in order to accommodate your closing date. That’s never a good strategy and can result in you paying more than you should have for a home you’re not crazy about. One way around this is to seek a closing date that is longer than the usual 60 or 90 days. That way, you have more time to find your dream home. Another less desirable option is to rent until you find your dream house.

Either way, it’s wise to always have a plan in place should you find yourself with two houses or needing to bunk temporarily with family or friends.

There is nothing like the month of October to bring out thrills, chills and tales of things that go bump in the night. Toronto has its share of real estate that is reported to be haunted so in honour of this bewitching month let’s take a look:

Perhaps the most known haunted house is the Keg Mansion, a popular Jarvis Street restaurant and former home to the Massey family. It is said that a brokenhearted maid hung herself in the front foyer after the death of Lillian Massey. Restaurants patrons have said they’ve seen a frightening apparition hanging and some have reported hearing the voices and laughter of children from the upper floors.

This 200-year-old Georgian manor, now known as the Grange is reputed to be home to the undead. Witnesses report seeing a man, who may be Goldwin Smith or Algernon Blackwood, both writers who lived there at one time. Reports of a lady dressed in black haunting the second-floor bedrooms exist as well as accounts of other ghosts in and around the staircases.

Old City Hall is believed to house the spirits of many, including Arthur Lucas and Ronald Turpin, who were the last two men to hang in Canada. It’s said judges have heard footsteps and felt tugs on their robes, while the frightful moans of locked up prisoners have been heard in the cellar. Some say a presence is felt in the northwest part of the attic.

Gooderham and Worts Distillery co-founder James Worts committed suicide in 1834 following his wife’s death. Legend has it that Worts makes his presence known by opening and closing doors, making odd banging noises and turning lights on and off.

The historic house known as Colborne Lodge on the south side of High Park is said to be home to the spirit of Jemima Howard, a former mistress of the house. More than 100 years after her death in 1877 she has been seen staring out of one of the upper storey’s front windows — that same room in which she died. Other ghosts are said to haunt the main staircase, the hallway leading to Jemima Howard’s deathbed and even the grounds outside.

Christie Mansion is perhaps the creepiest tale of all. The Victorian home at Wellesley and Queen’s Park Crescent was the home of Robert Christie, of Christie cookie fame, who despite having a wife and family, managed to keep a mistress locked away in a hidden windowless room in the same home. She was not allowed to leave the mansion and her only visitors were Robert and his servant. Eventually Robert lost interest and she hanged herself out of loneliness. It’s said Robert had her buried secretly somewhere on the grounds of Queen’s Park. When the home was converted into a female residence for the University of Toronto some say they were haunted by her spirit in the hidden room otherwise known as room 29.  Reports say the room’s door would slam shut and lock, imprisoning the student till daybreak.

With the average price of a detached home in Toronto pushing well past the million-dollar mark it’s understandable how we all might get a little frenzied when buying and selling our homes.

Low housing supply mixed with high demand means you have houses selling for more than their asking price, a phenomenon driven by multiple buyers attempting to outbid each other.

If you’ve ever been involved in a bidding war, you’ll appreciate the emotional roller coaster consumers experience on either side. Whether you are trying to make financial gains for retirement or simply hoping to get your family situated in a neighborhood with good schools, today’s highly competitive real estate market is not for the faint hearted.

But are consumers able to keep their cool when everyone else is getting swept up in the commotion? A recent study by the Real Estate Council of Ontario (RECO) suggests not. In fact, 57 per cent of GTA respondents told RECO they would think about offering 10 per cent over their budget for the right home, while 38 per cent said they’d up their numbers by 10 to 20 per cent. The numbers were only slightly more conservative in the rest of Ontario with 47 per cent indicating they would consider paying 10 per cent more while 31 per cent said they would look at offering 10 to 20 per cent more to outbid the competition.

To help consumers overcome the challenges of a hot market, RECO has launched the Be Home Smart Tour, a community outreach campaign that will travel to 13 locations across Ontario this fall and into 2017. The campaign includes an interactive display booth targeting those in the buying and/or selling stage of their lives – engaged/newly married couples, new parents and downsizing boomers.

“Buying or selling a home can be a rollercoaster of emotions,” says Joe Richer of RECO. “People tend to let their heart rule their heads, especially first-time buyers.”

The RECO survey found that 35 per cent of homebuyers said they let their emotions sway them more than they should have when they last bought a home. For millennials, that number jumped to 42 per cent.

Here’s a quick look at RECO’s five tips for consumers:

1. Leave your emotions at the door
2. Read and understand everything before signing on the dotted line
3. Be sure you and your representative are on the same page
4. Know your tolerance risk
5. Be flexible and have a back-up plan in place

Other upcoming stops in the RECO Be Home Smart Tour include the Zoomer Show in Toronto at the Enercare Centre on October 29 and 30 and the BabyTime Show in Toronto at the Metro Convention Centre from November 11 to 13.  More shows will be added in 2017.