The arrival of spring brings more than warmer temperatures and budding flowers. May and June are typically the busiest months for residential real estate transactions, and the action begins to heat up in March and April.
If you are planning to buy a home for the first time this year, you shouldn’t let the busy spring sales season scare you off. Yes, you may need to compete with more buyers, but you’ll also have more choices in homes and locations too. That last point is key in Markham and the GTA because of the low supply of homes for sale in the area, especially detached houses.
As we told you before, the best thing for first-time buyers to do, regardless of the time of year, it to be as prepared as possible before you start looking for your new home. Here are a few ways for you to do that.
1. Make it the Top Priority in Your Life Right Now
The sooner you place your house-hunting on the front burner of your life – or make it the only ‘burner’ – the better. Chances are that it will become your main focus at some point in the process, and the sooner you make it so, the better prepared you’ll be when it’s time to be totally dedicated.
2. Get Your Finances in Order, Including a Mortgage
We all want to live in the ‘demand’ areas, or get a larger house or condo, or both. But even if all you want to do is get a home, you’ll be more likely to reach your goal if your financial house is in order and giving you the full power of your resources. Things like high credit card bills and outstanding student loans can affect how much you can afford to pay for a home, even if you have a good income. Try to reduce your debt, determine what you can afford to pay and then get pre-approved for a mortgage. That way, when you find the right home, you’ll be ready to confidently make a bid.
3. Do Your ‘Home’ Work
Yes, having a home in Unionville would be nice, but, due to demand, some neighbourhoods are more difficult for first-time buyers to move into. So look in places you might not have considered before. There are ‘up-and-coming’ areas in every community. These are places that may offer all the amenities and lifestyle options you want, but they haven’t been ‘discovered’ by the broader market yet. This is where finding the best real estate agent can pay off. They will know ways to get what you want for the price you want to pay. (If you need any more hints, you’re reading the blog of best real estate team in Markham!!)
4. Get Online
It used to be that you needed to rely on your realtor for just about every bit of market information. But now you don’t have to limit your house-hunt to a realtor’s website or the MLS. The internet, particularly blogs and social media, are full of tips and information that was more difficult to get before. For example, you might be able to find a blog about a neighbourhood you’re interested in, or visit a community association’s Facebook Page, or quickly see how long your commute will be. Look around online and you’ll find lots of information that you might not be able to get anywhere else.
5. Get a Home Inspection
We’ve mentioned this before, but it’s more important in a busy market. Making a home inspection a part of you offer is important to reduce your chances of facing unforeseen repairs after you move in, which is probably when you’ll least be able to afford them.
If there’s one thing that will happen for sure before you close the deal on your first house, it is that you will need to negotiate the best price. Again, choosing the right real estate representative is crucial for this all-important phase of the process. The Stephen Tar Team knows how to negotiate with home sellers to make sure that everyone involved makes the best decisions.