Spring and summer are the most popular times of the year for homes to be listed on the market. There are several reasons for this, such as nicer weather, summer vacations and/or slower business which allows time to prepare a home to sell, and it’s also the ideal time to maximize a home’s outdoor features as well as move – especially if there are school-aged kids involved. Because of this extra-busy real time of year, many home-buyers may be unprepared for the potentially hectic pace and increased competition, and as a result, they could miss out on getting that dream home.
Here are 6 ways to successfully compete in a busy real estate market to get the home you want at the price you want:
- Get pre-approved. There’s really no sense in house hunting in a busy market unless you have your mortgage financing secured. When more than one person puts an offer in on a home, the buyers are likely going to go with the firm offer that has financing in place; they don’t want to wait days or weeks just to find out if you’ve got a mortgage or not and let a confirmed buyer slip through their fingers. Here are tips for everything you need for your pre-approval so that your offer gets put at the top of the list.
- Be financially prepared for closing costs. There are additional expenses beyond the down payment and moving fees that you need to prepare for before you get serious about house hunting. Closing costs such as land transfer taxes, legal fees, utilities and inspections can add up, so being financially prepared is key.
- Know what you want. Make a list of your must-haves before you get serious and start looking. This includes your maximum price, neighbourhoods, amenities and so on. This way, you aren’t wasting your valuable time viewing homes that just don’t cut it.
- Find a great real estate agent. Your agent will be thrilled to know that you have a mortgage pre-approval, as that indicates that you are serious about buying…and not just ‘looking around’. As a result, they’ll be more serious and quick to act with you; it’s a win-win! You also want someone with a great knowledge of your potential area and top-notch negotiating skills. When it comes down to the wire, you want a savvy representative who can do the job with confidence.
- Be alert & ready. Your agent may call you with very little notice to view a home. Don’t put it off if you can avoid it, as it could be a once-in-a-lifetime opportunity and the house could be gone the next day. Further, if you do see a home you like, don’t wait for the open house, request a showing as soon as possible.
- Get your home ready to sell/move. Every purchase agreement has a closing date that works for both parties, not just one. If your current home or apartment needs a lot of work, or perhaps you have to move jobs or your kids’ school with short notice, it may throw a wrench in your plans and you could end up being in over your head or owning two homes at once. Just make sure you’re prepared to pack up your home and look after those little details when there’s a short turn-around time.
The spring and summer real estate market is always an exciting time, especially when you’re a house-hunter who’s on a serious mission! Sometimes a home can be on the market for only a matter of hours before the offers start coming in, so in order to best compete and have your offer accepted, be sure you’re prepared. The first thing you should do is to connect with me at 705-315-0516 to get your mortgage pre-approval process started. I’ve got the experience and knowledge help you navigate the complicated world of buying a home; it’s what I do, and I love my job!