For the first time since 2011, it is officially a Seller’s market out there this spring on the North Shore and in Vancouver.
There is a significant shortage of listings that is fueling bidding wars – in some cases people are even offering 10% or more over the listing price.
If you are looking to take the leap, you've still picked a great time to buy your first home or moveup to your dream home. Despite steady appreciation of home prices, relatively low interest rates have kept the costs of home ownership low and the potential returns in time, high. Remember, chances are if you're renting your home, you might well be paying someone else's mortgage off, so why not make it your own?!
How do you compete?
1/ Prequalify for a LOAN
You’ve heard this before, but now more than ever it is one of THE most important factors in scoring the home of your dreams. In a multiple offer situation, the best strategy is an all cash offer, no subjects, with a bank draft attached. Those are the offers that seller’s are receiving and paying attention to.
Being pre-qualified for a loan determines how much house you can afford. It also allows you to move more swiftly when you find the right property, especially in this market when you aren't the only interested buyer!
Get your financing in order BEFORE you even consider making an offer and even before you go to view your first potential home! It may seem like a daunting task, but good lender’s are very helpful and make it easy to get your ducks in a row.
Pre-approval from your lender involves supplying the following information, so that when you do make that offer, your lender can move quickly:
- Personal information such as number of dependents and marital status;
- Details of employment, including a letter from your employer verifying your salary and a recent paystub;
- Banking and investment information;
- Details of your assets (i.e.- a car, other property);
- Information on loans and other liabilities;
- Permission to do a credit check.
Many banks and financial institutions are competing for your business so it makes sense to shop around for a mortgage. Most lenders will reduce their posted interest rate so don't be shy about bargaining. You can contact banks and credit unions directly, or work with a mortgage broker. A broker will help you find a lender and the best mortgage package.
If you need assistance in finding a lender or broker to make the process painless, please give me a call (604.985.7653 or email@example.com) and we can provide a list of qualified lenders for you to choose from.
2/ Have your HOME INSPECTOR ready
Have your home inspector on standby and in the loop when going to opens and viewing properties. This way if you like it, you can quickly get him to meet you onsite, get an inspection done and make your offer unconditional if that is the best strategy in that particular situation.
3/ Use a qualified, professional, full time REAL ESTATE AGENT
Using and agent to help you do your homework on a property beforehand, so you don’t need to put subjects on the offer if it comes to a multiple offer situation.
A professional REALTOR® will help you:
- Do a Title Search
- Check out the Property Disclosure Statement
- Review the history of the property to make sure there is nothing that is going to be detrimental to its future use
As professional REALTOR® with years of experience, I can tell you the advantages and disadvantages of each potential property purchase and the various other aspects of real estate investment. It is the single most important purchase of most people's lives, it only makes sense to get professional assistance, especially in today’s competitive market!
Get the information and assistance you want and the advice you need with a proven professional. You can enjoy peace of mind working with me and my team at RE/MAX, the industry leader in experience and service.
604.985.7653 | www.joecampbell.ca | firstname.lastname@example.org
Hottest April for Home Sales in a Decade
BC April Housing Sales – UP 28.7% over same period last year
Total Sales Volume – $6.3 Billion 45.5% INCREASE over same period last year
**This is not intended to induce breach of any existing agency agreements.