How To Buy a Home in a Sellers Market: Spanning over the course of the pandemic, rules for shopping and selling, a market favouring sellers, and an influx of buyers eager to make their move have defined real estate across Ontario. Unfortunately for those looking to buy, there haven't been enough sellers to keep up with the demand, making for a frustrating experience, and in some cases, causing buyer burnout. However, with the easing of restrictions in Ontario, we may see a familiar real estate market sooner rather than later. To err on the side of caution however, coming prepared as a buyer will not only make you stand out to sellers, but also cause you less worry and more excitement as you enter into this riveting new journey in your life.
Here is how you can ready yourself to buy a home in a sellers market:
That mortgage pre-approval is the golden ticket in a seller’s market, and without it, you will have a difficult time making any headway. Meet with your bank or broker and work with them to obtain your pre-approval before you begin trying to put down offers.
Not only does a pre-approval work towards making you a serious candidate in a competitive market, but it also helps you understand the budget which you can afford when buying your home. With stress tests and the rising cost of living, what you think you can afford may not align with what a bank is ready to lend you for a mortgage. Buttoning down your financing is the first step in your journey to buy.
In any market, working with a REALTOR® is essential for both a positive experience, and confidence as you move forward in your journey.
Do your research and find an agent that you trust, and that you feel comfortable moving forward into a client - REALTOR® relationship with. Your agent should work diligently with you to protect you, your family, and your best interests while delivering essential information to buy your home with ease.
When you end up making your purchase, know that a buyer's agent is paid through the commission of the seller, giving you one less fee to worry about.
Bust out your vision board with pictures of white picket fences or condos with river views and rooftop pools. It's time to pick your dream home.
Once a budget has been decided on, it's time to determine and differentiate between your wants and your needs, in order to narrow your search accordingly. Here are a few things you should consider
Once you’ve whittled down your budget, wants, and needs, it's time to begin the hunt for your new home. Your REALTOR® has the resources to take you off of realtor.ca and move onto a more encompassing search that will send listings to your inbox ahead of the general public. Get a feel for the neighbourhoods you like, and start seeing what's available. With such a busy market this spring, you won’t want to waste any time when it comes to your search.
It takes more than a REALTOR to make your home dreams come true. Once you are ready to make your offer, you will want to round up your team of professionals to ensure the sale of your home is seamless. This will include your mortgage broker, lawyer, and home inspector. However, as you should with everyone whose services you pay for, do your research before recruiting. Ask around to friends, family, or get recommendations off of social media.
Buying a home is likely the biggest purchase you will ever make, making it all the more important to do it right. In today’s seller’s market, things are moving quickly. It is important to prepare yourself as much as you can if you plan on buying, and working with a qualified REALTOR ® can help you make sure you don't miss a beat. For help buying your new home, get in touch with me today. I am happy to work alongside you as you begin this new chapter in life.