There’s no denying that winters in Barrie are long, and when spring comes around there’s an energy and excitement in the air that just can’t be beat. The real estate market also revs up in the spring, and in order to take full advantage of it and get that home you’ve been dreaming of, you’ve got to be prepared. Even though there are more listings to choose from in the spring, there are also a lot of serious buyers and the competition can get fierce. I’ve outlined 5 of the most important tips to help you get a jump start on the spring housing market, so you can glide through this fast-paced real estate world and come out ahead.
- Are you ready to move?
Although it’s always fun to ‘see what’s out there’ when it comes to looking at homes, many people find that they aren’t actually ready to buy. This may be due to financial limitations or because of personal circumstances, health issues, concerns about moving the kids’ schools, or simply that life is too busy to pack up and move at the moment. Furthermore, if your current home isn’t ready to sell and needs work to get it staged and ‘move-in ready’, then looking at buying a new home may have to be delayed. Being financially and emotionally ready to move is step number 1.
- Do you know what you want?
Knowing your ‘must haves’ for your future home is critical to being able to move quickly in a hot housing market. If you ponder over a home too long, others will swoop in and put an offer in. Make a list, do some research on potential neighbourhoods and then stick to your guns to make sure you get what you want. There’s no return policy on a house.
- Are you pre-approved?
Getting your mortgage pre-approved is an important step for any serious home-buyer. Your mortgage broker or lender will assess your finances and let you know how much house you can afford. Further, your pre-approval helps you best compete in a busy housing market. Without a pre-approval, you’ll be limited to putting in an offer that’s ‘conditional upon financing’ when you find your dream home. It usually takes several days (even weeks) to get all the paperwork finalized; in the meantime, someone with a firm offer and pre-approved financing will likely win out and get the house instead of you. Learn more here for everything you need to get pre-approved.
- Is your down-payment ready to go?
Knowing how much of a down payment you need as well as the various options for your down payment is a critical step to buying a home, especially if you’re a first-time home buyer. Be sure to talk to your broker or lender about your options and make sure your money is easily accessible.
- Do you have a trusted real estate agent?
If you’re serious about the spring housing market and understand the potential for heavy competition, then you’ll want to work with a reputable, experienced Realtor who knows exactly what you want and will negotiate for you when the time comes. A good real estate sales rep doesn’t just help you find your dream home, they are there to alert you to potential concerns and get that offer on the table, as well as explain the entire home-buying process and all financial considerations such as closing costs.
This season, get a jump on the hot spring housing market – it’s a great time for buyers and sellers in our region! Before you start house-hunting, be sure to connect with me. As an experienced and qualified mortgage broker, it’s my job to help get your mortgage approved and get you financially ready to buy that home. If you don’t think you are ready to buy a home just yet, I’ll help you create a financial plan so you can save up, invest, consolidate debt, or improve that credit rating. Call me today at 705-315-0516 to set up an appointment and let’s get moving!