Buying a Home in Georgetown Can Be Stressfull
While the thoughts of warmer weather have just come to mind, the Real Estate market has been hot for some time now. In the midst of the busiest month of the year in real estate, the Canadian housing market shows no signs of cooling down anytime soon, pushing buyers to think twice about their next move.
Many assume that their best bet is to steer clear of the hot market, but that isn’t necessarily a smart move. You can still find your dream home in a hot market — you just have to understand how to navigate it properly. To make the most of the sizzling market, here’s what you need to know.
If you are among those waiting for the housing market to suddenly collapse, you may be waiting a long time. Of course, there is no way to predict exactly what the housing market will do next, but when it comes to real estate, it’s important to remain realistic and practical.
First and foremost, it is important to stay rational. If you’re going to survive your dive into the piping-hot market, you’ll need to keep your head on your shoulders. Yes, people will tell you that you have to buy quickly when you are competing against several other buyers — but you also have to buy smart.
Since buying a home has many far-reaching implications, from where you will live to how hard it will be to make ends meet, it’s important to keep your emotions in check and make the most rational decision possible. In order to do so, your best bet is to speak to a mortgage broker ahead of time and ask all the questions you can.
You may have Googled anything and everything about the housing market, but a mortgage broker lives and breathes mortgages and can help you understand what information is important and what is just plain clouding your judgment. They know the answers to all of your financial questions, including how much of a down payment you should put down, and above all what you can and can’t afford. Asking questions also includes making a list of your priorities — what matters most and where can you make compromises or sacrifices. A nice kitchen may be your top priority, but finishes and appliances can be changed: Location cannot. Make sure you are prioritizing properly. Once you have familiarized yourself with market conditions and current rules, you can begin looking for your home. When you start your search properties in a hot market it is important to be prepared for homes to get scooped up quickly — so keep your options open and think ahead.
Another common mistake that many home shoppers make is waiting on the market and/or price hunting. Yes, there is always a chance that prices will go down, but waiting too long isn’t necessarily your best bet. A home is not just a place to live — it is an investment — and it’s also not set in stone. So while you wait for the perfect opportunity to arise, you are wasting valuable time. You could be building equity in your home by making monthly payments. If you decide to move later, that’s fine; at least you have been contributing to your net worth in the process.
Overall, the most important thing to keep in mind is to remain realistic and practical in the process of selling and/or purchasing a home in a hot market. That being said, speculating on future housing market activity is not something worth dwelling over. Instead, work to understand the current housing market you are in and do your best to successfully navigate through the circumstances you are currently facing. Because when it comes to real estate, the more you know, the better. To make the most of this hot buying season — play it smart, and play it safe.