Today’s housing market is fast-paced and aggressive. Average selling prices in Durham Region have increased 36% from last year, so the prospect of diving into this sellers-market can be intimidating for some. If you’re looking to purchase the house of your dreams, there is some advice that needs to be taken into consideration. Here are 6 things buyers can’t do in today’s market:
- “Kick tires” – when it comes to buying a home in this market, time is of the essence. If you’re serious about a property but you wait too long to make an offer, someone else may be calling that home theirs very soon. Remember, you’re likely not the only one who has eyes on that perfect house.
- Forget about finances – it is essential that you have your finances in order before you decide to make an offer. Are you pre-qualified or pre-approved for a mortgage? You might find yourself in a bidding war, or some other high-pressure negotiation, and not having obtained proper financing may cost you the home that you have your heart set on, giving someone else the opportunity to buy it instead.
- Take too much time – there’s very little time to delay or waffle back and forth between properties if you’re serious about purchasing a home. If you view a property, and are genuinely interested, don’t be mistaken by thinking that you have weeks to mull it over.
- Be uneducated – before diving into the market, it’s a good idea to be informed about everything from credit scores, what to expect from a home inspection, insurance, how to work with a real estate agent, to the closing process.
- Buy without an agent – buying with an agent is essential, especially if you’re a first-time home buyer. A good agent will not only guide you through the necessary steps before you start your search, but educate you about what is realistic and what you can get for your money in your desired area. Your agent will also negotiate for you, as the process can become complex.
- Buy a house – just kidding! (Although many hopeful buyers in this market would agree) There’s room for everyone, you just have to stay diligent.
For more information like this and answers to any questions you might have – don’t hesitate to contact Jacob today!