February is love month, and this year it feels incredibly special to me. With the delivery of our new baby girl, I can honestly say my hearts grew several sizes. For most of us, family is everything. Finding a space to call home can be an important step for creating balance and safety for those we love most. The market around us today is a busy one! It can be overwhelming to even think of trying to get into this market! Below are my 3 tips to successfully purchase the home of your dreams in a seller’s market.
Step 1: Get Pre-Approved For a Mortgage
Finding a qualified mortgage broker should be your first step. They will figure out how much of a mortgage you would qualify for, your interest rate, and what your monthly payments will look like it. Getting pre-approved can help you narrow down your home type, size, or location search.
Step 2: Narrow Your Search
In a seller’s market like this one, you need to be able to move quickly. Narrowing your search is pivotal to success! My suggestion is to start with these top search criteria and fill in your preferences:
Location: Where is your preferred neighbourhood? Is a particular school district important? Do you prefer a suburban lifestyle or a rural environment?
Size: How many bedrooms do you need? Is an ensuite important? Do you need a garage or require a large basement?
Special Features: What additional features are important to you? An attached rental unit? How about a large kid-friendly yard? Perhaps for you, an updated kitchen is a must!
Step 3: Create A Calculated Offer
In a market as busy as ours, you need to make your offer attractive for sellers. Things like a quick condition period (the timeframe to carry out due diligence prior to closing) are key. Your contract is only finalized when all conditions are met. The house inspection, house insurance, lawyer reviews, and securing your finances would all fall under this. In our current climate, I would suggest a 10-day time frame for this to take place.
Price is another important step to consider. Please do your research to determine an appropriate offer. Reviewing comparable sold properties, and the average price per square foot for the neighbourhood is a helpful starting point. But please remember in a competitive market our offers have to be strong to be successful. Finally, choosing a flexible closing date that is tailored to the seller’s preference is always a good idea.
In a Sellers Market, please remember that you are only as strong as the support around you. Having a qualified realtor in your corner will ensure the successful purchase of your dream home. We as realtors genuinely want our clients to feel secure and happy during the biggest purchase of their lives. Especially when it’s filled with those you love most.