The Canadian real estate market has continued to thrive even with an uncertain global economic forecast. Canadian home buyers are being driven by low interest rates and reasonable access to financing. As a result, buyers must be ready to tackle an active marketplace. Following are some tips to help you cope:
Have Your Financial Ducks in Order: Find a mortgage professional and get preapproved for a mortgage. Speaking with a mortgage professional will also allow you to make sound financial decisions by giving you the basic parameters of the monthly payment you should expect and expenses that you may not have considered when deciding to buy. This will allow you and your real estate agent to structure your search by defining what you can afford to buy.
Know What You Need in Your New Home: Every buyer is looking for unique qualities and features in his or her new home. A buyer may want three bedrooms, two bathrooms and a garage. If these are must-haves, then there is no point in looking at a two-bedroom, one-bathroom home.
Use a Real Estate Agent: Finding a real estate agent to act as a buyer’s agent will ensure your best interests are kept in mind during the home-buying process.
Be Decisive: There is a sense of urgency in many markets across the country, and buyers need to be able to act quickly. A mortgage preapproval will speed up the process. Hesitation and lengthy conditional periods may cause a buyer to lose the home he or she really wants.
In a thriving real estate market, buyers must be ready to put their best offer forward.