If you’re like most home buyers that are going to be out on the Canadian housing market this year, the chances are good that you’re going to do so in the next couple of months – spring is undoubtedly the busiest time of the year in this market. So what can you do to get prepared and better your chances of closing that deal on your dream home? Follow these tips!
Pre-approval isn’t a requirement before going out and looking at different homes, but it can definitely help. With a pre-approval, a lender will pre-assess you, your financial situation, your ability to pay back a mortgage, and what amount you can afford to pay back. It’s not a firm mortgage contract, but it will point you in the right direction when it comes to things like the price ranges you’re looking at. As an added bonus, when you look at homes while holding a pre-approval, sellers will be more confident that a deal with you will go through; and they’ll be more apt to choose you out of the multiple offers they’re holding.
Hire a real estate agent
This is a piece of advice that’s worthy whatever season you’re house-hunting. It’s simply a task too daunting to go on your own. But, having a good real estate agent by your side during the spring is even more important. That’s because the competition becomes extremely stiff in the spring market, and sometimes your dream home is scooped up by someone else before it ever even hits the market. When you have a good buyer’s agent working for you, that not-even-listed-house can be yours!
Everything’s conditional upon inspection
Including a condition in the Offer to Purchase that the home you buy must be inspected first, is something again, that you should do whatever season or house you’re buying. But again, there’s that competition that’s so present on the spring market, and bidding wars can make some buyers desperate. Desperate enough to forego including that condition in exchange for a quick sale. Don’t be tempted – you will regret it later!
You won’t have to compete with all that competition out there if you’re prepared to buy a home. Make sure you have your home financing in order, make sure your old home is ready to sell if necessary, and being ready to act when the time is right. Don’t doddle on an offer, trying to make up your mind, especially in the spring market. Again, there is a lot of competition this time of year and if you wait too long, you might find that the home is no longer available once you’ve made up your mind.
Being a buyer in a hot spring market can seem challenging at best, and impossible at worst; but it doesn’t have to be that way. Follow these tips, and you’ll be one of the savviest buyers of the bunch, with the only job still on your list being packing up your boxes so you can move into your dream home.