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The-Mortgage-Gal

Buying in a hot market

As the summer approaches, it seems the Canadian real estate market has caught spring fever and things are not changing.

First-time homebuyers face many challenges when it comes to house-hunting during a peak home-buying season. Not only is there plenty of competition, but there is also deadline pressure.

But there’s a reason for that: buying and moving in spring/summer ensures better weather and provides breathing room for kids to settle in before starting at a new school. It also gives you all summer to decorate your new place, if you can beat out others vying for the same starter home.

 If you want to get an advantage over the competition, here are some top strategies for home buying during a seller's market.

Strategy No. 1: Hire a professional realtor

  • If you don’t already have a real-estate agent or realtor, I would be happy to make a recommendation.  A pro can help you narrow your search to the best neighbourhoods for your budget and lifestyle.
  • Local real-estate professionals know the finer points of different neighbourhoods, so you don’t waste time chasing bad leads such as a cute row-house on a street known for its crime, or hoping for a $400,000 house in a community where prices have started at $600,000 for the past five years.
  • Realtors and agents can fire up your search by emailing you pertinent listings right after they hit the market. A quick eye during spring house hunting can give you an advantage over other homebuyers who are surfing Realtor.ca or other real estate websites on their own.

Strategy No, 2: Use social media for PR and research

  • First-time homebuyers are twice as likely than other homebuyers to include social media in their home search. While it doesn’t replace the expertise of a realtor, social media is a valid tool.
  • Use social media networks for public relations: Serious about finding your first home? Launch your own PR blitz. Spread the word on Facebook that you’re looking, and in what neighbourhoods. You could get solid sales leads via family and friends (and friends of friends!).
  • For research: Twitter and YouTube provide valuable insights into a neighbourhood culture, helping you decide if it’s right for you. Wondering how family-friendly a particular street is? Google it, and you may find a bunch of tweets and YouTube videos of its legendary Halloween decorating and celebrations.

Strategy No, 3: Get mortgage pre-approval

  • It goes without saying that in any market, particularly a competitive one, you need to be pre-approved for a mortgage. Sellers won’t wait for a prospective bidder without mortgage pre-approval when there are plenty of other offers out there with their financing arranged.
  • Consider a mortgage broker and get your finances in order so that when you jump in with an offer, you’re doing so with both feet.

Strategy No. 4: Line up your real estate support team

  • In addition to your realtor and mortgage broker, it’s important to have other key, real-estate pros in your corner so you’re ready to move fast the moment you decide to put in an offer on a home, as well as provide you with sound financial advise.
  • Securing these pros ahead of time will ensure you’re not scrambling during peak home-buying season. Your team should include:
  • Accountant
  • Financial planner
  • Home inspector
  • Appraiser
  • Lawyer

Use word-of-mouth recommendations from trusted friends and family, or ask your realtor for their recommendations. 

We will be hosting a home-buyers information session with professionals on hand to answer questions on June 29  at 6:30 p.m. 

Please contact me to register 250 862 1806 or [email protected].
 

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About the Author

Laurie Baird and Tracy Head are mortgage brokers with Verico Complete Mortgage Services. Together they have over 45 years of experience in the mortgage industry.

As mortgage brokers, Laurie and Tracy spend time getting to know the people they work with and help them understand the mortgage process. They support their clients before, during, and after a home purchase.

Laurie and Tracy are able to offer their clients advice and options. With access to over 40 different lenders, Laurie and Tracy are able to match the needs of their clients with the right mortgage package. They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit:
http://www.okanaganmortgages.com

Visit Laurie's blog at: https://www.okanaganmortgages.com/blog



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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